Credit Rating Query

UnionGirl

I know it's important to check your credit report, however I was under the impression that the credit score was more or less useless as each individual lender uses their own criteria.

I am now wondering if the bank staff know this.

I had an appointment to open a new current account and the customer advisor asked me if I had "checked my credit score?"

I replied "No, but I checked my credit report a couple of months ago and there was nothing of any concern on there. I thought that the score itself was irrelevant and that you would use your own scoring system anyway".

She looked at me in disbelief.

So, are customer advisors being given the wrong training or do some banks actually use Experian/Equifax et al credit scores?

Saints2011

Your correct and the bank staff are wrong it's the raw data in your reports that count

fatbelly

Don't expect any useful advice from a bank's customer advisers. They're just poorly trained sales staff.

Saints2011

fatbelly wrote: »

Don't expect any useful advice from a bank's customer advisers. They're just poorly trained sales staff.

Not all of them

somethingcorporate

Saints2011 wrote: »

Not all of them

You're right there, some of them aren't trained at all!

Experian_company_representative

Love the banter. The credit scores you can get from the CRAs are not used by lenders, but their scoring algorithms often very similar. However, they do take account of more information than just your credit report, such as your partner's report (if you're financially linked), the information you provide on your application form and information they know about you already. So the bank staff were a little off the mark on this occasion.

James Jones