noddle credit score

Gordon_Hose

ALL credit scores are worthless.

sfax

Gordon_Hose wrote: »

ALL credit scores are worthless.

I agree with this statement too.

I used to think my Experian score was worth something but I've read too many stories of people with 999 scores who can't get credit and looking back now it just happened to correlate with my application success rate at the time.

Gordon_Hose

It's a randomly generated number based on account activity for accounts reporting to the CRA's. It has no bearing on lenders decisions to hand over their money. The only people who get to see it, is us. And us alone.

BugsyBrowne

Credit scores would be fine if the CRAs sold us the same ones that they sell to lenders if not us as inviduals may getting sold scores rated 990 excellent yet the CRA will send the lender 700 poor which isint quite the way it should work.

The scores CRAs sell us is a money making scam which doesn't indicate if you're good for credit or not.

sfax

BugsyBrowne wrote: »

Credit scores would be fine if the CRAs sold us the same ones that they sell to lenders if not us as inviduals may getting sold scores rated 990 excellent yet the CRA will send the lender 700 poor which isint quite the way it should work.

The scores CRAs sell us is a money making scam which doesn't indicate if you're good for credit or not.

Do CRAs give a score to lenders? I assumed that they just gave a subset of information in an individual's credit report and each lender calculated its own score using this information alongside what was requested in the application. Therefore, your "score" is wholly dependent on the lender and the CRA is just second guessing what the lender's decision is likely to be

BugsyBrowne

sfax wrote: »

Do CRAs give a score to lenders? I assumed that they just gave a subset of information in an individual's credit report and each lender calculated its own score using this information alongside what was requested in the application. Therefore, your "score" is wholly dependent on the lender and the CRA is just second guessing what the lender's decision is likely to be

That's exactly what I used to think until rb10 & yorkshire boy put a couple of links on about what lenders get sold scores from the CRAs.

sfax

BugsyBrowne wrote: »

That's exactly what I used to think until rb10 & yorkshire boy put a couple of links on about what lenders get sold scores from the CRAs.

Interesting. All good reasons never to waste money on buying an irrelevant score. I like the way Experian charge you again for their sacred score even though you could already be paying £180/year for a subscription. They state the following on their website:

"It is important that you check your credit score regularly to help minimise the damage that mistakes and potential fraudulent activity can have on your creditworthiness."

This is very misleading IMO as all you really need to do is check your £2 statutory report about once a year, or before a new credit application.

Gordon_Hose

Just downloaded my new Noddle credit report. Last month I was 1/5 because of a default. This month I am 4/5 because they've removed the default 2 weeks early!

And, for some reason, they've removed my closed Natwest Loan I finished paying off in September (all green marks), so not sure what's going on there. I'm now also not sure I trust the accuracy of their information.

EDIT: Found it

JohalaReewi

sfax wrote: »

Do CRAs give a score to lenders? I assumed that they just gave a subset of information in an individual's credit report and each lender calculated its own score using this information alongside what was requested in the application.

They can. As Buggsy said, there have been examples recently where lenders get a score from the CRA. Either as a monthly feed, or a one off.

It could be that some lenders have contracted out their scoring to a CRA. Maybe that score is done using the lenders rules or maybe the CRAs? Perhaps the lender uses that score with other data? Who knows? Whoever does, is not going to tell anyone too much because it's a commercial secret (like real credit scores).

All we can still say is that the scores the CRAs do make public are just an assessment of the data they hold, and are not real credit scores. Only lenders can create real credit scores, and they are secret.

MarieP_2

Is this acurate for credit rating