Does having 2 bank accounts make such a bad impact on your credit score?

innovate

Experian_company_representative wrote: »

Having some longstanding relationships with lenders can be helpful to your credit score.

Are you saying any bank or BS will actually look at the Experian credit score? And base their decision, if only in part, on the Experian credit score?

dr_adidas01

Oh that made up number that credit agencies give, means nothing at all!!! They use this to lure people into buying that silly look at your credit score that won't get you credit based on a number!!

I think he was saying that they will look at that made up number and base there lending decision's on it!!!

YorkshireBoy

Some lenders do take, and incorporate into their own assessment, a 'score' from Experian...just not the score that they sell to individuals.

dr_adidas01

YorkshireBoy wrote: »

Some lenders do take, and incorporate into their own assessment, a 'score' from Experian...just not the score that they sell to individuals.

The number they give is pointless and you know it!!!

Lenders look at what commitments you have late payments you may have made, if your paying the minimum on your credit cards, your debt to credit ratio and if you've defaulted on any credit you currently have. Before deciding on what or if they decide if your suitable for the product/s you apply for.

Not that silly little made up number!!!!

YorkshireBoy

Perhaps I should have quoted innovate's post/question for clarity?

dr_adidas01 wrote: »

The number they give is pointless and you know it!!!

To the individual or to a lender?

I'd never pay Experian for my score, but the lenders taking a different score product from Experian must think that score is worthy of payment.

innovate

Down boys! I am sorry, I wasn't meant to fuel a fight between some board regulars.....just wanted to know from user 'Experian company representative' whether any bank or BS will actually look at the Experian credit score? And base their decision, if only in part, on the Experian credit score?

No offense to YB, who I know knows his stuff, but it would be great to get a position from the horse's mouth. James Jones has offered a bit of information on how the scores are used, can't see any reason why he shouldn't actually answer my question.

YorkshireBoy

innovate wrote: »

James Jones has offered a bit of information on how the scores are used, can't see any reason why he shouldn't actually answer my question.

He's previously confirmed on this site what I've written above.

The information is also on the Experian website (in the business, not consumer, section).

And finally, to give an example from the 'other side', M&S say, on their website, that they 'may' use credit scores provided by CRAs in their assessment of a potential customer. As I said above though, these won't be the same scores sold to individuals. M&S won't be the only lender doing this.

innovate

Ah right, thanks YB, I hadn't seen the clarifications from JJ before.

It would be useful then if JJ could refer people to his post where he explains the difference between

• the score visible to individuals (who paid to see it) and which isn't used by banks/BSs
  
• the score Experian create for banks/BSs (not visible to individuals, I believe)

or however it may work.....

YorkshireBoy

Whilst you wait for him to come back, amongst others...

http://www.experian.co.uk/assets/consumer-information/brochures/delphi-new-business.pdf

I speculated above that M&S can't be the only lender using, or reserving the right to use, Experian's services. According to the link above, the Delphi NB scores and scorecards are "used by over 150 leading UK financial institutions".

rb10, a well respected poster on here, also has (inside) knowledge of these systems, and he's made several lengthy posts on this subject before.

innovate

lol,

http://www.experian.co.uk/assets/consumer-information/brochures/delphi-new-business.pdf
timing out...

But I will persist.


I have no doubt Experian/other agencies and the banks/lenders/insurance etc companies are cooperating, to their mutual benefit. Nothing illegal about this, because they will have made damn sure they won't breach the DPA.

I just think it is time that there is a "health warning" on those personal credit scores that serve no other purpose than to put individuals into a state of make-belief, and to generate revenue for the credit reference agencies.

Come on the stage, James Jones, and show me where I went wrong!