Experian - How they view you

bigadaj

zerog wrote: »

I think it's time everyone should be entitled to a free credit report from all CRAs every 6 months. Credit reports are free in the US and Australia, not sure how often you can get one though. The banks can pay for it, if they don't want to, they are free not to credit check people.

Noble thoughts initially but as you go onto make plain, this would mean the consumer is just charged in some manner anyway should they wish to take advantage of any form of credit.

matttye

The_Boss wrote: »

Pressure needs to be put on the CRAs to be more transparent about these scores and explain why they are not the be all and end all in lending decisons and that lenders use their own scoring criteria. Suprises me that Martin Lewis has not done this already - the article on MSE falls woefully short.

Yep it should be made very clear it's a rough guide only.

Experian, being a credit reference agency, is bound to have insights into what lenders often look at when deciding whether to lend to people, but they are not a lender and they provide a credit score in the absence of information such as whether or not you have a job, how much you earn, how much savings you have etc.

Bosie

Experian_company_representative wrote: »

Only credit application searches can affect your credit rating - the others don't count. This Experian fact sheet gives more advice on this. I'm sorry if we haven't made it very clear on your credit report.

James Jones

Hi James, it looks like Experian's system doesn't recognise generic/ID searches? It identifies them as full credit searches.
Looks a it alarming felt like a naughty school kid;)

Bosie

YorkshireBoy wrote: »

Any particular reason why you didn't just get a £2 statutory report posted to you?

With not seeing my report for quite a while, couldn't be mithered waiting for the postman! That's it for another 12 month's.

Bosie

Buzby wrote: »

In answer to your title - they view you as a 'resource', not only a supplier of data, but mug enough to pay them to see what they hold on you!

They just cannot believe their good fortune!

Hi Buzby - quite agree I was shocked that it's now £14.95, not used it as mentioned for about 12 month's. Just a one off and might check again in 12 month's.

You-kip

matttye wrote: »

Yep it should be made very clear it's a rough guide only.

Experian, being a credit reference agency, is bound to have insights into what lenders often look at when deciding whether to lend to people, but they are not a lender and they provide a credit score in the absence of information such as whether or not you have a job, how much you earn, how much savings you have etc.

Credit reports are for how people manage their credit products not how much savings ones got.

Experian do gerenerate credit scores for lenders just not the same as the ones consumers get sold.

UsetheFORCE

They make such a point over providing 'identity theft insurance', tell you how much of the subscription covers it BUT don't give you the option to not pay for it!!!

Going4TheDream

Bosie wrote: »

Hi Buzby - quite agree I was shocked that it's now £14.95, not used it as mentioned for about 12 month's. Just a one off and might check again in 12 month's.

I recently signed up to Experian to check mine and was surprised the hefty £14.99 a month after the free month, especially as I am covered for what they offer by other means. I did also check Equifax but just paid £2, after reading somewhere on here I found using Noddle I could get it free from Call Credit forever, the smallest agency admittedly but still gave me all the information held by the other two and it was more upto date.

The_Boss

Bosie wrote: »

Hi Buzby - quite agree I was shocked that it's now £14.95, not used it as mentioned for about 12 month's. Just a one off and might check again in 12 month's.

Deary me. Is that the standard online price for viewing your report or could you get a cheaper option excluding the pretty meaningless score?

The_Boss

Thrugelmir wrote: »

The CRA's sell the banks detailed data sets thats how they make their money. That each lender then processes the data sets through complex algorithms to screen applicants. I am not using the word "score" as that is too simplistic. As there can be various triggers to decline an application based on CCJ's, DMP's, number of defaults, level of current outstanding debt, late payments, etc, etc.

But these triggers you talk about - e.g. a default - in some instances based on people on here, some individuals with defaults have a 'good' Experian score whereas to a lender that might exclude them or be heavily weighted against then (as the process is always going to be weighted to some extent depending on lender criteria).