Whats the use without a 0-999 figure £2 report

Rich85

Hi,
I did the £2 statutory credit report with Equifax this morning.
All very interesting seeing the amount of information that they hold about me from years and years ago.

Nothing really bad except a default on my home broadband for 2 months in a row then showing the month after I settled it.
I cant remember anything about that but was wondering what impact it was having.

I did it out of interest more than anything else. Im not looking for credit but I did notice on my credit report that it didnt give me an actual credit score
is this simply because they want me to pay more, i suspect so.
Makes the statutory report a little pointless as I dont know how attractive I am to lenders or otherwise.

Maybe I should just stop being so tight and pay the £6 they wanted to give me the credit score.!

Trajal

No, don't waste money on the score.

Each lender has their own scorecard - they do not use the equifax (or experian or callcredit/noddle) scores. They base their lending decisions on:

1. Are you a responsible borrower?
2. Do you fit the risk profile of the borrowers to whom they are prepared to lend.
3. Can they make any money from you?

The balance of the above 3 criteria basically forms the lending decisions of the majority of those willing to give credit.

As you can imagine, those who are looking at the 'lower' end of the market (vanquis, cap1, aqua) will be more interested in the money side and less in the responsibility side.

The one they are all absolutely key on though, is whether they can make money from you.

The scores that the CRA's give out are meaningless and take none of these commercial decisions and motivations into account.

Trajal

By the way, if you have a default on your credit file then you wil be restricted to mostly sub-prime cards until 6 years after the date of that default. Settling it is moderately helpful and the damage is lessened as time goes on, but while the default remains you shall definitely be struggling to get mainstream credit.

I know from personal experience!

Rich85

Ive never had an issue getting credit,
Cant ever remember being declined for anything.
Credit cards, car finance or my mortgage.
all which were applied for and accepted after the supposed default.

it must be close to falling off the end of my credit report shortly as it was years ago. must be about 5

Cycrow

sounds like it wasn't an actual default, just a late/missed payment

ValHaller

All you need to know is the facts recorded in your £2 report and to check that they are correct. There is no universal credit score. Every lender scores differently according to the business they wish to attract. Your score with a sofa credit lender will be very different from your score with a mortgage lender. So nothing useful that Equifax's so-called 'credit-score' can tell you

JohalaReewi

Rich85 wrote: »

Im not looking for credit but I did notice on my credit report that it didnt give me an actual credit score

That is because actual credit scores are top secret and are never revealed
Not even for £6.

The_Boss

Rich85 wrote: »

Whats the use without a 0-999 figure £2 report

Must admit I did think this thread was a wind-up when I saw the title but seems not.

NEVER waste your money on an Experian or Equifax score. As mentioned above, they do not use the same data that lenders would when assessing your credit worthiness (such as salary, time with your current employer etc). Experian are not a lender so they can score you as they like. There's a user on here who had multiple defaults and yet Experian scored them 'excellent'.

simeyb

I have an Experian score of 997!! But this takes no cognisance of the 7 defaults on my CRA file (which are all coming up to 6 years old and are starting to drop off). Only then would I be able to secure, for example, a better mortgage rate. The score does indicate to you perhaps how lenders scores may come up e.g. how many credit accounts you have, what is the balance of o/s credit vs available credit, but certainly don't waste any money on the CRA scores - concentrate on making sure each entry is nice and green!

Cycrow

nice to know, so 7 defaults are worth 2 points

The_Boss

Cycrow wrote: »

nice to know, so 7 defaults are worth 2 points

James Jones will be along to ignore this post shortly.