Why is the CRA scoring system so rubbish?

jeystone

I have no idea how these idiots think...How can there be no difference between a settled default and an unsettled one? Surely a settled default should give you a few extra points and reduce risk..but no, it makes no difference so it makes more sense just to wait 6 years without paying (if the debt is small enough that court action is unlikely)

Secondly, how do they struggle so much with getting your address up to date? I am on the electoral roll...my main bank says my new address is indeed here..it is in the linked addresses.Yet they continue to display my main address from 3 years ago...(main reason I fail credit AND ID checks)

You-kip

A default is a default whatever way you look at it whether settled or not as either way you broke the T&C's of your agreement and failed to pay back what you borrowed.

happy_bunny_2

I had to ask equifax to update my address, as I had the same issue as you. All my accounts were at my linked address and they never updated my current one til I asked.

Thrugelmir

jeystone wrote: »

Surely a settled default should give you a few extra points and reduce risk..but no,

You defaulted. The risk is that you will default again. Based on statistics not you personally.

_Andy_

Just because you disagree with them doesn't make 'them' idiots. A 'few extra points' is meaningless as each lender has its own scoring system.

Regardless, with a default on file, no high street lender is likely to touch you, settled or not.

jeystone

_Andy_ wrote: »

Just because you disagree with them doesn't make 'them' idiots. A 'few extra points' is meaningless as each lender has its own scoring system.

Regardless, with a default on file, no high street lender is likely to touch you, settled or not.

ok cool...don't mind if I ignore Lowell's for another 3 years then...why on earth should I pay them? They are not going to court over £200 I know that

Usa2012

jeystone wrote: »

ok cool...don't mind if I ignore Lowell's for another 3 years then...why on earth should I pay them? They are not going to court over £200 I know that

Don't be so sure. Years ago I was taken to court for £70 !!! The worst of it was that is was all a misunderstanding on both parts and system !!!! up.
They can and will if they decide to and then it's another 6 years with bad credit file.

Thrugelmir

jeystone wrote: »

ok cool...don't mind if I ignore Lowell's for another 3 years then...why on earth should I pay them? They are not going to court over £200 I know that

The result will be that there's one lender you can cross off your christmas card list.

rizla_king

Lowells are not lenders. :rotfl:

jeystone

The default expiry date should be 3 years, 6 years is waaay too long..I remember them talking about this

rizla_king

You can argue that defaults should stay on file until you have paid them off.