Noddle - basic info please?

veryintrigued

Be gentle here but have only just heard of these.

I've not checked my credit file for far too long.

So how do noddle manage to offer free credit checks for life?

Are there any disadvantages to using them?

Many thanks in advance

CherlokHomes

The disadvantages of course is no lender will check Noodle(Call Credit) to search ones credit file so if you do sign up for them never rely on their data only & always check Experian & Equifax before hand.

Although it's free you only really need to check your credit files before an application or every 6 months which for me a £2 statutory report from Experian is suffice.

spacey2012

They make money by selling the new details people put in to their portal who are hiding from debt collectors.

Some have even been called by debt collectors whilst still logged in reading files.
Nothing is ever free.

Money-Saving-King

spacey2012 wrote: »

They make money by selling the new details people put in to their portal who are hiding from debt collectors.

Some have even been called by debt collectors whilst still logged in reading files.
Nothing is ever free.

Can you prove this accusation?

My belief is they make money the same way MSE makes money from it's credit card system, by getting commission from promoting other credit cards. Credit card companies often pay affiliates such as Noodle/MSE as much as £40 per sign up, even for no fee cards.

CherlokHomes

Money-Saving-King wrote: »

Can you prove this accusation?

My belief is they make money the same way MSE makes money from it's credit card system, by getting commission from promoting other credit cards. Credit card companies often pay affiliates such as Noodle/MSE as much as £40 per sign up, even for no fee cards.

That's correct.

simeyb

Innovate wrote: »

The disadvantages of course is no lender will check Noodle(Call Credit) to search ones credit file so if you do sign up for them never rely on their data only & always check Experian & Equifax before hand.

Nationwide BSoc, from September this year, check all three CRA's including Noddle (before they only used Experian). My view is that all three need monitoring closely - I have been rebuilding my files for a while now and I end up having different conversations with different CRA's.

CherlokHomes

simeyb wrote: »

Nationwide BSoc, from September this year, check all three CRA's including Noddle (before they only used Experian). My view is that all three need monitoring closely - I have been rebuilding my files for a while now and I end up having different conversations with different CRA's.

What makes you think this?

Or do you mean they couldn't get enough information off your Experian & Equifax that they had to check your Call Credit (Noddle)

Andy1985

What worries me is that I have a contract with o2 that is only visible on Noodle.

According to Experian and Equifax I don't have one..... Very strange.

simeyb

Innovate wrote: »

What makes you think this?

Or do you mean they couldn't get enough information off your Experian & Equifax that they had to check your Call Credit (Noddle)

My OH works at Nationwide is what makes me think this. From 1 September 2013, all applns for loans, cards, accounts, etc are checked with all three agencies. Don't ask me why - it must put their costs up checking 3 now instead of just Experian, but they are very stringent on who they lend to.

Mokka

spacey2012 wrote: »

They make money by selling the new details people put in to their portal who are hiding from debt collectors.

Some have even been called by debt collectors whilst still logged in reading files.
Nothing is ever free.

All CRAs do it from what I understand.

They sell the details to anyone who wants them- that's what they are for, isn't it?