Credit Rating is wrong

AJG384521

Woogass wrote: »

They can see my bank balance which would lead me to believe that they can see money going in every month
An amount and for how long. Really?!?

Instead of being condescending and trying to show what a super clever awesome forum captain you are, you should go back to genuinely trying to help people, is that not what this forum is about.

Thankyou to the others for you comments/advice

They can't see you balance can they? Checked mine recently and my bank balance is always listed as balance 0 (I do have money in my account before you ask).

Tixy

AJG384521 wrote: »

They can't see you balance can they? Checked mine recently and my bank balance is always listed as balance 0 (I do have money in my account before you ask).

If you are overdrawn it will show the overdrawn balance as it stood on the day the data was collated to send to the CRAs.

AJG384521

Tixy wrote: »

If you are overdrawn it will show the overdrawn balance as it stood on the day the data was collated to send to the CRAs.

So they can only know how much you are paid/goes in your account if you are constantly in your overdraft, because as soon as you hit the black it shows as zero.

lovinituk

They don't know how much you get paid, or what transactions go out of your account. If, for example, you get paid £1000 on the 1st, then pay £1000 worth of bills between the 2nd and the 5th and the snapshot is taken on the 6th of the month, then it would look like the balance hasn't changed at all. They have no idea what has gone in and out of the account in the meantime.

Tixy

AJG384521 wrote: »

So they can only know how much you are paid/goes in your account if you are constantly in your overdraft, because as soon as you hit the black it shows as zero.

Even then they wouldn't know. All they will know is that on x date of the month a person was £x overdrawn and how much they were overdrawn the month before.
They wouldn't be able to tell the difference between someone who paid in £15000 and paid out £15100 and someone who paid in £400 and paid out £500.

The_Boss

AJG384521 wrote: »

So they can only know how much you are paid/goes in your account if you are constantly in your overdraft, because as soon as you hit the black it shows as zero.

Yes, or on your credit card accounts where they do see the balance.

B_G_B

My understanding (and please correct me if I am wrong) is that all factual data held by a CRA is shown on the statutory report. That is the whole point of a statutory report, to show the data held about an individual.

As an aside, I believe that the reasons that the “scores” are popular are varied. Some just don’t know. (I didn’t at one time) Some people are either too lazy to spend time going through their reports or don’t understand elements within the report
(again, I didn’t at one time, and am still no expert).
So if this factual data can be moulded into a number, colour or graph etc that can be glanced at in a couple of seconds, many people will be inclined to grab hold of that (number) as “job done”, even though swathes of info is missing and the “moulding" algorithm may vary substantially from the many used by lenders etc.

I had to buy a new washing machine the other week. Looked at a few based on function/ price etc. Also there was a little energy box and the one I had chosen was rated something like A+. The rating was shown in green, as opposed to red or orange. First thought was. Oh goody! Second thought was what the hell dose A+ in green mean? I guess the company would take power usage / water usage etc, and come up with a figure. This figure will have no bearing on energy used though because of unknowns - Do I live on my own or do I wash for the local rugby team? Similar to credit scoring?

The_Boss

Is the energy rating an industry wide scale?

AJG384521

B_G_B wrote: »

I had to buy a new washing machine the other week. Looked at a few based on function/ price etc. Also there was a little energy box and the one I had chosen was rated something like A+. The rating was shown in green, as opposed to red or orange. First thought was. Oh goody! Second thought was what the hell dose A+ in green mean? I guess the company would take power usage / water usage etc, and come up with a figure. This figure will have no bearing on energy used though because of unknowns - Do I live on my own or do I wash for the local rugby team? Similar to credit scoring?

You should really have bought an A+++ washing machine.

B_G_B

The_Boss wrote: »

Is the energy rating an industry wide scale?

AJG384521 wrote: »

You should really have bought an A+++ washing machine.

Don’t know - so I googled “washing machine energy rating” and this is an excerpt from the Which site. "As of 2014, washing machines can only be rated A+++ (most energy efficient), A++, A+ or A (least energy efficient). These labels offer shoppers an at-a-glance idea of how much energy and water a machine typically uses, and the upgraded labels reflect the increasingly energy-efficient nature of washing machines.
However, you may still see some older models for sale using the old EU ratings, which ranged from A+++ to D.

And we have seen one manufacturer claim an energy efficiency rating of A+++++, but this is not recognised by the EU energy label legislation and can essentially be seen as a marketing gimmick."

It would appear the that there is an EU legislation, but manufacturers don’t always stick to it. It also states in another part of the article that best energy efficiency is not always a good thing. I’m one of the lazy people that I mentioned that can’t be bothered to delve any deeper. AJG384521, you are right. I thought that A+ was good. I’ve been had. Anyhow, all I know for sure is that my Nik naks are clean.:rotfl: