Would the Value of my Property affect the Score??

Mustbeananswer??

Thanks for all the replies....

I was told that it works like this.The CRAs assess your worth....lets say i'm worth £75000.....As I take out credit this figure is reduced by those values.

If I have the correct value on my property then my £75,000 notional value should go up to improve my credit score.....If it doesn't work like that please let me know hgow it does work!!

Tixy

Mustbeananswer?? wrote: »

I was told that it works like this.The CRAs assess your worth....lets say i'm worth £75000.....

The CRAs have absolutely no way of knowing your net worth. They don't know what assets you have, what savings accounts, what pensions etc. They don't know whether you own the property you live in, whether you own it alone or with other people.

Mustbeananswer?? wrote: »

If it doesn't work like that please let me know hgow it does work!!

CRAs do not make any lending decisions. If you mean how do the CRAs allocate you a score. Then they assess the comparatively small amount of information they hold about you and compare you to the comparatively small amount of information they hold about the general public.

adindas

Tixy wrote: »

They do not determine the value of the property. It simply states what the property last sold for according to the land registry.

So the heading "Property Valuation and the Registers of Scotland (ROS)" is misleading.
What the are showing is actually historical data of sold Price not Property Valuation
People could easily get this info from Zoopla or
From Land registry here
http://www.landregistry.gov.uk/professional/market-trend-data/public-data/price-paid-data

GingerBob_3

Thrugelmir wrote: »

Information is freely available on the Land Registry in any event. So unsure why all the noise?

So why do the CRAs want this potentially misleading information?

GingerBob_3

Tixy wrote: »

The CRAs have absolutely no way of knowing your net worth. They don't know what assets you have, what savings accounts, what pensions etc. They don't know whether you own the property you live in, whether you own it alone or with other people.

But they are working on it - seriously.

Regarding the property, why are they collating this non-credit information? Is not their business credit reference?

The_Boss

Mustbeananswer?? wrote: »

If I have the correct value on my property then my £75,000 notional value should go up to improve my credit score.....If it doesn't work like that please let me know hgow it does work!!

You seem to have missed the bit above about how credit scores do not exist outside of cloud cuckoo land - you don't have one!

Tixy

GingerBob wrote: »

But they are working on it - seriously.

Regarding the property, why are they collating this non-credit information? Is not their business credit reference?

Who knows. Maybe a staff member put the idea in a staff suggestion box to get a free bottle of cheap champagne?

Maybe its something they think they can use as a selling point as a differential from experian hoping it is something they can use to tempt some new members from experian to them.

It is publicly available information so I don't see it as a major issue.

Mustbeananswer??

I'M EVEN MORE CONFUSED NOW....

I've got a house worth £120,000....Mortgage of £60,000....Short term credit debts of £25,000.Three incomes totalling £35000 pa (delivering prestige cars....entertainer....letting house out) and i'm only fair with experian and good with equifax.

I also have a third share in my Mothers house...if there was ever anyone who was gonna pay their bills....its me!!

Tixy

Mustbeananswer?? wrote: »

I'M EVEN MORE CONFUSED NOW....

I've got a house worth £120,000....Mortgage of £60,000....Short term credit debts of £25,000.Three incomes totalling £35000 pa (delivering prestige cars....entertainer....letting house out) and i'm only fair with experian and good with equifax.

I also have a third share in my Mothers house...if there was ever anyone who was gonna pay their bills....its me!!

The bits in red and blue - experian and equifax do not know any of these things. They therefore do not take them in to account when selling you a score or rating.

Compared to the average member of the population £25k of unsecured debt is a lot. The CRAs look at this, they look at your conduct of those accounts (all payments made on time, how much paid off each month etc), how long you've held accounts, whether you are on the electoral roll and for how long.

The_Boss

I think mustbeananswer must be trolling - we keep saying how the scores means nothing and yet they keep coming back talking about how Experian and Equifax rate them.