Credit Card Eligibility Amex - 0%

VivaTibet

InsideInsurance wrote: »

How am I wrong, remembering that I have built one for a well known company?

You are wrong where you say "There is no liaising with the lenders in question to get their view"

You clearly haven't built one of these soft searches as the only one on the market is HD decisions and if you worked for them you'd know they have relationships with lenders. In fact their top brass are all ex cap1.

As for the chance of something with a 6% likelihood happening, the clue is right there. It happens to 6 out 100 people, how many people do you think use the soft search every day? There are probably 10's of people having as an unlikely experience as you everyday. Once more this thread shows people do not understand percentages, 6% ≠ 0%. a high chance of something is not a guarantee of it occurring nor is a low probability a guarantee of it not!

edit: I am not saying that the percentages were accurate btw, I know that they used Call credit which isn't what most of the issuers search on. I am just saying that your single experience doesn't prove anything! You would need to see the data on aggregate to condemn it.

bsms1147

VivaTibet wrote: »

You are wrong where you say "There is no liaising with the lenders in question to get their view"

You clearly haven't built one of these soft searches as the only one on the market is HD decisions and if you worked for them you'd know they have relationships with lenders. In fact their top brass are all ex cap1.

As for the chance of something with a 6% likelihood happening, the clue is right there. It happens to 6 out 100 people, how many people do you think use the soft search every day? There are probably 10's of people having as an unlikely experience as you everyday. Once more this thread shows people do not understand percentages, 6% ≠ 0%. a high chance of something is not a guarantee of it occurring nor is a low probability a guarantee of it not!

I do understand percentages.

I got a level 5 in my KS2 tests.

InsideInsurance

VivaTibet wrote: »

You are wrong where you say "There is no liaising with the lenders in question to get their view"

You clearly haven't built one of these soft searches as the only one on the market is HD decisions and if you worked for them you'd know they have relationships with lenders. In fact their top brass are all ex cap1.

How does "having a relationship with lenders" = no liaising with the lenders to get their view on each customer?????

Lets look at how MoneySupermarket first started doing its insurance aggregation. It effectively initially started by trying to replicate the insurers rating engines on its own platform and hence it came out with dodgy results and rarely was totally accurate. That isnt to say they didnt have a relationship with the insurers as they did as they obviously wanted commission for the referrals.

Others improved on the idea, initially with screen scraping but subsequently with web services so that rather than estimating the premium themselves they sent all of the customer data to the insurers in question, those insurers then send back an accurate price and the aggregator can then display it.

I really dont know what you think you know about these systems, and there is more than one, but none that I know of are sending the data on each customer to each lender and receiving back a percentage chance of acceptance from all the lenders. AKA liaising with the lenders.

Each one I know of holds the formula for generating the percentages itself and they are generated without reference to the lenders on a case by case basis.

Now, just like the early days of the insurance aggregators, there is of cause a relationship between the website and the lenders. The exact level of that relationship will vary by lender, some are going to be fairly open and help develop the formula to calculate the percentages for them and others wont be. Direct Line on a number of occasions issued proceedings against aggregators because they were including them in their results without their permission and so trademark infringements etc. I wouldnt be surprised if some lenders are equally being included with little or no input to it and thus those creating the formulas are just drawing on general industry knowledge of what those lenders like/ dont like aka wet finger

I accept that I do not have statistically relevant data but a quick search on these forums will show you that the views on their accuracy are fairly consistently low with many cases of both those with very low odds being accepted and those with very high odds being rejected. Now, the call to action of "i got a good percentage and got the card" is clearly lower for starting threads but people arent even defending these tools accuracy with such replies when others are questioning their accuracy

nobodysdriving

when I was looking for a debt consolidation loan the eligibility checker on this site told me I was almost guaranteed NOT to get a loan from Zopa.

Turns out I got a £25,000 loan given by Zopa only 2 days later