Unfair credit score

[Deleted User]

Clairetee wrote: »

Who are the CRA please ?

CRA is Credit Reference Agency.

Equifax, Call Credit or Experian.

SnowTiger

Clairetee wrote: »

The bank told me It was my credit score, they told me everything else was perfect. It was the lowest amount loan and didn't require any evidence of earnings etc.

The score they mentioned would have been one the bank itself generated using the information available to it.

Therefore, to say "everything else was perfect" except the score they generated using the "perfect" data is nonsensical.

Banks don't usually mention credit scores. Are you sure they didn't say credit report?

Not being listed as being on the Electoral Roll is likely to have been the issue if the bank checked your Equifax credit file.

Candyapple

How much was the loan amount you applied for?

Do you have any other credit cards / loans?

If yes, what are your existing balances and your credit limits for each card?

What is your annual salary?

Are you financially linked with anyone else?

Are your bank account(s) / mobile phone provider / mortgage (if you have one) etc and any other credit accounts showing on your files?

Have you checked your reports with Experian and Noddle as well? What info does it show on there?

Clairetee

I have spoken to my bank, and now have a letter that clearly says
'the credit reference agency Equifax were used to provide your individual 'score' which we will use as part of our assessment. Your score did not meet the required level for us to approve your application, Details of your individual score and the information on which it is based are not disclosed to our staff and can only be viewed by requesting a copy of your personal credit score from the credit reference agency.
So are you telling me that the bank are lying to me ?

[Deleted User]

Probably misinformed and badly written, rather than lying to you.

Clairetee

They use the word 'score' three times, i've spoken to the bank and they confirm the score was provided by Equifax and I should fix it before applying again.

Now can anyone give me concrete advice on dealing with the Equifax issue which is what I have asked for instead of telling me that the bank are 'wrong'

[Deleted User]

You check that the information on your file is correct. If it's not, then you raise a dispute.

Also cancel your £15 a month and just get a report via Clearscore.

And you ignore the score.

Gaz83

Clairetee wrote: »

Now can anyone give me concrete advice on dealing with the Equifax issue which is what I have asked for instead of telling me that the bank are 'wrong'

You were given it earlier:

Gaz83 wrote: »

If there is something wrong on your credit file, then write to the CRA to get them to correct it.

Malmo

You REALLY need to educate yourself on how credit profiling works in the UK. As others have repeatedly stated - you do not have a universal credit score that lenders get from any of the 3 main agencies (Experian, Equifax, Callcredit). The scores sold by Credit Reference Agencies are marketing features for consumers - they are not seen or used by commercial (e.g. lenders) or public organisations (e.g. councils). Do not focus on ratings & scores. Lenders evaluate & score applicants using their own internal criteria.

Best to have a read of this MSE article for general tips & information about how credit profiling works and how to boost your general credit worthiness.

The wording provided by the bank is poorly written and misleading.

Superscrooge

See below link from Equifax about how to correct errors on your credit file

https://help.equifax.com/app/answers/detail/a_id/16/~/equifax-dispute-process

I think the confusion is that your bank appears to be sloppily using the term 'credit score'
when they really mean 'credit file' or 'credit history'.

The credit score given to you by Equifax is only seen by you. Equifax only pass your credit history to lenders.
The credit score they generate is just a means of getting gullible people to pay them £14.99 every month.