Noddle v Clearscore which is best?

monkey78_2

Hi

As I'm currently trying to improve me Credit Score after some difficult financial times 4-6 years ago I decided to join up to Noddle and clearscore. I found both very different and use different scales for your score. Also somethings appear on Noddle that do not appear on clearscore. even some of the default dates are different between the sites.
Can anybody recommend which is best.

Many Thanks

Strummer22

Neither is better. They just use data from different credit reference agencies. Noddle uses Callcredit, and Clearscore uses Equifax. Different credit providers report to different credit reference agencies, which is why not everything appears on both.

The scores and scales mean very little, only you see those, not people you could borrow money from.

The only use they have is checking that all your personal and account details are correct. In terms of improving your chances of getting good credit, you need to demonstrate responsible use of credit over a period of years. If you had any defaults in your difficult time 4-6 years ago, you will soon find it easier to get credit as defaults only remain on file for 6 years.

MuddyFunster

As above, the score isn't the be all and end all - however is does give you a bit of a guess to how lenders see you - the real answer lays in the data though.

I've been using Noddle for about 18 months now, I'm familiar with the layout as it's a lot like the lender side of Experian and I worked in finance for a long time until 5- years ago. - lots of rows of different coloured numbers representing payments, defaults, CCJs CIFAS etc.

You don't need to be a Rocket Surgeon to work it all out once you're familiar with the terminology - if you're looking at nothing but rows of 0's showing a perfect repayment history on all existing and settled agreements (the settled ones are just as important as the current ones) then as far as repayment history goes you're 'perfect'.

When I was an underwriter there were 3 pillars of underwriting,

History - are you the type of person who pays on time, when you should, and if you can't what do you do about it - bury your head, or work with creditors - can make a big difference.

Affordability - simply put, considering your income, and current commitments and a 'rule of thumb' estimation of living expenses based on circumstances - can you afford it?- this is where these scores often fall flat on their face - only considering history someone with a high income and nothing but a current account, utilities and maybe a modest CC balance might score - 50%-75% of their top score - but a lender would see them as a very good risk. Someone else with a more modest income, 2-4 credit cards with a collective balance of 50% of their annual income, a personal loan, HP for a Car and a Sofa as long as they're paying it all might get a 90%-100% score because they have lots data, all positive - but a lender might see them as a poor credit risk because really they're living beyond, or too close to their 'means'.

Lastly

Facility

Different types of borrowing come with very varied levels of risk - Overdrafts are pretty good for banks, they're payable on demand - and they always get paid first because they're 'repaid' whenever money goes into your bank. Personal Loans are terrible, they're completely unsecured, notoriously tough to enforce and default situations almost always end in a big loss. They're also very competitively priced - there's other secured things like HP - but that varies - vehicle finance is pretty good, assets are valuable with a known depreciation curve and can be liquidated quickly through well-know channels, but stuff like HP on Sofas and Kitchens and things, waste of time it's not worth taking the stuff back - they generally hide the true value of the goods and make a 40% APR deal look like 0% deal and write it up as a loan.

Anyway, I'm going off point - in my opinion Noddle is better than Clearscore - Clearscore have spent a lot of money making a very nice site to look at, but doesn't offer enough actual information - they don't even list defaults - they just show facilities as closed with an outstanding balance for you to make your mind up on. Noddle gives you the bare bones of it.

The rest is pretty simple - if you've got a perfect history and want to be more credit worthy - reduce the amount you owe and/or refinance to reduce the monthly cost of existing borrowing- affordability is a measure of income v expenditure, not wealth - you may end up paying back more in the long run, but you can borrow more now (this is not advice, just a statement of fact).

If you don't have a perfect history - then you need to address that

Is it all correct? If not dispute it - mistakes happen.

If you have a few missed payments, try to settle that agreement - some put slightly less onus on settled agreements.

If you have Defaults - find out when they 'fall off', consider paying them off - it will improve things marginally - better still try to have them removed - it's very hard, there's not much you can do to force them to do it - BUT the offer of full settlement is a good weapon.

If you have CCJ's try to remove them, again it's not easy and in lots of cases impossible.

It's almost impossible to make a poor history perfect, it's usually a case of making the best of it - but time does heal all - thankfully.

bengalknights

There is really no such thing as a credit score

Your profile is based on limits, averages and history

monkey78_2

Thanks for the responses. I agree noddle has far more information. In the next month I have my largest defaults falling off my credit file (3 at about £4000) these show on noddle but not clear score. I was wondering how much my credit score will improve when these are gone, although I will still have some smaller defaults for around £1000 which I was considering trying to deal with.
Im looking into getting a small business loan so might be best paying these off.

MuddyFunster

It'll certainly help, unfortunately post-crash we seem to live in a financial world with very little the grey in between 'Prime' and 'Sub-Prime' and it's a tough world for anyone considered 'sub prime'.

You're not alone of course, Northern Rock, RBS and Lloyds fell 8 years ago last month and ushered in some of the toughest times to be a employee in decades - I think lots of people, myself included have spent the last 5 years or more living with a pretty rough looking credit history from that period.

I've only got 6 months left to serve of my 'sentence' for being made redundant, ironically I think from the very Bank that not only partly caused the crash, but the same one that lodged my 3 defaults. Doesn't seem fair really.

Dandytf

MuddyFunster wrote: »

It'll certainly help, unfortunately post-crash we seem to live in a financial world with very little the grey in between 'Prime' and 'Sub-Prime' and it's a tough world for anyone considered 'sub prime'.

You're not alone of course, Northern Rock, RBS and Lloyds fell 8 years ago last month and ushered in some of the toughest times to be a employee in decades - I think lots of people, myself included have spent the last 5 years or more living with a pretty rough looking credit history from that period.

I've only got 6 months left to serve of my 'sentence' for being made redundant, ironically I think from the very Bank that not only partly caused the crash, but the same one that lodged my 3 defaults. Doesn't seem fair really.

Excellent post, I've until 2019 since unemployment 2011.

Why i've never stopped reading cr's god knows:D

callum9999

MuddyFunster wrote: »

It'll certainly help, unfortunately post-crash we seem to live in a financial world with very little the grey in between 'Prime' and 'Sub-Prime' and it's a tough world for anyone considered 'sub prime'.

You're not alone of course, Northern Rock, RBS and Lloyds fell 8 years ago last month and ushered in some of the toughest times to be a employee in decades - I think lots of people, myself included have spent the last 5 years or more living with a pretty rough looking credit history from that period.

I've only got 6 months left to serve of my 'sentence' for being made redundant, ironically I think from the very Bank that not only partly caused the crash, but the same one that lodged my 3 defaults. Doesn't seem fair really.

Perhaps it will seem fairer if you accept that Lloyds did not "cause the crash", nor did they force you to borrow money and then not pay it back.

mattyw831

Read nothing but bad things about Noddle. Apparently lowering your score so they can sell you services to increase it again. I'm not sure if its 100% true, but the reviews on Trustpilot do not paint a pretty picture at all

SnowTiger

mattyw831 wrote: »

Read nothing but bad things about Noddle. Apparently lowering your score so they can sell you services to increase it again. I'm not sure if its 100% true, but the reviews on Trustpilot do not paint a pretty picture at all

I've have a quick gander at Noddle's reviews at Trustpilot.

Many, perhaps most, of the negative reviewers appear to be obsessed with their credit score.

I joined Noddle and was told my credit score was a mere 3/5 which is "average" according to them. I then registered with Experian and needless to say my credit score is 966/999 so rated in top bracket for excellent!

Signed up Noodle years back and it gave me a poor score, checked with Experian and it was still poor but higher. Shrugged it off.

My rating with Experian is 'Excellent' (978), Noddle gave me 1 out of 5.

Hazzinho

Ha ha, those Noddle reviews basically say "I don't like my number" pay £15 a month to Experian instead for a high number. Mine is 5/5 on Noddle, wonder how they are trying to "scam" me.

I use both Clearscore and Noddle and think both are excellent, I have no complaints about either.

We just need a free Experian service now.