Credit scores oh dear !!

matttye

This thread is one step up from 'a man down the pub told me so it must be true'

James Jones has said in the past and it's confirmed above that Experian (and probably other CRAs) do sell credit/risk scores to businesses but the banding of the 'risk scores' is different to the banding of our 'credit scores'. So they don't see exactly what we see although it is probably based on that.

SeanG79

That makes sense. The only lenders I know using CAIS score use it related to business finance

meer53

SeanG79 wrote: »

That makes sense. The only lenders I know using CAIS score use it related to business finance

We still use CAIS for personal finance. We don't see a CAIS score, we see the complete CAIS report.

GingerBob_3

meer53 wrote: »

We still use CAIS for personal finance. We don't see a CAIS score, we see the complete CAIS report.

Could you display or link to a redacted copy of a typical report?

mcpitman

GingerBob wrote: »

Could you display or link to a redacted copy of a typical report?

I think you've got more chance of plaiting fog than any member of the financial industry breaching; regulatory laws, intellectual property rights and terms of employment/privacy rules.

P.s. the whole score thing is misleading here. Lenders do not see the same score as you see, they see a risk based score based on their own internal metrics/lending appetite/scorecard.

GingerBob_3

mcpitman wrote: »

I think you've got more chance of plaiting fog than any member of the financial industry breaching; regulatory laws, intellectual property rights and terms of employment/privacy rules.

P.s. the whole score thing is misleading here. Lenders do not see the same score as you see, they see a risk based score based on their own internal metrics/lending appetite/scorecard.

'Redacted' is the key word in my post. And these people who supposedly work in the financial sector are all on here anonymously.


'Black art' - a phrase that sums up credit reporting. So it's not surprising that posters purporting to be from the financial sector don't ever show us what they see.

Thrugelmir

Lenders have access to datasets. These will provide information such as

Defaults - number, amount , dates, satisfied , unsatisfied
ATP - as above
Late Payments
Credit Utilisation
Amount Borrowed
Promotional credit card balances

etc etc.

Algorithms then interrogate the data and compare this to the lenders own internal policy criteria.

SeanG79

Thrugelmir wrote: »

Lenders have access to datasets. These will provide information such as

Defaults - number, amount , dates, satisfied , unsatisfied
ATP - as above
Late Payments
Credit Utilisation
Amount Borrowed
Promotional credit card balances

etc etc.

Algorithms then interrogate the data and compare this to the lenders own internal policy criteria.

Exactly this. the system has API information it takes from Experian info provided, that gets put on our system with the key information overviews. Then depending on the internal score risk card a rate/decision/additional information required will be decided.

meer53

GingerBob wrote: »

Could you display or link to a redacted copy of a typical report?

There is no way i would risk my job to post anything on here. Nor would any other poster who works in the finance sector. You'll just have to carry on being suspicious.

mcpitman

GingerBob wrote: »

'Redacted' is the key word in my post. And these people who supposedly work in the financial sector are all on here anonymously.


'Black art' - a phrase that sums up credit reporting. So it's not surprising that posters purporting to be from the financial sector don't ever show us what they see.

There is no supposedly about "these people" who work in the financial industry.

Even if you applied at a lender, and I happened to work there, I still wouldn't be able to show you the scorecard, what data it uses or what it says about you (or your "credit worthiness"). Even if I redacted the PII data within that scorecard, I still wouldn't be able to show you the content of the scorecard because of business privacy or IP rules and regulations.

Even if you launched a SAR you wouldn't be able to see the "score" you were given, just the data content that was used to generate that "score".

There is no "Black Art" about credit reporting. The simple fact remains, that any financial institute will never tell many of their employees, let alone an internet forum what the scorecards are made up of and what lending appetite they have or profile of customer they are interested in.

Although someone with half a brain can look at what they are trying to sell and join the dots to what there target market is.

For the paranoid amongst us, I am sure you will embrace the EUGDPR ruling that is coming, where you will have the option to "opt out" of the use of autom,ated scorecards. However, this in itself may mean you would not get approved as a term of the product maybe to use automated scorecard decision.