Credit Reference Agencies, What's The Point?

Legacy_user

I have seen endless comments being thrown around that credit scores are meaningless, therefore a marketing ploy, while this may be true for credit reference agencies like Experian and Equifax what's the point in £14.99 a month when only you can see the "score" while creditors have an internal system that rates individuals differently.

I feel hopeless that when paying off chunks of debt each month nothing changes and I will only end up getting rejected for credit anyway.

Here are the different scores I got:
Clearscore/Equifax: 304
MSE Credit Club: 811

:mad:

DCFC79

himynameisaaron wrote: »

I have seen endless comments being thrown around that credit scores are meaningless, therefore a marketing ploy, while this may be true for credit reference agencies like Experian and Equifax what's the point in £14.99 a month when only you can see the "score" while creditors have an internal system that rates individuals differently.

I feel hopeless that when paying off chunks of debt each month nothing changes and I will only end up getting rejected for credit anyway.

Here are the different scores I got:
Clearscore/Equifax: 304
MSE Credit Club: 811

:mad:

Is there a question ?

What rating does Experian and Call credit/ Noddle rate you as ?

The score/rating is how the agencies view the data they hold about you.

System

DCFC79 wrote: »

Is there a question ?

What rating does Experian and Call credit/ Noddle rate you as ?

The score/rating is how the agencies view the data they hold about you.

Experian scores me the same as Clearscore (the data is provided by Experian). I don't like using Callcredit/Noddle.

My question also is, how long do closed accounts stay on a credit report for?

PixelPound

You don't just see the score with the fee paying options, but yes paying for a monthly subs is pointless waste of money. Checking your file (either by free options or the £2 stat report) isn't, especially if you have got a rejection, to make sure there is not something on the report that's wrong.

YorkshireBoy

himynameisaaron wrote: »

My question also is, how long do closed accounts stay on a credit report for?

6 years from last activity, according to the info on all their websites.

DCFC79

himynameisaaron wrote: »

Experian scores me the same as Clearscore (the data is provided by Experian). I don't like using Callcredit/Noddle.

My question also is, how long do closed accounts stay on a credit report for?

Funny that but clearscore gets the data from equifax.

The agencies hold data for 6 years.

System

DCFC79 wrote: »

Funny that but clearscore gets the data from equifax.

The agencies hold data for 6 years so if you have an account whether a bank account or a phone contract that was closed/ended in nov 2010 then it would drop off before end of the year.

Sorry, that's what I meant.

The last time I looked at Experian that I was 80 points away to a Fair score. Can't remember the exact so-called "score" though.

System

Does the £2 Statutory Credit Report containing private and public information that creditors see (mobile phone companies, mortgage lenders etc) unlike a usual credit score on websites like Experian, Equifax where you pay £14.99?

YorkshireBoy

himynameisaaron wrote: »

Does the £2 Statutory Credit Report containing private and public information that creditors see (mobile phone companies, mortgage lenders etc) unlike a usual credit score on websites like Experian, Equifax where you pay £14.99?

I think you're misunderstanding what you get for your money with the CRAs.


The £2 statutory report shows all the data the £14.99 product shows. With the latter you get a 'score' thrown in. £12.99 is a lot of money for a number!

System

YorkshireBoy wrote: »

I think you're misunderstanding what you get for your money with the CRAs.


The £2 statutory report shows all the data the £14.99 product shows. With the latter you get a 'score' thrown in. £12.99 is a lot of money for a number!

Pardon my french, but that's a bit crap then .

Yes it is sadly, but at least the £2 report shows what you need to work on and what's good. For a much cheaper price!

I ordered mine from Experian which is a much more reliable source I guess.

meer53

Why do you need to pay for something to tell you what you need to work on ? If you know you have debt, surely you know how much and whether you're up to date with payments ? Good is having a sensible mount of debt in relation to your income and making payments on time.