Credit Reference Agencies, What's The Point?

robber2

Going back to the original question in the OP; "whats the point in (paying) £14.99".

The answer is simply that the sole point in this scam is to make money for the CRAs. The 'score' that you are buying with your monthly payment is OF NO USE TO YOU WHATSOEVER

rob

sourcrates

Your obsession with your credit score is worrying.

If you want to see your credit report, go to Noddle and view it free for life.

Paying for this service is a pointless exercise.

System

Why shouldn't I care about my credit report, may be sad but am trying to fix my life again to be able to obtain future credit again!

I am a newbie to this, but have just checked my Equifax credit report with my brothers name on at our previous address, he has a credit card with Halifax, but it says its very well up to date.

If I tell Equifax to remove it, will it opt to creating a positive impact to my report?

darkidoe

Credit Reference Agencies are just data collection companies. They sort out credit information data, identity checks data. The way they make money is providing that information to banks, credit lenders to help them lending decisions. The other way they attempt to make money is to sell you a 'Credit Score' 'based' on your data and guesstimate your credit worthiness.

The best way you can make use of the information they collect is to get the raw data, i.e. the Statutory Credit report for 2 quid and make sure all the information is correct. You can easily evaluate your own score and improve it by going through the 27 tips to boost your credit score..

The credit report should be tailored to you individually and you should only access your own credit history as well with information in there confidential and all. If somehow your brother's credit account appears on your report, you should get this taken off the report by contacting the CRA.

MrsTinks

himynameisaaron wrote: »

Why shouldn't I care about my credit report, may be sad but am trying to fix my life again to be able to obtain future credit again!

I am a newbie to this, but have just checked my Equifax credit report with my brothers name on at our previous address, he has a credit card with Halifax, but it says its very well up to date.

If I tell Equifax to remove it, will it opt to creating a positive impact to my report?

I think you're misunderstanding... Paying for a SCORE is pointless.

Viewing your FILE is very important. STOP focusing on the number you pay extra for. Even with a 999 you could be refused credit as it can be about affordability and tonnes of other stuff.

Unless you have any joint financial products with your brother then yes you should ask to have that removed from your file. Good history or not it could cause a rejection as lenders may think you have tried to obtain credit under a different name. Just keep it tidy!

Lenders want to see that you can responsibly manage your available credit. Ironically that means you need to HAVE credit to show you can manage it. Easiest way is by way of a sub prime card if you can't get a prime card, and paying it off every month. Make sure you don't have defaults or late payments on any credit agreement and check all three CRAs - not just experian. Not all creditors check the same CRA or even report to all three...

MSE_Chris

At the moment, we would recommend to check your stat report (£2) if you've never checked it before or haven't checked it for a while and combine this with registering for the Credit Club.


http://www.moneysavingexpert.com/creditclub


You'll get given a score on the club and you'll have your stat report to check through. We will be providing a full Experian report on the club next year!


Also good to note that the score is just a visual for yourself, lenders don't see this which is why explains why some of our users question whether it's important or not. Sometimes it's good to have a visual of all the measure that make up your score.

sourcrates

himynameisaaron wrote: »

Why shouldn't I care about my credit report, may be sad but am trying to fix my life again to be able to obtain future credit again!

I am a newbie to this, but have just checked my Equifax credit report with my brothers name on at our previous address, he has a credit card with Halifax, but it says its very well up to date.

If I tell Equifax to remove it, will it opt to creating a positive impact to my report?

As Mrs Tinks points out, I neant paying for it is pointless, when it's available from at least two sites for free.

yessuz

well, MSE credit club inditaces 999 for me, but credit card availability shown as GOOD (not Very good) lol

go figure