Experian advert

SHill

Can some one explain to me about the recent Experian advert and drawing everyone attention to Credit score. When we are constantly being told they are meaningless on these forum sites?

[Deleted User]

Because they know that people are attracted to numbers - especially ones that move regularly.

Data is too dull and doesn't inspire the same sense of competition.

Westminster

Because they want to sell you something (a paid subscription)

SHill

Hi zx81 & Westminster... thanks for quick reply...

Thought so.. I saw the advert today.. should they not put something like an advisory warning at least at the bottom of the screen when they display that number...as you say the number changes?

robber2

why would they want to do that? They are trying to make money out of the gullible or ignorant.

Just because someone is offering to sell you something doesn't mean its worth having :-)

Westminster

If they are not forced to do so by regulation then don't expect any marketing to be completely honest.

binaryuniverse

Why would somebody, wanting to sell you their product, be trying to convince you their product is important and needs to be purchased?

That's pretty much advertising in a nutshell. It's been going on for years.

Thrugelmir

SHill wrote: »

When we are constantly being told they are meaningless on these forum sites?

For those that have no credit record or a poor credit record they at least provide an indication of ones own status, and whether it is improving or deteriorating. The fact that lenders use their own criteria to assess credit worthiness is another matter entirely.

datlex

Credit scores can give an indication of your financial position or a sudden fall can red flag a problem to you. Unfortunately they do not show the full story; mine for example has gone down after I opened some new bank accounts to earn rewards, my finances are actually in a better state than a couple of years ago as I have paid off my last loan and now "earn" rewards on my money. All the credit report shows is what accounts you have not how you use them. Credit report also cannot distinguish between a change of supplier, e.g. a change from Sky to Virgin or from EE to Vodafone will cause a reduction in your score when you actually won't have any additional commitments and might actually find you are better off.

Thrugelmir

datlex wrote: »

Unfortunately they do not show the full story; mine for example has gone down after I opened some new bank accounts to earn rewards,

impossible for the CRA's to distinguish between good and bad reasons. Any drop is only temporary if there's nothing untoward. The real world moving slower than the online one.