Mobile phone credit checks

Candyapple

Sernin wrote: »

No both the full Equifax and Experian credit REPORTS are perfect, also had this confirmed verbally when I spoke to them. So the other chap posting saying it is a made up number is wrong. Also I sepnt all my professional life in finance so I do know what I'm talking about. Have been through the report with a fine tooth comb and absolutly nothing negative at all. My suspicion is - in view of the fact that both networks offered us contracts that were more expensive (i.e. a higher credit risk) than the two very good deals from CPW and Mobiles Direct - that for some reason bother retailers do not want to offer these deals, or are unable to do so and are using the "refused credit" as am excuse that most people cannot argue against.

Clearly you don't. Otherwise you would know to stop applying for credit if the result has been 2 declines so far. The more hard searches you do in a short period of time makes you look desperate to lenders and also counts against you with the lender's own internal credit scoring policy.

Your credit score from the credit reference agencies is as useful as a chocolate teapot. It is just a marketing tool used by the credit reference agencies to sell you products. At best, a credit score is just an indicator of credit worthiness, but is best taken with a pinch of salt.

The free versions to check your credit files are below:
Experian: https://www.moneysavingexpert.com/creditclub
Equifax: https://www.clearscore.com
Call Credit: https://www.noddle.co.uk

What you need to do is look properly at all 3 of your reports / your wife's reports.

Are you on the electoral roll (does it show on all 3 files?)

Do you have any other closed / settled accounts in your history?

Do you have many other 'credit' accounts showing on your files such as bank account / mobile phone etc.?

Have many credit applications have you made in the last 12 months?

Do you have any other loans / overdraft / car finance etc?

Do you have any late payments / defaults / CCJs?

Lastly, another factor that a lot of people forget is that just because you may have a good credit history and would be the perfect customer, that doesn't mean that the company wants you as a customer. It could be that they are looking for customers who fit a lesser profile (i.e. couple of late payments, maybe even a default) because the lender may view them as being a good risk of making money out of them.

Sernin

Don't know why you feel the need to be rude Candyapple. We have made two applications all the rest are verbal/written queries. As to all your questions they are all positive answers in our favour and there are no other applications with the exception of changing energy supplier. No defaults etc no other finance etc. etc. Loads of confusing answers which contradict each other. Retailer says they are not responsible for the check but the agency they use says they are. Made a complaint to CPW who say - thanks we'll investigate but the results are "confidential" and will not be communicated to you. Internal use only. The rat is getting more smelly by the moment.

[Deleted User]

Sernin wrote: »

Loads of confusing answers which contradict each other. Retailer says they are not responsible for the check but the agency they use says they are.

It's very simple.

The retailer carries out the check, using the data (not score) held by the CRA.

System

Sernin wrote: »

No both the full Equifax and Experian credit REPORTS are perfect, also had this confirmed verbally when I spoke to them. So the other chap posting saying it is a made up number is wrong. Also I sepnt all my professional life in finance so I do know what I'm talking about.

Clearly not. NO LENDER USES THE CREDIT SCORE THAT CREDIT REFERENCE AGENCIES GENERATE.

From Citizens Advice:

Different lenders use different systems for working out your score. They won't tell you what your score is but if you ask them, they must tell you which credit reference agency they used to get the information about you. You can then check whether the information they used is right.

Because creditors have different systems to work out credit scores, even if you’re refused by one creditor, you might not be refused by others.

Money Advice Service

Banks and credit card companies use a variety of information to give you a credit score, which determines whether they will lend to you and on what terms.

Credit scoring can be based on information such as:

What you provide on your application form
What the lender might already have about you, based on previous accounts you have with them or previous applications, and
Your credit report at one or more credit reference agencies – the three main CRAs are Experian, Equifax and Callcredit

I put report in bold because it means the contents, not the score.

System

Sernin wrote: »

Don't know why you feel the need to be rude Candyapple.

To be fair you brought that upon yourself when you started bleating on about working in finance, you knew what you were talking about and everyone was wrong. Just because you worked in finance doesn't mean you know everything because finance is a very large area which is why when I want to save money on my income I go to a tax accountant and when I want to invest money I go see a financial advisor. A tax accountant is quite poor at giving investment advice and a financial advisor knows little about tax.

Quite clearly you don't know what you're talking about in this respect. Phone any lender and ask them and they'll all say they don't use the score the credit reference agencies generate you.