'TSB customers should urgently check their credit scores'

SnowTiger

Martin Lewis :money: and MoneySavingExpert.com urge TSB customers to 'urgently check their credit scores'.

https://www.moneysavingexpert.com/news/banking/2018/08/tsb-customer-you-may-need-to-check-your-credit-file-is-up-to-date:

TSB customers should urgently check their credit scores after the bank admitted there were delays updating the credit references following its major IT problems in April.

The bank said there have been delays updating the three UK credit agencies, Equifax, Experian and TransUnion (formerly Callcredit), about its customers – meaning some credit scores may be out of date, which could affect their ability to borrow money.

Credit scores do affect punters ability to borrow money. Martin Lewis :money: and MoneySavingExpert.com say so.

:rotfl:

[Deleted User]

MSE. The home of quality journalism...

daisy_jean

Given the state of my credit ratings, I hardly imagine TSB can do anymore damage :eek::rotfl:

[Deleted User]

Oh dear...

cjv

My complaint to TSB about this went unresolved for months, it has been escalated to the FOS as of last week.

I don't care about my score, but I do care that it is currently showing an incorrect balance which may affect a Mortgage application/affordability.

PixelPound

My credit file has been updated now. It was stuck on April, but has now been updated to 31st May. Tree months behind but looks like they are starting to work through them.

PRAISETHESUN

nic_c wrote: »

My credit file has been updated now. It was stuck on April, but has now been updated to 31st May. Tree months behind but looks like they are starting to work through them.

Looks like your score is...... growing

-puts on sunglasses-

PixelPound

PRAISETHESUN wrote: »

Looks like your score is...... growing

-puts on sunglasses-

I'll go out on a limb and say was that a joke? Are you thinking of branching out from your normal job

gionnetto

SnowTiger wrote: »

Credit scores do affect punters ability to borrow money. Martin Lewis :money: and MoneySavingExpert.com say so.

Of course they do. CRAs sell behavioural scores to lenders, which are a *weighted* version of their scores and the weight is assigned according to the lender's criteria.

It does mean that each lender will evaluate the same information matching it against their chosen criteria and building their own score.

But a score is a number, and it's based on other numbers. This is to say, behaviours are assigned a number (duh!) and then they are factored into a score.

People think scores don't count because they don't understand how the whole thing works. Particularly, they assume that, if you and I have both, say, 712 on Experian and you get the same card that I didn't get, then "scores don't count".

Scores work like your driving licence points... Unless you have a given number of points in it, you can't get to do certain things. If you have a "penalty" of one kind, you might not get some products even if you are well above the score threshold. On top of it, each lender sees some misbehaviour more favourably than others. Lenders tend to check the CRA whose score they trust the most, which is usually the one who sold them their own behavioural score. Which is why if your Equifax score is in the good braket and your Experian is not, it makes no point for you to apply to a lender who exclusively check Experian.

But it's easier to say "score don't count" than try to figure out how they work.

[Deleted User]

The scores don’t count. They mean nothing.

Such as the various posts on here from people with a 999 score and they can’t get a £20 per month SIM-only contract and so on.

boo_star

gionnetto wrote: »

Of course they do. CRAs sell behavioural scores to lenders, which are a *weighted* version of their scores and the weight is assigned according to the lender's criteria.

It does mean that each lender will evaluate the same information matching it against their chosen criteria and building their own score.

But a score is a number, and it's based on other numbers. This is to say, behaviours are assigned a number (duh!) and then they are factored into a score.

People think scores don't count because they don't understand how the whole thing works. Particularly, they assume that, if you and I have both, say, 712 on Experian and you get the same card that I didn't get, then "scores don't count".

Scores work like your driving licence points... Unless you have a given number of points in it, you can't get to do certain things. If you have a "penalty" of one kind, you might not get some products even if you are well above the score threshold. On top of it, each lender sees some misbehaviour more favourably than others. Lenders tend to check the CRA whose score they trust the most, which is usually the one who sold them their own behavioural score. Which is why if your Equifax score is in the good braket and your Experian is not, it makes no point for you to apply to a lender who exclusively check Experian.

But it's easier to say "score don't count" than try to figure out how they work.

That's not how it works at all.

Lenders just pull the basic data from CRAs, they don't give two hoots what the CRA thinks of the borrower, they have their own in-house systems to do that.