Do banks know scores are meaningless??

kensiko

Hi all

Just been on an online chat to a Barclays representative and was very confused when they started talking about credit 'scores'. Conversation (regarding this part) as follows:

****
Peter: While I do this, may I ask what your credit score is and have you been through any recent credit applications?

You: Scores are different on all 3 CRAs but credit history is fine.

Peter: The credit score companies we use are Experian, Equifax and call credit, have you checked your score with any of these?

You: Yes all of the above. Scores are never the same on them all and have been advised not to look at the 'scores' as nobody actually uses them. Each search looks through credit history and decides affordability form this. To be honest no bank has ever asked for the 'score' before.
****

Is it any wonder people get confused and ask the question all the time?

[Deleted User]

Customer services staff at lenders generally are not much better informed than their customers.

[Deleted User]

Barclays? Uk based call centre?

Either way they know nothing

kensiko

It was actually an online chat so no idea who/where 'Peter' is/was.

The conversation is actually copy/pasted so exactly as was said.

tacpot12

I suppose it is no wonder that many people buy the story from the Credit Reference Agencies that the score the agency awards you means something when you apply for credit. But there is plenty of information around to show that they don't. Anyone buying a service should really investigate whether it has any value to them.

Gaz83

I suspect that so many people around the country believe the myth of credit scores that the banks have started talking about them so as not to confuse the customer by talking about history rather than score.

foxy-stoat

kensiko wrote: »

Peter: The credit score companies we use are Experian, Equifax and call credit, have you checked your score with any of these?

1. The guy's name is not Peter !

2. The credit score companies are actually credit reference agencies - credit history not scoring, the scoring is the BS number.

Ben8282

I am curious as to the context of this extract of conversation.

kensiko

Hi

I was on an online chat for about 15 minutes asking about getting a future loan from Barclays. Specifically their pre-offers on my account as there was a link to them but I couldn't see any, so I was checking if I was already approved for one (I wasn't).

I was not doing a full application but 'Peter' started asking about my credit score when he was looking at these pre-offers, probably to gauge whether it was worth doing an application, I am not sure?

The conversation is a copy/paste of what was actually said at that point of the conversation, at no point did I mention credit scores or files. I only joined in when they were mentioned.

Cheers

DCFC79

I suspect Peter wasn't his real name nor was he in the UK and possibly reading a script.

fwor

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