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Willing2Learn

francismay wrote: »

What is OP?

OP is you, the Original Poster

DCFC79 is asking you if there is a problem with your ClearScore report and if you need help with this.

danthemoneysavingman

I would say a credit score IS seen by institutions, just not the score you see. It is often tailored to the particular institution receiving it as the effect of own-customer/not own-customer data on the score needs to be taken into consideration.
(queue all arguing this point... i do however deal with credit file data on a very regular basis at various institutions)
That said, your score is an overall indication.
Per MSE's Credit Club, affordability is another major consideration as regards granting credit.
But particularly, per DCFC79's question...

why do you think it is "wrong" ?

Nasqueron

francismay wrote: »

There are tones of ......:rotfl:
will it effect my credit score if i sign up for this free credit score check?

You seem to have missed the point I made earlier:


Your credit score doesn't exist


The credit agencies provide your data and financial history to a potential lender, that lender uses their own internal scoring system (that you will NEVER see or find out about) to determine if they want to lend you money. The score from Experian/Equifax/Call Credit is a novelty number designed to appeal to human nature about wanting bigger numbers. They sell services to improve that number which they issue (see the conflict of interest?) in the hope you sign up and give them money for doing things that we could tell you for free how to do.


If you want a good credit record, show you are stable and responsible:


Get on the electoral register
Live in one place for a good length of time
Get a credit card, use it and pay off in full by direct debit ideally every month
Get a contract or SIM only mobile deal, pay it every month
Don't have late payments or miss payments, don't take out loans you can't afford and live within your means.

danthemoneysavingman

...immediately someone ignores what the credit risk professional says ;-)

SnowTiger

danthemoneysavingman wrote: »

I would say a credit score IS seen by institutions, just not the score you see...

CRAs do provide credit scoring. I've mentioned that before.

However, this leads some people to believe whether or not they'll get credit is (solely) dependant on the numerical score they see online.

Experian:

Credit Check Your Customers With Experian Consumer Reports

[...]

We distil the data held on our credit databases into simple and easy-to-use risk scores

Equifax:

Our new Equifax Indebtedness and Income Score delivers powerful insight to help you understand the true impact of debt, relative to a consumer’s income, better than ever before.

Our methodology takes a “real-world” approach by segmenting applicants based on their credit file and income levels. We use an income amount that is the most recent, most relevant and, when used with Equifax Income Verification, we believe it is also the most accurate.

Equifax Indebtedness and Income Score helps you make better lending decisions whilst lending more responsibly

TransUnion:

Credit Scoring

Our second generation of risk scoring, Gauge 2, has been developed to help you make the best possible lending decision. In addition to the updated credit risk score, Gauge 2 has a suite of sector specific scores, enhancing the power of the generic score.

[Deleted User]

The scores generated by the CRA’s are NOT the same scores that lenders use or generate.

If that were the case then someone with a 999 score wouldn’t get refused a £20 SIM only contract and someone with a 300 score gets a £350k mortgage.

But that’s what happens.

Just make sure the data on there is correct and ignore the score

Nasqueron

danthemoneysavingman wrote: »

...immediately someone ignores what the credit risk professional says ;-)

Your post cross posted with mine, I was still writing when you submitted


Also, what has been ignored?


You said the firms see A score. Not THE score that the consumer sees.


If it was as simple as that we wouldn't see bankrupts with a 999 score or people with scores 900+ refused basic credit - the score you see is not what the lender sees (as the CRA freely admit), what part of that do you disagree with?