And people say the credit score does not matter....

Duckyduck

Can someone please link to some evidence to support “lenders don’t see the CRA scores”.

Lenders may create their own bespoke scoring, but that doesn’t mean they don’t see/use the CRA generated ones.

From personal experience, running a credit check on a business does show the CRA score and a colour coding band, I haven’t personal experience of doing credit checks on individual consumers.

spadoosh

!!! wrote: »

Also if you're looking at an overdraft or loan with your bank or "a loan place", then I suggest you post a SOA in the DFW board so you can be given some advise on cutting back and saving up.

Just answering with my MSE hat on...

'Loan place'.... What, you mean a bank?

I shudder at the thought of what a 'loan place' is. Im just picturing a pawn brokers with a canoe, a moto x bike and my nans settee outside it.

I can imagine that kind of place actually do look at your credit score, its just youve got to log in and show it to them.... whilst signing the waiver on your liver should you fail to make repayments.

Broadyx

Duckyduck wrote: »

Can someone please link to some evidence to support “lenders don’t see the CRA scores”.

https://equifaxuk.custhelp.com/app/answers/detail/a_id/682/kw/lender/session/L3RpbWUvMTU0OTg5NzkyNy9zaWQvZlVuUGFuWVBnT2x4MHZybWlUdzZhb0EwcGpQY0dWb3ozdmRBb3ZpRnJvRnNqMjQ0eTNFQ3EyNWglN0VHNDJlQ3ROS1g2dDRDYTI0UnNwM0FlYnI5ZnRPam1CY2hUM1V2VXR3U0dBNzBCM0RRNVhPX3kxaFNSWTlTeXclMjElMjE%3D

jimbo26

If you want to believe that people can see your score it's no skin of my nose. Crack on a try to improve it.

sourcrates

This is from Martins Blog at the top of this forum, "what your credit score really means" :

The three credit reference agencies, Experian, TransUnion and Equifax, have individual ways of scoring you, meaning the numbers you see may be different for each one.
Interestingly, lenders don't see this score at all - it's just for you.

The score you see reflects what's actually in your file, which is what lenders will look through when you apply for a credit product.


The score the lenders generate is used to decide if you are accepted or declined.

jimbo26

What the OP is talking about is scores generated by the lenders from the information on the credit file, and internal info they hold on a customer, however he has convinced himself they are seeing the score he can see.

Never argue with a fool, they will bring you down to their level and beat you with experience.

Nasqueron

sourcrates wrote: »

This is from Martins Blog at the top of this forum, "what your credit score really means" :

The three credit reference agencies, Experian, TransUnion and Equifax, have individual ways of scoring you, meaning the numbers you see may be different for each one.
Interestingly, lenders don't see this score at all - it's just for you.

The score you see reflects what's actually in your file, which is what lenders will look through when you apply for a credit product.


The score the lenders generate is used to decide if you are accepted or declined.

The MSE site is notorious for having wrong, outdated or simplified data. There are hundreds of examples on this forum of people getting 999 score yet being refused basic credit like a mobile contract, ex-bankrupts can have 999 score, people with low scores can get a great mortgage. The scores are meaningless and don't reflect anything other than a way of making money for the CRAs by using the human desire to get numbers higher, only the data matters.

On MSE credit club (Experian) I am score 999 yet it says I have only a "good" chance (90%) of getting a sub prime credit card yet I had no issue getting PCP on a new car, I have 2 prime credit cards and a BT one etc

The CRA admit their score isn't seen by lenders, why would they be wrong and MSE be right?

Carrot007

The_fonz wrote: »

So how was he able to tell me what my Equifax credit score was then?? and what category it fell in? I.e. Fair, Good Excellent etc.

He saw the equifax score provided to their business customers (for those too lazy to generate their own from ther data). This is different to the equifax score provided to you. They are not remotely the same thing. They can even be on different scales, I do not know equifax's business policies. They could be the same but it would just be coincidence.

[Deleted User]

The_fonz wrote: »

no point in sighing is there?? Child.

Shame you quite clearly can't manage money and therefore can only get a basic bank account.

Milotti

Credit scores matter ive seen no proof to the contrary on here. Its a point of real contention lol