MSE Credit Club

BBOA

What if any impact will registering for MSE Credit Club, I believe you have to submit a card for Identification, is that the case?

Thanks

worried_jim

It might improve your quality of life and give you more control over your finances. It's the only impact I can think of.

[Deleted User]

No impact at all.

It also won’t make “unknown” defaults go away

BBOA

Thanks Garry, I know you are clear on your position on credit scores but I am intrigued to find out what my score says using a different reporting company.

[Deleted User]

I can just make a number up for you if you like?

It would be as accurate as the ones from the CRA’s

Besides it’s not MY position but THE position

BBOA

Apologise Gary, I will investigate what parameters constitute credit worthiness rather than fixating on a number,

[Deleted User]

Searching the forums will give you the answer.

In particular the sticky post at the top of this forum.

BBOA

Hi Gary,

I have read the guide twice through and if you don’t mind I would like to ask you a question. The thread and yourself both say the score is only generated by CRA and is not seen or used by lenders. Yet the guide at several times refer to to credit worthiness in terms of your score. Eg, ‘damage your score’ ‘improve your score’ this being the case and the fact I’m assuming a credit application is algorithm based and the decision is reached within seconds could suggest that the score has relevance. I would love to hear your thoughts on this.

Thanks

[Deleted User]

No, it has no relevance.

Lenders will use their own internal methods and algorithms to asses your risk etc. and then they will "score" you internally using their own systems, which, is the not same for all lenders and also is not public knowledge.

Damaging your "score" and improving said "score" is marketing lingo used by the CRA's to sell your "repair" products and subscriptions at a monthly fee.

BBOA

Great. Thank you,

last question

How close to the same method of assessment say Experian use to those of a standard lender. Or is it completely variable.

[Deleted User]

Experian isn't a lender - so how can they possibly score or rate you for lending when they themselves don't do it?