Hitachi & Freedom Finance

35CC

Based on the results of the MSE Loan Eligibility tool I applied to Hitachi Personal Finance for a loan because I was forecast as 95% certain of getting the amount I was looking for. I could have chosen one of a couple of other lenders where the same outcome was forecast. When completing Hitachi's form I specifically declined the option for any approach from Freedom Finance in the event of my application not being approved. Hitachi then declined my application, citing my Experian credit report. I then obtained my Experian report which showed my rating as 999/999, Excellent. Within two hours I was being phoned by Freedom Finance. All of which makes me question why MSE includes Hitachi in their list of lenders, if they misuse individual's data to feed prospects to Freedom Finance? Other reviews on line found subsequently suggest that this outcome is common amongst people who have approached Hitachi, so is Hitachi actually in the business of lending money? Or is it simply a conduit to find customers for a company charging higher rates of interest?

[Deleted User]

No. It just means you didn't meet their criteria.

Your Experian 999 score isn't of any interest to lenders as they need to assess your risk.

Check their privacy policy if you believe your data wasn't processed in line with the terms.

Terence_Burrows

As quoted above, there are other factors that go into risk assessment such as time in employment, credit usage , current salary etc. Credit score isn't the only indicator.

BoGoF

They cited your report not your make believe credit score.

35CC

And your point is? There's nothing make believe about the credit score - it forms part of the Experian report. and presumably credit reports per se perform a function in the financial checking system so need to be based on facts. My point originally, as you're struggling to comprehend, was to question Hitachi's misinterpretation of what was included in the credit report and their direct relationship with Freedom Finance.

BoGoF

There is plenty 'make believe' about your credit score I can assure you.

For one, the lender did not see your Experian score.

Hitachi didn't misinterpret anything....you do not meet their criteria, simple as.

As for their relationship with Freedom, I am willing to bet that you gave your consent somewhere along the line. I'm sure it will be in the T and C's you no doubt read.

Ben8282

35CC wrote: »

And your point is? There's nothing make believe about the credit score -.

I'm afraid that is not true. The credit score is a marketing tool used by the CRA's. NObody except you can see the score. Potential lenders can't.
The dcision by the lender would have been made based on the TOTALITY of information provided on your application form which includes many important details which are completely unknown to Experian, for example Salary, length of time in current employment, residential status etc. At best the score can be an indicator of your credit worthiness based on the information contained in your credit files in the sense that a high score would mean low probability of adverse information being present (yes I know about the bankrupt anomaly) while a lower score would tend to indicate a likelihood that the conduct of your accounts has not always beenperfect But that is all.

35CC

Read the original post properly and you’ll see that I specifically opted out of being approached by Freedom Finance. Donate your lost bet stake to a charity of your choice.

35CC

That’s worth knowing and considerably more helpful than the input from another particular poster. Thank you.