Universal credit score in UK?

D3xt3r5L4b

MinuteNoodles said:

Malkytheheed said:

Would you support a "REAL" credit score in the UK? Like the US has? A genuine credit score number you could see?

Absolutely not. If you bother to do some research into the negatives they have in the US with their system it includes people being looked over for jobs purely because of their credit score. Given you can have a low score just because you're financially responsible and don't use credit is it fair that you lose the chance to get a job because of your score?

But likewise anyone applying for a job in the finance sector in the uk is credit checked for defaults etc. anyway. So in essence a similar procedure...

Willing2Learn

To be honest, it probably does not matter either way whether it is a universal score or whether your score is generated by your potential creditor.  The only consistently important factor across both systems, is the accuracy of the recorded data.

mcpitman

D3xt3r5L4b said:

MinuteNoodles said:

Malkytheheed said:

Would you support a "REAL" credit score in the UK? Like the US has? A genuine credit score number you could see?

Absolutely not. If you bother to do some research into the negatives they have in the US with their system it includes people being looked over for jobs purely because of their credit score. Given you can have a low score just because you're financially responsible and don't use credit is it fair that you lose the chance to get a job because of your score?

But likewise anyone applying for a job in the finance sector in the uk is credit checked for defaults etc. anyway. So in essence a similar procedure...

Difference being that in the UK finance sector, you are checked for hard facts like CCJ's and defaults, not a mythical numerical number.

Malkytheheed

mcpitman said:

D3xt3r5L4b said:

MinuteNoodles said:

Malkytheheed said:

Would you support a "REAL" credit score in the UK? Like the US has? A genuine credit score number you could see?

Absolutely not. If you bother to do some research into the negatives they have in the US with their system it includes people being looked over for jobs purely because of their credit score. Given you can have a low score just because you're financially responsible and don't use credit is it fair that you lose the chance to get a job because of your score?

But likewise anyone applying for a job in the finance sector in the uk is credit checked for defaults etc. anyway. So in essence a similar procedure...

Difference being that in the UK finance sector, you are checked for hard facts like CCJ's and defaults, not a mythical numerical number.

That's not a difference. You do realise that in the US if you request credit the lender will check you for "hard facts". Like CCJs , defaults and equivalents. They don't just lend on the credit score. 😂 (Which in that instance isn't "mythical").

The credit score is there as a guide to the public. As a numerical representation of their credit file health in general. 
You know, the way everyone thinks it works here. But here it's just nonsense and leads to lots of confusion, and countless threads about people's credit scores being great but not being able to get credit. 

I really don't see the negatives to having one, real score. Rather than 3 made up ones. Surely that would be better. 

Willing2Learn

Malkytheheed said:

You do realise that in the US if you request credit the lender will check you for "hard facts". Like CCJs , defaults and equivalents. They don't just lend on the credit score. 😂

You say that, but if you are honest with us, you don't have a clue on how the US system works in practice.

JimmyTheWig

Malkytheheed said:

mcpitman said:

D3xt3r5L4b said:

MinuteNoodles said:

Malkytheheed said:

Would you support a "REAL" credit score in the UK? Like the US has? A genuine credit score number you could see?

Absolutely not. If you bother to do some research into the negatives they have in the US with their system it includes people being looked over for jobs purely because of their credit score. Given you can have a low score just because you're financially responsible and don't use credit is it fair that you lose the chance to get a job because of your score?

But likewise anyone applying for a job in the finance sector in the uk is credit checked for defaults etc. anyway. So in essence a similar procedure...

Difference being that in the UK finance sector, you are checked for hard facts like CCJ's and defaults, not a mythical numerical number.

in the US if you request credit the lender will check you for "hard facts". Like CCJs , defaults and equivalents. They don't just lend on the credit score. 😂 (Which in that instance isn't "mythical").

In which case the score is mythical. If you can have a low score and get accepted (based on the "hard facts") or a high score and get rejected (based on the "hard facts") then the score is irrelevant.

mcpitman

Malkytheheed said:

mcpitman said:

D3xt3r5L4b said:

MinuteNoodles said:

Malkytheheed said:

Would you support a "REAL" credit score in the UK? Like the US has? A genuine credit score number you could see?

Absolutely not. If you bother to do some research into the negatives they have in the US with their system it includes people being looked over for jobs purely because of their credit score. Given you can have a low score just because you're financially responsible and don't use credit is it fair that you lose the chance to get a job because of your score?

But likewise anyone applying for a job in the finance sector in the uk is credit checked for defaults etc. anyway. So in essence a similar procedure...

Difference being that in the UK finance sector, you are checked for hard facts like CCJ's and defaults, not a mythical numerical number.

That's not a difference. You do realise that in the US if you request credit the lender will check you for "hard facts". Like CCJs , defaults and equivalents. They don't just lend on the credit score. 😂 (Which in that instance isn't "mythical").

It is a difference. I was referring to "employment in the US" where previously someone had mentioned getting declined for a job, based on a score.

In the UK FinSec, they do not use any form of mythical score for employment reference checking. They do check for CCJ's and Defaults.

SnowTiger

Malkytheheed said:

Would you support a "REAL" credit score in the UK? Like the US has? A genuine credit score number you could see? Do you think this would help with all the people believing their current "credit scores" to be accurate? Would it make it easier for people to get to grips with their finances and see the real impact certain actions have? 

Isn't FICO's three digit number little more than marketing hype, as credit scores are here?

Let's say you have a FICO score of 800.  Then what?  I've checked a few US lenders and didn't find any that guaranteed to lend dosh to someone who's FICO score was over a certain number.

I think it's simplistic to think many years of data covering, perhaps, dozens of accounts can be distilled in to a three digit number ranging from 300 to 850.

US lenders do appear to use FICO.  I've taken a quick gander at its website.  It offers a large range of analytical services.  I suspect lenders base their decisions on deep analysis of the data rather than a three digit number.

DCFC79

The current system works so why change it, ok its not perfect, theres incorrect data reported.

Malkytheheed

DCFC79 said:

The current system works so why change it, ok its not perfect, theres incorrect data reported.

Does it really? 

So how come 99% of the public have no clue that there are actually 3 credit reference agencies, each with a differing and equally important credit file. 
How come 99% of people look up their score and think it actually is important and means something. 
How come 99% of people think potential lenders can see their credit score/s
And how come 90% of new posts on this forum are "ahhhh my score has dropped" or "how can I improve my score"? 


Still think the current UK system works for the public?