Universal credit score in UK?

Takmon

Malkytheheed said:

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?

The biggest hurdle is people are not generally interested in their finances (like i said in my previous post) so no matter how easy the system is made they won't make any effort to look up the information and still won't understand it because they don't really care. 
But if people follow the rules and pay back their credit as agreed and make sure they are on the electoral roll like they should be then in the vast majority of cases all this credit reporting works in the background and they don't need to worry about it.
The only reason they need to think about it is if there are mistakes on their reports then that is probably where it get's a bit tricky and then they need to go looking for information to resolve the issue. So for the vast majority of people the system does work.

I've never been a big fan of over simplifying things and spoon feeding people who make no effort to look for information to allow them to understand something themselves.
But ironically by incorrectly thinking there are 3 credit reference agencies in the UK you have proved your own point that information about the system can be difficult to find even when your looking so i do have to agree the information can be better organised and made easier to find. (Crediva is the 4th Credit Reference Agency if your wondering)

mcpitman

Malkytheheed said:

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. 
Ignorance - people either don't care or aren't interested in the main, unless they get declined for credit, when they start digging and educate themselves.
How come 99% of people look up their score and think it actually is important and means something. 
Because of all the marketing hype to get you to sign up to a monthly fee.
How come 99% of people think potential lenders can see their credit score/s.
Ignorance, because they believe a numerical score means something due to marketing hype. It doesn't.
And how come 90% of new posts on this forum are "ahhhh my score has dropped" or "how can I improve my score"? 
Ignorance, again due to marketing hype.


Still think the current UK system works for the public? Yes.

Annotated as above.

D3xt3r5L4b

Malkytheheed said:

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?

Because the talking dog on the tv advert
says so

Dr_Crypto

The UK system works fine. Most people get appropriate credit from a range of lenders. There are only problems when people get declined for credit or discover an inaccuracy. 

Malkytheheed

Dr_Crypto said:

The UK system works fine. Most people get appropriate credit from a range of lenders. There are only problems when people get declined for credit or discover an inaccuracy. 

It doesn't work fine though. It just doesn't!
As shown by the countless threads that show that the public have no idea that you have 3 or 4 credit files. The public have no clue than one bank might report to one and not the other, that you really should check them all, that there are free ways to check their files. That the free ways report the same data. That the scores mean nothing. 

The public get all of this wrong, all the time. It's a shambles. It doesn't "work fine" at all. It works for those that know better. But it should be intuitive for the general public. Not 0.1% of people. 

Why are people championing that above mess instead of one file, and a single score that is actually meaningful and can be very easily understood?? Because it's the British way, therefore must be the best??

redux

Why are you suggesting that not enough people know about this, and the remedy is to add something else they don't know about?

It is actually possible to conduct life without ever looking at a credit file, including making applications for credit from time to time.

The main motive being promoted is that the credit file compilers or agents on their behalf (including MSE) want to expand business possibilities for gaining affiliate referral commission. This also isn't essential. Given how inaccurate their predictions are, or one seems to only like American Express and Topshop, I can't see why they or anyone else bothers.

Malkytheheed

redux said:

Why are you suggesting that not enough people know about this, and the remedy is to add something else they don't know about?

🙈🙈 No no no. 

I am suggesting replacing 3 nonsensical scores. With one, actual score. 

Not add. But replace. 

kuratowski

Even if it did happen, we would still get numerous threads on here such as "my score is 999 why did I get refused" and "omg my score has dropped like 100 points" and "if I open a new current account will it trash my score".  The only change would be there would be 1 score instead of 3, most people's lives would be exactly the same (apart from redundancies at 2 out of the 3 agencies who currently provide scores).