Credit score Fun.

bradders1983

Dandytf said:

@cymruchris
I listened to a Podcast represented Experian, quite some time ago, it included what factors could impact CRA Reports and Scores, please don't include me in your Potential campaign.
thanks anyway,

You mean the made up scores the lenders dont see? Those ones, yes?

Dandytf

bradders1983 said:

Dandytf said:

@cymruchris
I listened to a Podcast represented Experian, quite some time ago, it included what factors could impact CRA Reports and Scores, please don't include me in your Potential campaign.
thanks anyway,

You mean the made up scores the lenders dont see? Those ones, yes?

Not if you listened to the Podcast, maybe it was from The Guardian, not sure t.b.h.

bradders1983

Dandytf said:

bradders1983 said:

Dandytf said:

@cymruchris
I listened to a Podcast represented Experian, quite some time ago, it included what factors could impact CRA Reports and Scores, please don't include me in your Potential campaign.
thanks anyway,

You mean the made up scores the lenders dont see? Those ones, yes?

Not if you listened to the Podcast, maybe it was from The Guardian, not sure t.b.h.

If someone on a podcast representing Experian told you that jumping off a cliff would add 50 points onto your made up score, would you do it?

Lightning360

Don't participating lenders get the information from this?

"We’ll share a summary of your boosted data with participating lenders when you search or apply for credit."

Surely that is a benefit?

bradders1983

What the frig is "boosted data"? Your credit file is your credit file. 

dr_adidas01

Lightning360 said:

Don't participating lenders get the information from this?

"We’ll share a summary of your boosted data with participating lenders when you search or apply for credit."

Surely that is a benefit?

Though they don’t say who the participating lenders are, which is probably none. 

It’s another way for them to mine your data and sell it on to make more profit for Experian. 

The Information Commissioner has recently told Experian to stop sharing personal information without consent, which it has been doing. 

www.bbc.co.uk/news/amp/technology-54706066

Lightning360

dr_adidas01 said:

Lightning360 said:

Don't participating lenders get the information from this?

"We’ll share a summary of your boosted data with participating lenders when you search or apply for credit."

Surely that is a benefit?

Though they don’t say who the participating lenders are, which is probably none. 

It isn't "probably". You are making an assumption rather than going off what we actually know, which seems to be quite common on this particular thread.

cymruchris

It’s definitely a way for them to make themselves more profitable, nobody can deny that - they wouldn’t be doing it just to be nice would they? It’ll mean they can ‘charge more’ to their clients seeking data - or attract new clients with their added data options - if a swathe of people sign up to this just to see their imaginary score go up - then they’ll be having some big champagne parties in no time at all. 

Lightning360

cymruchris said:

It’s definitely a way for them to make themselves more profitable, nobody can deny that - they wouldn’t be doing it just to be nice would they? It’ll mean they can ‘charge more’ to their clients seeking data - or attract new clients with their added data options - if a swathe of people sign up to this just to see their imaginary score go up - then they’ll be having some big champagne parties in no time at all. 

Yes, it certainly is true that they will be making more money out of it somewhere, but a lot of the criticisms of it on here are based on assumptions and guesswork which isn't very good.

Yorkshire_Pud

Grumpy_chap said:

Dandytf said:

Some excellent points, enjoyed Data Mine suggestions.

The whole idea of this data mining, which is developing into a whole secret industry of its own is not to be enjoyed, it is scary!

Companies such as Nectar and ClubCard have been doing this for many years - at least they pay a small amount of money back in return, so a genuine commercial value. 
A whole host of internet sites continuously data mining - am I the only one who thinks it is creepy when you go on a site for the first time and they immediately suggest someone you know as a contact?  Nothing of value in return from many of these sites.
That CRA's are now asking for people to volunteer their full Open Banking access is really frightening!  It will make a whole load of non-public domain information virtually public domain for any financial product or retail service.  You'll probably find they then run some algorithm that marks you down for even sharing this stuff because you have shown yourself to be concerned.

Trust No One!

Surveillance Capitalism. Did you know you can log in to Experian and gov.uk with the same shared details. Probably why one person seeking a COVID test was turned down by the govt because they didn’t have a credit history! 

Boost (Experian profits) by being a mug. Once you sign up for boost your credit score can never go down any lower but it can go up! In other words it’s all a joke number used by Experian to manipulate the gullible or the army of ‘well I’ve got nothing to hide’ adopters of all civil liberties infringements.

It is all very worrying, but as long as I can show people pictures of my dinner on Facebook I don’t mind.