Experian "boost"

BrownTrout

do people think this is useful, a gimmick or just a way of getting hold of more data?
https://www.experian.co.uk/consumer/experian-boost.html

kaMelo

It is in no way beneficial to a UK individual in any way shape or form.

dr_adidas01

BrownTrout said:

do people think this is useful, a gimmick or just a way of getting hold of more data?
https://www.experian.co.uk/consumer/experian-boost.html

You might want to search the forum as this has already been discussed. 

BrownTrout

dr_adidas01 said:

BrownTrout said:

do people think this is useful, a gimmick or just a way of getting hold of more data?
https://www.experian.co.uk/consumer/experian-boost.html

You might want to search the forum as this has already been discussed. 

Sorry shall i go and stand on the naughty step:)?

Jamesyb123

They claim that the ‘boost’ information will be passed to companies to assist with obtaining credit which sounds promising but in reality it is likely to just be a data gathering exercise. The score aspect is obviously pointless but if it uses data based on your bank account and gives this extra data to credit card companies then it could be beneficial for some. Hard to know for sure.

Grumpy_chap

BrownTrout said:

do people think this is useful, a gimmick or just a way of getting hold of more data?
https://www.experian.co.uk/consumer/experian-boost.html

I say, just a way of obtaining more data.

At face value, it can't be of any use as all it does is to "boost" the credit score that they show you, not the raw data that lenders use to assess how much they are willing to lend you and how much they will charge for that. 

The absolute proof of the irrelevance of the "credit score" is that my credit score has gone up since Christmas (all three agencies), yet I also got a letter from my credit card this week saying because of my credit record they are increasing my interest rate as I'm a higher risk...

The only way the "boost" product could be helpful is if it encourages you to take some action that actually makes you more attractive to a lender.  I am not sure that is the aim of the produce and nor am I sure how the "boost" product would achieve that.

IMO, the best boost you can buy is this one:
https://www.cadbury.co.uk/products/cadbury-boost-11306

cymruchris

BrownTrout said:

dr_adidas01 said:

BrownTrout said:

do people think this is useful, a gimmick or just a way of getting hold of more data?
https://www.experian.co.uk/consumer/experian-boost.html

You might want to search the forum as this has already been discussed. 

Sorry shall i go and stand on the naughty step:)?

That's a good idea Can you wear a big hat with a 'D' on it at the same time?

I'm totally of the view that it's a way of them getting more data for nothing - which in turn will let them try and make more money out of the credit providers. So I won't be signing up any time soon !!

2021BJ

Grumpy_chap said:

At face value, it can't be of any use as all it does is to "boost" the credit score that they show you, not the raw data that lenders use to assess how much they are willing to lend you and how much they will charge for that. 

The absolute proof of the irrelevance of the "credit score" is that my credit score has gone up since Christmas (all three agencies), yet I also got a letter from my credit card this week saying because of my credit record they are increasing my interest rate as I'm a higher risk...

The only way the "boost" product could be helpful is if it encourages you to take some action that actually makes you more attractive to a lender.  I am not sure that is the aim of the produce and nor am I sure how the "boost" product would achieve that.

It does affect the raw data IF the companies sign up to receive it. But as the data has no value (if you stop paying for something it won't know if you've defaulted on an agreement or not) I can't see any companies who have any idea what they're doing paying to receive it, or giving one iota of value to it if it's just thrown in with a normal search for free.

[Deleted User]

Jamesyb123 said:

They claim that the ‘boost’ information will be passed to companies to assist with obtaining credit which sounds promising but in reality it is likely to just be a data gathering exercise. The score aspect is obviously pointless but if it uses data based on your bank account and gives this extra data to credit card companies then it could be beneficial for some. Hard to know for sure.

If my data was scored say 500/700 and I had a boost to 550/700 why is that same data worth 550 now instead? All it proves is that the score is meaningless if it can be increased so the same data is score higher

Jamesyb123

Deleted_User said:

Jamesyb123 said:

They claim that the ‘boost’ information will be passed to companies to assist with obtaining credit which sounds promising but in reality it is likely to just be a data gathering exercise. The score aspect is obviously pointless but if it uses data based on your bank account and gives this extra data to credit card companies then it could be beneficial for some. Hard to know for sure.

If my data was scored say 500/700 and I had a boost to 550/700 why is that same data worth 550 now instead? All it proves is that the score is meaningless if it can be increased so the same data is score higher

Yeah that’s what I said so what’s your point? I said the score is irrelevant the discussion is regarding data your post is pointless

[Deleted User]

Jamesyb123 said:

Deleted_User said:

Jamesyb123 said:

They claim that the ‘boost’ information will be passed to companies to assist with obtaining credit which sounds promising but in reality it is likely to just be a data gathering exercise. The score aspect is obviously pointless but if it uses data based on your bank account and gives this extra data to credit card companies then it could be beneficial for some. Hard to know for sure.

If my data was scored say 500/700 and I had a boost to 550/700 why is that same data worth 550 now instead? All it proves is that the score is meaningless if it can be increased so the same data is score higher

Yeah that’s what I said so what’s your point? I said the score is irrelevant the discussion is regarding data your post is pointless

You post:
The score aspect is obviously pointless but if it uses data based on your bank account and gives this extra data to credit card companies then it could be beneficial for some. Hard to know for sure.

My post explained why this was wrong