Is it worth linking Bank Account to Credit File

DinkyStars

I keep wondering is it worth linking my bank account to my credit file.

No concerns with my credit file but do wonder if linking bank account might give some different offers on credit cards or loans.

Only got the one bank account and I don’t use my overdraft.

emmajones1976

Is your bank account not on there already then? Mine is, without an overdraft either.

eskbanker

DinkyStars said:

I keep wondering is it worth linking my bank account to my credit file.

No concerns with my credit file but do wonder if linking bank account might give some different offers on credit cards or loans.

Only got the one bank account and I don’t use my overdraft.

What do you actually mean by 'linking' your bank account to your credit file?  In general, you don't get to pick and choose what goes on your credit files (unless correcting errors), or are you perhaps considering signing up to a paid subscription?

DinkyStars

My bank account is listed under accounts, I mean like the boost option so the balance of my account can me seen etc. the MSE Experian refers to it in the adverts.

emmajones1976

You do realise credit files dont concern themselves with savings so the balance of your current account is utterly irrelevant, unless its in minus.

DinkyStars

emmajones1976 said:

You do realise credit files dont concern themselves with savings so the balance of your current account is utterly irrelevant, unless its in minus.

That’s helpful thanks, I just kept wondering because of this Boost your credit score information I keep seeing, but then I really can’t boost it anymore when it’s at 999, and I know the score is not important, I’m trying to figure out best way to finance a car and wondered was there any benefit to adding / linking bank account.

porkisnotmeat

DinkyStars said:

emmajones1976 said:

You do realise credit files dont concern themselves with savings so the balance of your current account is utterly irrelevant, unless its in minus.

That’s helpful thanks, I just kept wondering because of this Boost your credit score information I keep seeing, but then I really can’t boost it anymore when it’s at 999, and I know the score is not important, I’m trying to figure out best way to finance a car and wondered was there any benefit to adding / linking bank account.

Ther is no benefit to you, there's presumably a benefit to Experian who will data mine you and flog their insights to someone.

DinkyStars

Thanks porkisnotmeat I never thought of that!

PRAISETHESUN

I can't see any benefit to the average consumer to using Experian Boost (or the equivalent the other CRAs are promoting) and linking your current account to the CRAs using open banking. The score itself is meaningless, so any increase means nothing. At best they are just going to data mine your personal info and spending habits to try and sell you products that you don't need.

In theory it could help to make their eligibility checkers more accurate for everyone if enough people sign up and they let the algorithms learn from all the data, but at the end of the day it's still the actual lender you apply to who will make the final call, and they likely won't have access to the extra information, so it's not really going to help you at the end of the day IMO.

DinkyStars

Thanks to the advice on here, I won't bother with linking my account.

MaryNB

That 999 is experian's assessment of your credit worthiness. They don't grant loans so don't focus on it. Lenders don't see the 999 score. Each lender has their own criteria and will do their own internal socring based in the data in your credit report.