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  • FIRST POST
    • MSE Steve
    • By MSE Steve 8th Sep 16, 6:40 PM
    • 78Posts
    • 29Thanks
    MSE Steve
    MSE News: MSE launches free Credit Club
    • #1
    • 8th Sep 16, 6:40 PM
    MSE News: MSE launches free Credit Club 8th Sep 16 at 6:40 PM
    MoneySavingExpert.com has today launched its brand-new Credit Club - a totally free way to check your credit score, whether you're likely to be accepted for credit in the real world and how to boost your chances....
    Read the full story:
    'MSE launches free Credit Club'

    Click reply below to discuss. If you havenít already, join the forum to reply. If you arenít sure how it all works, read our New to Forum? Intro Guide.
Page 2
    • RedDwarf82
    • By RedDwarf82 9th Sep 16, 2:39 PM
    • 133 Posts
    • 67 Thanks
    RedDwarf82
    - Formatting - Also, the format of your current address must be correct in order to ensure that all of your information is being pulled onto your report. For example if your flat number is being inputted as your house / building number on some of your accounts and then the other way on your membership then this may cause the information to differ.
    Originally posted by MSE Dan L
    The problem is that there is not a "correct" format of your current address. People apply for credit online, where they specify their postcode and house number, and the web form sometimes only lets you select from a list of options (from the Postcode Address File). Sometimes they have an "my address is not listed" option, sometimes they don't. When they have it, sometimes they just ask for "Address Line 1", "Address Line 2", etc and sometimes they ask for "Street", "House name/number". Sometimes they have a "Flat" field, sometimes they don't.
    All this means you stay with the Postcode Address File format to avoid problems. Which works for most stuff, but not for the electoral roll, which uses whatever format they want.

    Not a lot you can do to fix this. But there is a tendency in this industry to always blame the normal persons, supposing they have not written the "correct" format, instead of doing a bit of introspection and try to fix the whole thing from inside. Experian being a clear example of this, with multiple places they could obviously improve by themselves.
    • redux
    • By redux 9th Sep 16, 3:47 PM
    • 19,984 Posts
    • 27,939 Thanks
    redux
    Hi Redux

    I wonder if you've misread this section? The 60% figure is not dynamic it is part of the editorial explanation. Or have I got the wrong end of the stick and you were highlighting that your Utilisation figure was showing as Poor / Very Poor?
    Originally posted by MSE Dan L
    Maybe I have misunderstood.

    This was with a logged in account, and I pressed a button that said Analyse your affordability score, so I assumed that is what it was doing.

    If instead the 60% dial shown is just a generic sample, rather than specific to my account, then I'm instead confused by the accompanying text, which I already partly quoted.

    It mentions 60% as an example, but if the graphic isn't about my specific account, then where instead am I supposed to see an analysis of my account, and mentally compare it with the editorial comment?


    It sounds like here that the details you entered on the eligibility tools were different. The way the tools work is that they only contact the bureau per individual once every 30 days. So if you login again later that day, you score should show the same (as its based on the same bureau information).

    Thanks
    Originally posted by MSE Dan L
    I give the same numbers.

    And presumably the soft credit search would also do so.

    In fact it's even possible to get both 0 and 90% probability predicted while logged in on the very same session, but selecting a different card category, i.e.. balance transfer or poor credit rating, and see some of the same cards listed but different predictions.

    But n.b. this comment was about previous searches on the checker web pages, not logged in to this new account facility, which I hadn't explored when I made the previous comment, and am just starting now.
    Last edited by redux; 09-09-2016 at 4:00 PM.
    • tom222
    • By tom222 9th Sep 16, 4:15 PM
    • 69 Posts
    • 30 Thanks
    tom222
    So according to this, I have 972/999. Clearscore is 342/700 and Noddle is 3/5. I know the score is basically meaningless but this !!!! is confusing.
  • archived user
    Spam club
    Is it compulsory to receive advertising mail like the credit crunch club email? Can I continue receiving the less spam riddled weekly email without being emailed about other junk?
    • WillyWonga
    • By WillyWonga 9th Sep 16, 4:28 PM
    • 321 Posts
    • 190 Thanks
    WillyWonga
    Each of these "free" sites includes cards which are tailored to you. Are they the best one or are they the one which is offering the site the most kickback? Click on the link to apply and the original site gets ££ kickback.

    Use the free sites to check against fraud etc.

    The scores are meaningless. Santander will look at things different to Barclaycard etc etc. As long as you can see there are no missed payments etc then apply for the card YOU want NOT what the free site wants to give you.
    • Somerset La La La
    • By Somerset La La La 9th Sep 16, 8:45 PM
    • 794 Posts
    • 284 Thanks
    Somerset La La La
    I can't see mine, it just 'loads' and does nothing!

    Tried it when it was first launched, tried it again yesterday and still having none of it.
    Work in Underwriting (Mortgages) - posts are my opinion/experience etc, not official company policy/lending rules.

    Only the underwriter assigned to a case at full application stage can give a 100% definitive answer to queries
    • kevmcfad
    • By kevmcfad 10th Sep 16, 12:27 AM
    • 42 Posts
    • 22 Thanks
    kevmcfad
    Surprising Results
    I've not done a credit score search for years. At that time I was working part time self-employed and in bad debt, literally counting pennies and forced to pay my mortgage using a credit card. Since then I've found a full time job and consolidated debts, paid off 2 of my credit cards and was amazed when I was accepted for a 24 month 0% interest credit card that I'm using to pay off debt. I'm even more amazed that that my Credit Club score is 978!!! This is the highest I've heard of. My Credit Card Affordability and Loans Affordability are both V Weak though. I'm taking this with a pinch of salt but I'm still chuffed that my hard work has been recognised my Experian.
    • annie12
    • By annie12 10th Sep 16, 11:09 AM
    • 761 Posts
    • 644 Thanks
    annie12
    My experian score is 999, wasn't expecting that. Usually I use Clearscore and it doesn't show as high a figure as Experian.
    • MSE Dan L
    • By MSE Dan L 10th Sep 16, 2:24 PM
    • 654 Posts
    • 404 Thanks
    MSE Dan L
    I can't see mine, it just 'loads' and does nothing!

    Tried it when it was first launched, tried it again yesterday and still having none of it.
    Originally posted by Somerset La La La
    Hi there

    Weíve had reports of a small number of users being affected by this problem and our techies are working hard to try and resolve this. We believe this problem might be that Experian are able to validate your identity, but are struggling to match you to your credit file.

    Hopefully we'll be able to update it so the page shown is less confusing.
    • MSE Dan L
    • By MSE Dan L 10th Sep 16, 2:27 PM
    • 654 Posts
    • 404 Thanks
    MSE Dan L
    Is it compulsory to receive advertising mail like the credit crunch club email? Can I continue receiving the less spam riddled weekly email without being emailed about other junk?
    Originally posted by punkrjb
    Hi Punkrjb

    It is really rare for us to send an extra special weekly email like we've done for the Credit Club launch. Normally we'd include this in the main weekly tips email, but we wanted to try and manage a huge surge in traffic on the new club, hence the special email.

    I doubt we'd have another mail like this anytime soon (we've not previously done one in the past year), but to answer your question, no it isn't possible to request to never receive these types of emails.

    I hope that helps.
    • MSE Dan L
    • By MSE Dan L 10th Sep 16, 2:28 PM
    • 654 Posts
    • 404 Thanks
    MSE Dan L
    If instead the 60% dial shown is just a generic sample, rather than specific to my account, then I'm instead confused by the accompanying text, which I already partly quoted.
    Originally posted by redux
    Sorry, my mistake - the dial which shows a note of 'So-So' or 'Good' etc is personalised. However all the text below it isn't.

    Hope that makes sense.
    • jonesMUFCforever
    • By jonesMUFCforever 10th Sep 16, 3:18 PM
    • 26,236 Posts
    • 13,405 Thanks
    jonesMUFCforever
    I have signed up for this and I have had no problems - everything showing as I would expect it to be - will wait for a month to see what the report will look like.

    I did try to sign up for the free Experian report offered by Barclaycard a year or so ago but they could not find me and wanted me to send them original documents etc so I binned that - but they found me now with no problem and I haven't changed address for years.
    What goes around - comes around
    give lots and you will always receive lots
    • Raquela
    • By Raquela 10th Sep 16, 3:49 PM
    • 355 Posts
    • 821 Thanks
    Raquela
    I'd love to be able to use it the club, but apparently I am one of the few whose data can't be validated by Experian. I have no idea why, all my data is accurate. It's very frustrating, and there seems to be no ability to sort it out, just pretty much a 'sorry you can't use this then'.

    I appreciate that you have to protect against fraud, but when all your data is correct because you really are that person, it's very frustrating. I'm starting to save for a house deposit in the hope of getting a mortgage in 5-6 years, so this is a prime time for me to be using a product like this.

    Edited - I've just cross checked all the information I've put in with my last Experian credit report and it still says I can't be validated...
    Last edited by Raquela; 10-09-2016 at 3:59 PM. Reason: further info
    • dialdfordave
    • By dialdfordave 10th Sep 16, 4:02 PM
    • 62 Posts
    • 14 Thanks
    dialdfordave
    Credit scores are a joke. At the end of the day what matters is: are you accepted for the products you want?

    I have a fairly high income, no defaults, good history with various lenders, am always accepted for the products I apply for and yet my score with all the agencies has always been "fair" to "average" or "good" at most, except for a brief period back in 2010 where I had a 999 Experian score even though I had virtually no history (I returned to the country in 2010 after > 10 years abroad).

    I've had a fair credit score for the whole of this year yet I have received 2 credit increases from Amex in less than 6 months, one just after I took out a 0% PCP loan of just under £10k.

    Let's put it another way. You can have a "perfect" or "very good" credit score along with a good income and therefore affordability and be refused. You can also have a low credit score (according to the agencies, at least) and still get the best deals.

    Totally meaningless.
    • Anthorn
    • By Anthorn 10th Sep 16, 4:19 PM
    • 4,301 Posts
    • 1,202 Thanks
    Anthorn
    Now this is funny: After all the hoo-ha over credit scoring and those predominantly CRAs who provide the service, MSE launches its own service ROFL.

    So does this mean that there is some advantage to credit scores or are they still completely and utterly meaningless and a complete and utter waste of time?

    ROFL
    • jamesd
    • By jamesd 10th Sep 16, 4:28 PM
    • 23,524 Posts
    • 15,844 Thanks
    jamesd
    I'd love to be able to use it the club, but apparently I am one of the few whose data can't be validated by Experian.
    Originally posted by Raquela
    Experian are planning to make their credit reports available free next week (use a private browsing window to avoid using up one of your limited number of views per month) so when they do that you could try there and they may be able to provide support in sorting out what the problem is if that doesn't work either.

    If the link still doesn't work, try this one via Google.
    Last edited by jamesd; 10-09-2016 at 9:18 PM. Reason: Added Google link for anyone who can't get there directly
    • jamesd
    • By jamesd 10th Sep 16, 4:33 PM
    • 23,524 Posts
    • 15,844 Thanks
    jamesd
    So does this mean that there is some advantage to credit scores or are they still completely and utterly meaningless and a complete and utter waste of time?
    Originally posted by Anthorn
    They never have been useless and a waste of time. MSE's own articles on them have debunked that misleading claim for ages now. So it's no surprise that MSE would offer them. What they aren't is a complete picture. What they can do is provide a useful indication of changes over time in just the credit report aspect. In theory quotation searches should do a better job but for me and I assume some others the credit score is largely right but the eligibility and affordability stuff is worthless at the MSE place even though it's fine elsewhere. Not worth paying to get the scores, though, particularly when they are available free.
    • redux
    • By redux 10th Sep 16, 4:51 PM
    • 19,984 Posts
    • 27,939 Thanks
    redux
    Sorry, my mistake - the dial which shows a note of 'So-So' or 'Good' etc is personalised. However all the text below it isn't.

    Hope that makes sense.
    Originally posted by MSE Dan L
    It makes sense, but it doesn't explain why they are apparently reporting me as borrowing much more of the credit available than is actually the case.
    • Anthorn
    • By Anthorn 10th Sep 16, 5:30 PM
    • 4,301 Posts
    • 1,202 Thanks
    Anthorn
    Experian are planning to make their credit reports available free next week (use a private browsing window to avoid using up one of your limited number of views per month) so when they do that you could try there and they may be able to provide support in sorting out what the problem is if that doesn't work either.
    Originally posted by jamesd
    It's been available for a while and is called "Creditmatcher". It follows the same track as other free services and provides the score monthly and the ability to match the score to financial products. The paid Experian credit score in contrast is updated in real time.
    https://www.experian.co.uk/?sc=200079&gclid=CIS6orObhc8CFdMV0wodcTALKA
    • takman
    • By takman 10th Sep 16, 5:54 PM
    • 3,785 Posts
    • 3,470 Thanks
    takman
    It's been available for a while and is called "Creditmatcher". It follows the same track as other free services and provides the score monthly and the ability to match the score to financial products. The paid Experian credit score in contrast is updated in real time.
    https://www.experian.co.uk/?sc=200079&gclid=CIS6orObhc8CFdMV0wodcTALKA
    Originally posted by Anthorn
    Creditmatcher only allows you to see your pretty useless credit score and not your report. If they do indeed start offering your credit report for free that will be a big bonus and a worthwhile service.
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