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  • FIRST POST
    • MSE Helen Saxon
    • By MSE Helen Saxon 19th May 14, 5:51 PM
    • 75Posts
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    MSE Helen Saxon
    What your credit score really means
    • #1
    • 19th May 14, 5:51 PM
    What your credit score really means 19th May 14 at 5:51 PM
    Hi!

    This is the discussion thread for the



    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.


    Thanks folks,
Page 11
    • ginlover
    • By ginlover 21st Feb 18, 10:34 AM
    • 12 Posts
    • 484 Thanks
    ginlover
    Interesting!
    • MusS10
    • By MusS10 21st Feb 18, 9:54 PM
    • 14 Posts
    • 2 Thanks
    MusS10
    Why o Why ???
    Why can't we individuals be shown our credit reports and score exactly as they would be shown to lenders? And similarly why can't the lenders see exactly what we see when we/they purchase a report from any CRA? And furthermore why can't the information commissioner enforce that CRAs show both lender and borrower the same information and/or scores?

    Why do they complicate everything???
    • cjmillsnun
    • By cjmillsnun 21st Feb 18, 10:17 PM
    • 600 Posts
    • 732 Thanks
    cjmillsnun
    Why can't we individuals be shown our credit reports and score exactly as they would be shown to lenders? And similarly why can't the lenders see exactly what we see when we/they purchase a report from any CRA? And furthermore why can't the information commissioner enforce that CRAs show both lender and borrower the same information and/or scores?

    Why do they complicate everything???
    Originally posted by MusS10
    Because you would need as many scores as you would have lenders. They all have different criteria.

    Lenders do not get credit scores from CRAs.

    What they get are details of how much you have borrowed, the type of debt (credit card, loans, overdrafts, etc), whether you have paid on time and how much your payments are.

    They get details of defaults and CCJs

    and they get details of any "hard" application type searches.

    You get more information than they do, as they don't see who you have got accounts with or who has searched your file. They just see there is an account for a type of borrowing with x balance at y rate and that you have been paying z.

    People get confused between a credit score (a number determined by an algorithm unique to each CRA based solely on your credit file) and Credit scoring.

    Credit Scoring looks at the criteria set by the lender itself, and will take into account details you put on your application form, any past dealings that lender (or other companies in the same group) may have had with you and your credit file. Everything there is then scored against their criteria.

    To harmonise things would a) give lenders too much information about who you are borrowing from, b) give lenders too much information about other lenders' borrowing criteria and c) confuse the hell out of people.

    That is why the best advice you can have is to ignore the score and concentrate on making sure the information is correct.
    2.88 kWp System, SE Facing, 30 Degree Pitch, 12 x 240W Conergy Panels, Samil Solar River Inverter, Havant, Hampshire. Installed July 2012, acquired by me on purchase of house in August 2017
    • antrobus
    • By antrobus 21st Feb 18, 10:25 PM
    • 15,617 Posts
    • 22,269 Thanks
    antrobus
    Why can't we individuals be shown our credit reports and score exactly as they would be shown to lenders?
    And similarly why can't the lenders see exactly what we see when we/they purchase a report from any CRA? And furthermore why can't the information commissioner enforce that CRAs show both lender and borrower the same information and/or scores?

    Why do they complicate everything???
    Originally posted by MusS10
    But you are shown the same credit report as the lender sees. (With the addition of soft searches that the lender does not see.)

    The lender does not see your credit score. The lender does not care about your CRA credit score. It will calculate its own score if it feels so inclined.

    Since the both the lender and the borrower already see the same information, no ICO action is required.
    • DCFC79
    • By DCFC79 21st Feb 18, 11:08 PM
    • 31,705 Posts
    • 19,995 Thanks
    DCFC79
    Why can't we individuals be shown our credit reports and score exactly as they would be shown to lenders? And similarly why can't the lenders see exactly what we see when we/they purchase a report from any CRA? And furthermore why can't the information commissioner enforce that CRAs show both lender and borrower the same information and/or scores?

    Why do they complicate everything???
    Originally posted by MusS10
    Nothing is complicated, its fine as it is so why change it.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • MusS10
    • By MusS10 22nd Feb 18, 5:41 PM
    • 14 Posts
    • 2 Thanks
    MusS10
    Nothing is complicated, its fine as it is so why change it.
    Originally posted by DCFC79
    To me it is.
    i have access to my noddle an clearscore on a regular and neither of them show any CCJs.
    I recently got a 30 day full access to 4 CRAs:
    1- Experian shows 2 CCJs with a completely different first name. Yet no alias or other names.
    2-Equifax shows no CCJs no Alias but shows those 2 CCJs with wrong first name in the attributable data section.
    3-Callcredit shows no CCJs no Alias.
    4- Checkmyfile shows 4 CRAs (Equifax, Experian, Callcredit and Crediva)
    a- Equifax: No ccjs
    b- Experian: No ccjs
    c- Call credit: 2 ccjs
    d- Crediva : No ccjs

    Are you confused as I am? Do these reports look normal to you?
    I think not.
    The checkmyfile agent told me that all checkmyfile gets given the reports from all 4 agencies exactly in the format given to lenders who order from them..
    Therefore, a lender queries me on call credit gets told that I have 2 ccjs and yet i am told that i have none !!
    And a lender querying me on Experian would be told that I am clean yet I am told I got 2 ccjs !!
    I don't know about you but I am confused even writing here about it..
    Last edited by MusS10; 22-02-2018 at 5:50 PM.
    • RG2015
    • By RG2015 22nd Feb 18, 6:02 PM
    • 1,224 Posts
    • 715 Thanks
    RG2015
    i have access to my noddle an clearscore on a regular and neither of them show any CCJs.
    I recently got a 30 day full access to 4 CRAs:
    1- Experian shows 2 CCJs with a completely different first name. Yet no alias or other names.
    2-Equifax shows no CCJs no Alias but shows those 2 CCJs with wrong first name in the attributable data section.
    3-Callcredit shows no CCJs no Alias.
    4- Checkmyfile shows 4 CRAs (Equifax, Experian, Callcredit and Crediva)
    a- Equifax: No ccjs
    b- Experian: No ccjs
    c- Call credit: 2 ccjs
    d- Crediva : No ccjs
    Originally posted by MusS10
    It sounds like a case of mistaken identity rather than over-complication. You would be best contacting the CRAs in error to get your reports corrected.
    • MusS10
    • By MusS10 22nd Feb 18, 8:30 PM
    • 14 Posts
    • 2 Thanks
    MusS10
    It sounds like a case of mistaken identity rather than over-complication. You would be best contacting the CRAs in error to get your reports corrected.
    Originally posted by RG2015
    I am already dealing with the ID issue..
    But I still can't get my head around Callcredit (Noddle) showing different info to me than that it shows lenders (checkmyfile act as lenders and purchase my report)
    And same said about Equifax: it shows me different stuff to what it shows lenders..
    And I an not even mentioning other small discrepancies that i saw while comparing reports.




    I just wish that the ICO puts tougher rules and even fine CRAs who provide inaccurate and/or contradictory information about individuals. Calamities like these can make huge detriments in people's finances..
    Last edited by MusS10; 23-02-2018 at 7:07 AM.
    • RG2015
    • By RG2015 23rd Feb 18, 12:48 PM
    • 1,224 Posts
    • 715 Thanks
    RG2015
    I am already dealing with the ID issue..
    But I still can't get my head around Callcredit (Noddle) showing different info to me than that it shows lenders (checkmyfile act as lenders and purchase my report)
    And same said about Equifax: it shows me different stuff to what it shows lenders..
    And I an not even mentioning other small discrepancies that i saw while comparing reports.

    I just wish that the ICO puts tougher rules and even fine CRAs who provide inaccurate and/or contradictory information about individuals. Calamities like these can make huge detriments in people's finances..
    Originally posted by MusS10
    You do have a point but I think that your case of mistaken ID is unusual. I check all of my data with all of the free providers and have never seen any discrepancies other than timing differences.

    You also state above that checkmyfile act as lenders. Are you able to clarify your statement as I was not aware that they did this.
    • MusS10
    • By MusS10 23rd Feb 18, 6:03 PM
    • 14 Posts
    • 2 Thanks
    MusS10
    You do have a point but I think that your case of mistaken ID is unusual. I check all of my data with all of the free providers and have never seen any discrepancies other than timing differences.

    You also state above that checkmyfile act as lenders. Are you able to clarify your statement as I was not aware that they did this.
    Originally posted by RG2015
    Yes indeed the ID is definitely something unusual and will be dealt with sooner or later though I remain critical to the lack of duty of care from the CRAs to allow blatant mistakes to take place then consume time and stress to get them corrected..

    As for the checkmyfile, I queried several mistakes on my various reports and here is one of their replies which clearly suggest that checkmyfile acts like a lender when obtaining one's report and therefore receives the info in the same format that any lender would. Here it is:

    "Dear M......
    Thanks for your message.

    We search the agencies as a lender would and show you all information returned. We do not hold any data on customers so the error has not been created by us. I would suggest contacting Experian, as my colleague Ben suggested, to request the removal of the incorrect address link.

    I hope this helps explain but if you have any other questions please get back in touch.

    Kind regards,

    Erika
    checkmyfile

    3 days ago | checkmyfile "
    • RG2015
    • By RG2015 23rd Feb 18, 6:17 PM
    • 1,224 Posts
    • 715 Thanks
    RG2015
    As for the checkmyfile, I queried several mistakes on my various reports and here is one of their replies which clearly suggest that checkmyfile acts like a lender when obtaining one's report and therefore receives the info in the same format that any lender would.
    Originally posted by MusS10
    Hi MusS10,

    Thanks for this and I understand what you are saying.

    I wonder if any users here know if Checkmyfile has access to any more information on us than we do ourselves?
    • MusS10
    • By MusS10 23rd Feb 18, 8:23 PM
    • 14 Posts
    • 2 Thanks
    MusS10

    I wonder if any users here know if Checkmyfile has access to any more information on us than we do ourselves?
    Originally posted by RG2015
    Check yours out. I got mine on a 30 day free trial..
    It shows you full reports of 4 CRAs (The known three plus Crediva which I never heard of before..
    Good Luck! I hope that you won't find shocking mistakes like I did..
    • RG2015
    • By RG2015 23rd Feb 18, 8:48 PM
    • 1,224 Posts
    • 715 Thanks
    RG2015
    Check yours out. I got mine on a 30 day free trial..
    It shows you full reports of 4 CRAs (The known three plus Crediva which I never heard of before..
    Good Luck! I hope that you won't find shocking mistakes like I did..
    Originally posted by MusS10
    Thanks but that is not what I meant.

    I was wondering if anyone has inside knowledge of what Checkmyfile receive from the CRAs compared to what individuals can see.

    Incidentally, I did get a Checkmyfile report last year and all was fine although they did not have full reports and the Experian data was very limited compared with the free MSE Credit Club Experian full report.
    • GiddiestKipper
    • By GiddiestKipper 28th Feb 18, 10:50 AM
    • 2 Posts
    • 0 Thanks
    GiddiestKipper
    Account Holder & Bill Payer- different people.
    Hi, sorry if Iíve posted this in the wrong forum but I was wondering if someone could help me as I canít find the answer to this anywhere.

    My ex and I split up after sharing a home together for 12 months. He paid the rent and I paid all the utility bills. However, most of the bills were in his name, but coming out if my bank account (on time, every month, without fail!).

    So, will this still be beneficial to my credit score or will it benefit his because the bills were in his name?

    Thanks,

    Kip
    • Gary_Dexter
    • By Gary_Dexter 28th Feb 18, 11:35 AM
    • 1,160 Posts
    • 649 Thanks
    Gary_Dexter
    It will be beneficial to no ones score since the score is a made up number.

    However, it will be beneficial to your partners credit file and credit history as they were in his name
    • JeanJeannie52
    • By JeanJeannie52 2nd Mar 18, 8:00 PM
    • 6 Posts
    • 0 Thanks
    JeanJeannie52
    I'm in a dispute with British Gas due to a debit of £790.93 on my account which they caused. They have set up a repayment plan for the debit and said this would put a Red Flag against my credit rating and it would stay there up to 3 years after the debit is cleared. They claim this will not affect me ! Does anyone know anything about what it means?
    • forgotmyname
    • By forgotmyname 2nd Mar 18, 8:14 PM
    • 26,984 Posts
    • 10,872 Thanks
    forgotmyname
    If the debt is listed on your credit file then your debt will be shown for upto 6 years.

    If you attempt to borrow money or take out credit cards etc the lender will see that you owe BG money.
    Punctuation, Spelling and Grammar will be used sparingly. Due to rising costs of inflation.

    My contribution to MSE. Other contributions will only be used if they cost me nothing.

    Due to me being a tight git.
    • DCFC79
    • By DCFC79 2nd Mar 18, 8:33 PM
    • 31,705 Posts
    • 19,995 Thanks
    DCFC79
    I'm in a dispute with British Gas due to a debit of £790.93 on my account which they caused. They have set up a repayment plan for the debit and said this would put a Red Flag against my credit rating and it would stay there up to 3 years after the debit is cleared. They claim this will not affect me ! Does anyone know anything about what it means?
    Originally posted by JeanJeannie52
    Your credit rating is only seen by you, your credit history is what is important.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • GM1880
    • By GM1880 6th Mar 18, 3:39 AM
    • 145 Posts
    • 53 Thanks
    GM1880
    Though by no means essential and the score is of course, as we are reminded, pretty meaningless, I was interested to see how my credit scores change given my CCJ has been set aside.

    First is Experian. 2 credit accounts opened in the last 6 months, a satisfied default from 2014 and a satisfied CCJ from 2015. My score with that was 485 on Experian. CCJ removed and then score goes to 585. Was expecting a bigger jump to be honest. But doesnít really matter.
    • GM1880
    • By GM1880 6th Mar 18, 6:23 AM
    • 145 Posts
    • 53 Thanks
    GM1880
    And for reference. With Equifax with no CCJ the score went up just 10 points from 439 to 449.

    Funny stuff this scoring. On the verge of excellent with Equifax, on the verge of Very Poor with Experian with identical data.
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