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    • Gary_Dexter
    • By Gary_Dexter 14th Sep 18, 1:44 PM
    • 2,558 Posts
    • 1,438 Thanks
    Gary_Dexter
    • #2
    • 14th Sep 18, 1:44 PM
    • #2
    • 14th Sep 18, 1:44 PM
    Information should be available for free anyway - there's no reason to charge for it
    • Ben8282
    • By Ben8282 14th Sep 18, 6:22 PM
    • 2,457 Posts
    • 1,129 Thanks
    Ben8282
    • #3
    • 14th Sep 18, 6:22 PM
    • #3
    • 14th Sep 18, 6:22 PM
    Your question in itself shows a lack of understanding of how CRAs operate.
    I don't check my credit score because I know full well that it is a worthless made up number designed to get people with a less than perfect credit history to waste their time and money trying to improve this made uo score.
    I do check my credit files from time to time using Experian because their credit reports are provided to me as part of a packaged bank account.
  • CMA Communications
    • #4
    • 19th Sep 18, 5:02 PM
    • #4
    • 19th Sep 18, 5:02 PM
    Thanks very much for your comments, this is really helpful for our work. We'd love to hear more from people if you have any stories or thoughts that you'd like to share with us. Thanks again and please get in touch if you have any questions.
    Official Organisation Representative
    Iím the official organisation rep for the Competitions and Markets Authority.

    MSE has given permission for me to post. You can see my name on the organisations with permission to post list. If you believe I've broken the Forum Rules please report it to forumteam@moneysavingexpert.com. This does NOT imply any form of approval of my organisation by MSE
    • Mobeer
    • By Mobeer 19th Sep 18, 10:49 PM
    • 1,738 Posts
    • 4,414 Thanks
    Mobeer
    • #5
    • 19th Sep 18, 10:49 PM
    • #5
    • 19th Sep 18, 10:49 PM
    Credit scores are calculated by individual banks, insurers etc, and not by credit agencies. By asking questions like yours you are just propagating a myth.

    Credit agencies should not be allowed to sell peoples own data back to them; if anything they should have to pay the individual to use their data.
    • CLARKR
    • By CLARKR 20th Sep 18, 9:57 AM
    • 20 Posts
    • 6 Thanks
    CLARKR
    • #6
    • 20th Sep 18, 9:57 AM
    • #6
    • 20th Sep 18, 9:57 AM
    I generally use Clear Score however I have signed up to Experian as we are applying for a mortgage
    • Willing2Learn
    • By Willing2Learn 20th Sep 18, 10:07 AM
    • 1,746 Posts
    • 1,331 Thanks
    Willing2Learn
    • #7
    • 20th Sep 18, 10:07 AM
    • #7
    • 20th Sep 18, 10:07 AM
    I would like Experian to streamline their online Statutory Report application process. There should not be a need to wait for a PIN number to arrive in the post. Equifax and TransUnion give you instant access, why should Experian delay access like this?
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • jimbo26
    • By jimbo26 20th Sep 18, 11:04 AM
    • 526 Posts
    • 319 Thanks
    jimbo26
    • #8
    • 20th Sep 18, 11:04 AM
    • #8
    • 20th Sep 18, 11:04 AM
    I would like Experian to streamline their online Statutory Report application process. There should not be a need to wait for a PIN number to arrive in the post. Equifax and TransUnion give you instant access, why should Experian delay access like this?
    Originally posted by Willing2Learn
    Call me cynical but I think they do it to encourage people to sign up for their paid option.
    • robbo990
    • By robbo990 20th Sep 18, 12:40 PM
    • 130 Posts
    • 173 Thanks
    robbo990
    • #9
    • 20th Sep 18, 12:40 PM
    • #9
    • 20th Sep 18, 12:40 PM
    ClearScore currently show data from Equifax.

    After the merger they may change to use Experian, as it's unknown whether Equifax would be continue to provide access

    Would it have any impact on competition?...... No, there are 3 CRA's all are accessible for free by either MSE(Experian) Credit wise(Equifax), Noddle(CallCredit/TransUnion) and ClearScore(Equifax but after a merger could change to Experian)

    Why do I use their services? You have to use all 3 as different companies report to one, two or all, CRA's so data can be different for each

    What do I think about the services they offer? I agree it should be free to access your data directly with that CRA. Meaningless credit scores should be removed as they have no relevance to how different organisations view your credit worthiness.
    Last edited by robbo990; 20-09-2018 at 12:42 PM. Reason: Change wording
    Official SOS Club number 004 - Dry until (05.01.10)
    • luvchocolate
    • By luvchocolate 21st Sep 18, 7:49 AM
    • 1,681 Posts
    • 1,518 Thanks
    luvchocolate
    Clearscore show no open accounts on my report, Equifax show all my open accounts.....asked them 3 times to update, never happens,
    I do not use Clearscore now
    • nic_c
    • By nic_c 21st Sep 18, 8:35 AM
    • 1,840 Posts
    • 961 Thanks
    nic_c
    Experien do not want you to use the stat report, so make it as difficult they can. People want instant access so may opt to pay or sign up for a trial.

    Equifax reasoning of making it easier probably stems from losing clear score.
    • Headbolt
    • By Headbolt 26th Sep 18, 9:22 AM
    • 1 Posts
    • 0 Thanks
    Headbolt
    I regularly use Experian via the Martin Lewis Credit Expert Credit Club along with Noddle. I do this to monitor how my credit file is improving after having suffered a blip a few years ago, largely because health and other circumstances saw me living on benefits. I am a law graduate with a particular interest in commercial, credit and financial services law and regulations. It worries me that whilst the credit reference agencies can provide helpful tools, that many regard them as important agencies, the watchdogs on credit matters. The reality is that they are business and sell our data for profit and the bottom line - profit is their reason for existing. They cut costs and try to evade responsibility saying that some of our data may be processed outside our country. This should still impose a duty of care. Cost savings lead to lax security and DATA BREACHES. Experian has just been fined with a record fine for allowing data security to be breached. We are forced to subjugate to the Credit reference agencies, but can they really be trusted in the light of this? How do we know the extent to the data breach and are we due for compensation to the self imposed credit watchdogs?
    • ben166
    • By ben166 26th Sep 18, 9:32 AM
    • 11 Posts
    • 4 Thanks
    ben166
    Experian and Clearscore
    I use both experian (direct and via credit club) and Clearscore.

    Why do you use Experian or ClearScore's services?

    I am a stoozer with multiple credit cards/bank accounts so I am always monitoring and trying to improve my credit score.

    Clearscore uses Equifax data, but its free.

    Experian data tends to be more reliable and updated in a more timely manner.

    the merger will reduce competition as it may not allow me to see Experian and Equifax data for free anymore - it is important to be able to monitor your own data from multiple sources (especially under GDPR).

    Both provide the new card recommendations and "preapproval" , but Clearscore's rating is unreliable (based on applications made and comparing to equifax's).

    Overall though I would not like to seee Clearscore's service disappear. as above it is important to be able to monitor multiple data sources.

    NB - i currently have 12 credit cards and 13 bank accounts.
    • zx81
    • By zx81 26th Sep 18, 9:33 AM
    • 19,338 Posts
    • 20,652 Thanks
    zx81
    How do we know the extent to the data breach and are we due for compensation to the self imposed credit watchdogs?
    Originally posted by Headbolt
    If you can evidence a loss, potentially.
    • Bumblies
    • By Bumblies 26th Sep 18, 10:28 AM
    • 16 Posts
    • 14 Thanks
    Bumblies
    Credit rating flaw

    I only bother looking at my rating because I get updates from MSE Credit Club. Each time I am aware of a flaw in the rating calculation. They compare debt and income but never ask about savings. I have a "very poor" rating for "affordability" because I have a significant amount on a 0% credit card compared to my pension, but I have savings of many times the debt and could clear it any time I want.
    • Sevan
    • By Sevan 26th Sep 18, 10:32 AM
    • 2 Posts
    • 1 Thanks
    Sevan
    So in effect, if Experian and Clearscore merge, we can kiss goodbye to the statement of:

    ClearScore allows you to access your credit report and score. Free, forever.
    • Gary_Dexter
    • By Gary_Dexter 26th Sep 18, 10:44 AM
    • 2,558 Posts
    • 1,438 Thanks
    Gary_Dexter
    I only bother looking at my rating because I get updates from MSE Credit Club. Each time I am aware of a flaw in the rating calculation. They compare debt and income but never ask about savings. I have a "very poor" rating for "affordability" because I have a significant amount on a 0% credit card compared to my pension, but I have savings of many times the debt and could clear it any time I want.
    Originally posted by Bumblies
    And now you understand why the CRA scores and ratings are made up and are to be ignored
    • socceric
    • By socceric 26th Sep 18, 11:06 AM
    • 3 Posts
    • 0 Thanks
    socceric
    I use Experian service to see my credit score, MSE Credit Club to see my Experian Credit Score and report and Clearscore to see my Equifax credit score and report (also use Noddle for CallCredit score and report).

    The only way to see Equifax credit report is through Clearscore. CMA shouldn't allow the merger unless it guarantees that people can still see their Equifax credit report for free.

    From my experience, the 3 credit score services have some rubbish data such as incorrect or wrong formatted addresses. Also, it's not easy for a user to change the data.

    I have heard occasions when people that had perfect credit score but the credit check failed because Experian provided the address in the wrong format (Flat number in the second line, building number in first line etc). This is silly and the users should have the power to correct things themselves rather than been victims of credit scores companies incompetence. Also, the response from Experian was very slow as it took weeks to respond.

    Experian report also differs between the hard copy report and the one available at MSE Credit Club. I enquired why and the excuse they gave is due to the search returning different results. This inconsistency should be fixed.

    So if the merger is to be approved there should be clauses that:
    1) both Experian and Equifax reports should remain freely accessible
    2) users will have full and easy control of their data
    3) all systems should be in sync and show accurate information eliminating excuses of the likes 'the search was different'. Each individual should have only 1 report.
    4) support should be readily available and able to help with issues such as failed credit check on the same day

    As they say " With great power, comes great responsibility". Please CMA, help to make these firms responsible.
    • takman
    • By takman 26th Sep 18, 11:12 AM
    • 3,769 Posts
    • 3,427 Thanks
    takman
    Information should be available for free anyway - there's no reason to charge for it
    Originally posted by Gary_Dexter
    What do I think about the services they offer? I agree it should be free to access your data directly with that CRA.
    Originally posted by robbo990
    the merger will reduce competition as it may not allow me to see Experian and Equifax data for free anymore -
    Originally posted by ben166
    You lot do realise it is free to get your data directly from every CRA by requesting a Statutory Credit Report from them.
    • SofaChillReview
    • By SofaChillReview 26th Sep 18, 11:43 AM
    • 23 Posts
    • 6 Thanks
    SofaChillReview
    Never really had a problem with Experian, although I used a credit card for trading so assumed my credit rating was going to be very high
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