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brightspark
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i havent got a credit rating 
never borrowed money apart from mortgage and that was payed off 40 years ago . so im an unknown quantity to em 
they can stick anyhows il never need em parasites and leeches the lot of em
never borrowed money apart from mortgage and that was payed off 40 years ago . so im an unknown quantity to em they can stick anyhows il never need em parasites and leeches the lot of em
roofman
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Its because they are credit brokers and they want you to buy more products....no free lunch in this world.
Yes but I can't choose if I want them to harvest my data.
Never looked up my score so no opinion.
I assume my mortgage company looked me up some years ago - and as I haven't spent more than I earn (mortgage excepted) since uni and 've never had a credit card bill that wasn't paid in full every month, I assume I'm not of much interest to them . . .
I assume my mortgage company looked me up some years ago - and as I haven't spent more than I earn (mortgage excepted) since uni and 've never had a credit card bill that wasn't paid in full every month, I assume I'm not of much interest to them . . .
You can choose by not using any form of financial credit.
weldingnovice
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Absolute fecking joke.
Were behind the whole 2008 mess. Walked away nowt to see here.
Mine is trashed, more so on purpose now. If everyone follows suit they will disappear.
Leaches.
Makes me chuckle as I won't pay a bill now until red letter. Many threats of reporting me to abovementioned.
Stumped when I reply, good I don't give a fuc....k.
Were behind the whole 2008 mess. Walked away nowt to see here.
Mine is trashed, more so on purpose now. If everyone follows suit they will disappear.
Leaches.
Makes me chuckle as I won't pay a bill now until red letter. Many threats of reporting me to abovementioned.
Stumped when I reply, good I don't give a fuc....k.
roofman
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I signed up to one to have a look, maybe clearview, it appears to be one big advert with a credit score that could do with some "improvement" that requires the use of the credit they are advetising. Awful industry, it appears every online checkout now has a finance option too.
I got caught up in credit when I was young and stupid, still my fault but many people were set up to fail, this doesn't absove me of any of the responsibilty but my faults don't absolve the credit industy of any of theirs either.
I got caught up in credit when I was young and stupid, still my fault but many people were set up to fail, this doesn't absove me of any of the responsibilty but my faults don't absolve the credit industy of any of theirs either.
skotl
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Quickie on how this works (which probably won't lower the temperature):
There are a handful of credit rating agencies in the UK and they are not tied to credit suppliers or banks - in fact, lenders need to show that they have an arms-length relationship with ratings agencies and cannot assess creditworthiness 100% in-house.
That said, the credit agencies depend on data feeds from pretty much every organisation that moves consumer money, including banks, lenders, energy companies and anyone who extends credit to consumers.
When we as consumers look at a credit score agency and they provide a score (1-10, or 000-999) that number is only devised to give you and I a view of how well we're doing. That single number isn't passed back to credit providers, because they must be able to show an audit trail of why a decision on credit was made. In other words, and to the point of this thread, no credit provider can say that they approve loans to someone scoring above 5.99 and reject those below 5.99
All of the ancillary details that feed that score (whether you have a mortgage, average age of debts, default history, percentage of debt to income etc.) are what a credit decision is based on. It's worth noting that all credit providers will have different acceptance criteria, so it's worth checking the demographics (characteristics around market, income, age, profession, etc.) that a provider serves before you apply for credit. For example, if you're in agriculture then you'll get a better deal from NFU than I would, but I'll get a better deal from Saga Loans than a 25 year old.
In summary, the credit agencies are not the problem and they do not make the decision on whether you're getting the credit. My advice (as a consumer, not a financial advisor!) is if you're looking for credit then do your research to find the provider that best fits your circumstance, or demographic.
There are a handful of credit rating agencies in the UK and they are not tied to credit suppliers or banks - in fact, lenders need to show that they have an arms-length relationship with ratings agencies and cannot assess creditworthiness 100% in-house.
That said, the credit agencies depend on data feeds from pretty much every organisation that moves consumer money, including banks, lenders, energy companies and anyone who extends credit to consumers.
When we as consumers look at a credit score agency and they provide a score (1-10, or 000-999) that number is only devised to give you and I a view of how well we're doing. That single number isn't passed back to credit providers, because they must be able to show an audit trail of why a decision on credit was made. In other words, and to the point of this thread, no credit provider can say that they approve loans to someone scoring above 5.99 and reject those below 5.99
All of the ancillary details that feed that score (whether you have a mortgage, average age of debts, default history, percentage of debt to income etc.) are what a credit decision is based on. It's worth noting that all credit providers will have different acceptance criteria, so it's worth checking the demographics (characteristics around market, income, age, profession, etc.) that a provider serves before you apply for credit. For example, if you're in agriculture then you'll get a better deal from NFU than I would, but I'll get a better deal from Saga Loans than a 25 year old.
In summary, the credit agencies are not the problem and they do not make the decision on whether you're getting the credit. My advice (as a consumer, not a financial advisor!) is if you're looking for credit then do your research to find the provider that best fits your circumstance, or demographic.
skotl
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On this (and, by the way, I don't work for a credit reference agency but I did work for a service provider business that fed data to them) the technical problem here is that feeds from banks, lenders etc. tend to run around 1-3 months after the fact.
So when a rating agency sees someone at 76% of their available facility there's a concern that this person (not you!) has applied for credit at 5 different providers at the same time. Given this won't surface for another few months, this could easily result in that person being over-extended to a factor of ~150% (76% + 5 loans at 15% each).
So the reality is that the risk to a lender (that the rating company will reflect) is that there is a linear increase in that risk as the utilisation increases. Ultra-simplistically speaking, a risk factor of 1/10 at 25% of credit limit utlisation might become 8/10 by the time that utilisation hits 76%
I know it sucks, and I'm not trying to be cruel or dismissive, but it might help to understand that a credit limit isn't an amount in pounds that one can reach up to - it's actually a measure of risk (to the lender), which increases directly as one soaks up that credit amount.
^^ and ^ This!!
Having spend a number of years in Fintech IT, this also links to the various and numerous bits of legislation which have come in over the last 2 and a bit decades.
Treating Customers Fairly, a pretty horrid one for lenders. MIFID2, AML (anti money laundering) and so on. These are all leveraging the agencies along with numerous other systems such as Lexis Nexis (politically exposed persons register) and it goes on ad infinitum.
So, you don’t like the CRAs, neither do I.
Want to get away from them? Almost impossible. Yes, technically you CAN opt out, but then you are back on cash for everything. No bank accounts, not even a savings account. No accounts with DD for electricity, gas, phone, mobile, etc etc etc. you opt out of the entire financial system basically.
Oh, good luck finding an employer who still pays in cash.
Having spend a number of years in Fintech IT, this also links to the various and numerous bits of legislation which have come in over the last 2 and a bit decades.
Treating Customers Fairly, a pretty horrid one for lenders. MIFID2, AML (anti money laundering) and so on. These are all leveraging the agencies along with numerous other systems such as Lexis Nexis (politically exposed persons register) and it goes on ad infinitum.
So, you don’t like the CRAs, neither do I.
Want to get away from them? Almost impossible. Yes, technically you CAN opt out, but then you are back on cash for everything. No bank accounts, not even a savings account. No accounts with DD for electricity, gas, phone, mobile, etc etc etc. you opt out of the entire financial system basically.
Oh, good luck finding an employer who still pays in cash.
weldingnovice
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The end of cash is a real thing.
Gives the powers that be complete control over everything that you may want to do.
I have standing orders for a few bills, and no direct debits.
Gives the powers that be complete control over everything that you may want to do.
I have standing orders for a few bills, and no direct debits.
8ob
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Its sad that you have to play all their silly games in order to obtain something as basic as a mortgage. Just having a deposit and a decent wage wont cut it these days, they want/expect to see you committed to debt paying so you can tick boxes.
Bob
Bob
weldingnovice
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Couple of years ago bought some furniture from retailer. Played on that I was going to use offered 0% finance deal. Type of fabric meant special order, paid cash deposit.
Stuff turned up and they went through process of sorting credit out. Contacted me to say been knocked back, went into the store with cash about 5k from memory.
What a carry on, I don't have a bad credit history just not really on the system.
Stuff turned up and they went through process of sorting credit out. Contacted me to say been knocked back, went into the store with cash about 5k from memory.
What a carry on, I don't have a bad credit history just not really on the system.
weldingnovice
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It's same model as cscs cards et al.
Self fulfilling profit generator.
Self fulfilling profit generator.
8ob
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Same here, I don't have any borrowings so as far as they are concerned I don't exist. Back in the day my bank manager was the only place I needed to go for lending, they knew everything about you and would rubberstamp a deal. They have done away with all of them.
Bob
