Credit Scores



used to check all 3 every month when the updates come in, do it once in a blue moon now. I get alerts when owt is set up.
 
The scores are meaningless, but do check the reports every now & then to make sure there's nothing dodgy going on
 
Have only ever really bothered when I've been needing to apply for credit. New mortgage or whatever.
I should probably check more often to make sure there's nothing dodgy going on.
 
Most banks have or are moving over to IRB, a throw back to the old days of if the bank doesn't know you then they won't be lending to you. They've took too many hits and fines due to bad lending based on CRA data.
 
K3NA said:
Just seen that advert on TV where the couple are checking their credit score with the bulldog "I love you" 🤣
Just got me thinking. How many on here check their scores regularly.
I'm in my mid 60s now and have never checked mine once over the years.
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Check clearscore every month when I get the mail to say the new report is here. Interesting to see what's left to pay off to be honest although it's purely designed to tempt you into more debt with all the 'offers'
 
I keep an eye on my credit reports pretty regularly to make sure old accounts have dropped off, no-one is signing up for stuff in my name; stuff like that.

It used to be that you had to pay for the privilege. It's nice that most of the credit scoring organisations offer a free service now, but their apps are always loaded with ads and they harass the life out of you for offers on loans and credit cards.

I don't know how many people are aware of the fact that there is more than one credit scoring business; you don't just have one score.

For reference I use MoneySavingExpert Credit Club for Experian, Clearscore for Equifax and Credit Karma for Transunion.
 
James said:
Your mortgage lender isn't checking your credit score.
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I work for a major bank on various projects including mortgages. During decisioning we take feeds from 2 CRA’s which feed into the overall credit strategy.

May not be the only consideration but it is one. Ultimately, you’re not getting the best rate if you have a history of missing payments and you’re not getting the level of borrowing you probably need if your outstanding debt impacts affordability checks.

I get alerts on mine when there’s new credit applications and generally ignore the monthly updates alerts if I’ve heard nowt
 
Pretty much check mine every month on Experian when my new score is shown. The score is irrelevant like, but its a good way to look for any potential fraud etc.
 
Jabberwocky said:
I work for a major bank on various projects including mortgages. During decisioning we take feeds from 2 CRA’s which feed into the overall credit strategy.

May not be the only consideration but it is one. Ultimately, you’re not getting the best rate if you have a history of missing payments and you’re not getting the level of borrowing you probably need if your outstanding debt impacts affordability checks.

I get alerts on mine when there’s new credit applications and generally ignore the monthly updates alerts if I’ve heard nowt
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That was my understanding from the broker who did mine. They use the affordability checks based on your income/ outgoings then go for credit references if you pass that. Or the other way round.

Not sure how anyone can say it's meaningless. How else would they be checking defaults, undeclared loans and CCJs etc if not using a credit reference agency?
 

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