Credit Reference Agencies


#1

I’m wondering if there are any plans to add credit score companies like Experian, ClearScore, Equifax or others to the marketplace?

I’d love to get rid of my Barclaycard credit card as the only reason I’m keeping it is so I can keep tabs on my credit score.


#2

Hi @Imran_Mohammed,

If you sign up to the Money Saving Expert Credit Club (for free), you can get the same information and more - you get your full credit report! This is also provided by Experian.

Cheers,
Dan


#3

Adding on what @danmullen said; you can use Noddle, https://www.noddle.co.uk/, to get your CallCredit credit report for free :+1:t3:


#4

For completeness, go to ClearScore to get your free Equifax-based credit report :slight_smile:

(This may change in future as they were recently bought out by Experian.)


#5

There are numerous companies that give you your free credit score, ClearScore, MoneySavingExpert, Noddle, GiffGaff, many credit cards do, including pre paid ones. It’s possible to access your score from all the agencies for free. There is even one company that does all three, but I can’t remember that off the top of my head though. I’ll have a look later.


#6

Thanks for the heads up on other companies to use but what makes the barclaycard so useful is the ability to see your score in app. I know the mock ups of the Marketplace have shown credit reference agencies on them so I was just wondering if there was an update on when they may arrive to the Marketplace.


#7

This is a good idea. Would like access to both Experian and Equifax as a minimum from within the app. My credit file is password protected as I had my identity stolen a few years back. So I like to check it every now and then.


#8

There’s already a category in the Marketplace for Credit Scores, so I’m sure it’s in the pipeline.


#9

You score means nothing. The credit reference agency makes it up. Lenders don’t get to see it when deciding to lend to you.


#10

The lenders themselves make it clear they don’t as well, as do the credit reference agencies. They only consult the records.

The only reason its good to check your credit reference is purely to ensure its correct and to stop fraud.

I’ve never seen the point of relying on a score personally, but some think its a godsend.

A good example is Sky mobile, it has a totally different process than Sky itself, so you may be with Sky and declined a Sky mobile signing up to both at the same time, using the same details, using the same score.


#11

to some degree you can still extract value from changes on the score. if it goes up you might be doing something well, if it goes down you might be doing something you should stop doing.


#12

I’d agree that the score might be an indication for something at best. E.g if you like a new loan or credit card, some companies are offering a soft search (one that doesn’t hurt your credit score) and this gives you a slightly better indication of your chances.

Overall I also think the UK system has some very odd flaws - e.g. opening a high interest current account is treating like a credit application, despite of having a deposit on it; international credit card limits (e.g. EU ones) are not considered … in that regard UK scoring has a slightly old fashioned “one island only” perspective to my mind.

It’s somehow in line with the strange permission of charging outrageous overdraft fees though, which don’t seen to get addressed here either, despite of regulator efforts on paper.