Credit Check Agencies
Q: I phoned up to apply for a personal loan today, not because I want one but because someone suggested it as a good way to find out if you have a good or bad credit rating. I was quoted 6.1% APR at the start of the call, then full details were taken and after this the advisor came back and said they would offer a loan at 7.7% APR. When I questioned this they told me this was as a result of my credit score based on what I had told them and what Equifax had on record. Now, from the details I gave them my income would be comfortably more than my expenses, so I can't see there being any issue there, so that only leaves the credit reference agency's info as a reason for the APR increasing. Alternatively, is this simply salesmanship in action with them taking the chance to bounce the APR up a bit as I commented that 6.1% was better than I was expecting? Ok, the main point of the post, I've visited Equifax's website and requested a copy of the info they hold on my in line with the DPA, but do I need to do the same with Experian, or do they share info to the extent that it's going to be the same data?
A: Ever think that you just didn't have enough points to make the grade for the 6.1% loan? A credit check and a credit score are different things. Credit score uses more than the just the credit check to gets its overall score. It uses the rest of the info as well. Points I would guess are allocated for everything barr your name and sex. Some will be plus points some will be minus. When they add it up, you didn't have a high enough score, therefore were offered an alternate rate. Your credit report could be clean. Someone with lots of debt but who has made all the payments will have a higher score than someone with none, as it is about proving a track record, and the person with lots of debt is a good payer, the person without in an unknown quantity. If it is the scorecard that got you (I have no reason to assume