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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 otherwise) then it is an internal thing. The credit check may be clear, but the internal rules may have bumped you from 6.1% to 7.7%. And no matter how much you ask they will not tell you the scorecard, or what points you got Using the credit reference agency line is a good way to get you off the phone(and the standrad decline/revisionary line for most lenders) because you then need to go to equifax/Experian to look for answers, and have calmed down before you call back. If they said you didn't have enough points, you would have asked about the scorecard, and the operator does not know that. They just phone/enter your details to a decision system, and the answer pops up.

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