ts743 Posted January 20, 2015 Share Posted January 20, 2015 (edited) But don't most lenders do their checks with Experian or Equifax? Noddle is fine but if you want to be certain your records are accurate you need to check all three, as the data isn't always consistent across the board (and yes I agree they're a con but you can use the free trial offers to do a one off check and then cancel.) Lenders don't actually use any of these services - so Noddle's free service is as good as any. There is actually no such thing as a 'credit score', it's nothing more than a consumer product to make money out of you, based on a very loose set of incomplete data, which may or may not be considered by any potential lender. Edited January 20, 2015 by ts743 Quote Link to comment Share on other sites More sharing options...
nissanman312 Posted January 20, 2015 Author Share Posted January 20, 2015 Thanks for all your input and help chaps I've spoken with sarnie and he's given me his thoughts so it looks for at least the next few months were not going to pass the check together A real bugger as we had planned to move in get a coupe of years under our belt and Maybey try for a family All is not lost tho were comfy where we are money wise and have loads of great stuff planned this yearso can't complain to much there is people far worse off than myself And at the end of it all I still got the 370z Quote Link to comment Share on other sites More sharing options...
KyleR Posted January 20, 2015 Share Posted January 20, 2015 But don't most lenders do their checks with Experian or Equifax? Noddle is fine but if you want to be certain your records are accurate you need to check all three, as the data isn't always consistent across the board (and yes I agree they're a con but you can use the free trial offers to do a one off check and then cancel.) Lenders don't actually use any of these services - so Noddle's free service is as good as any. There is actually no such thing as a 'credit score', it's nothing more than a consumer product to make money out of you, based on a very loose set of incomplete data, which may or may not be considered by any potential lender. Noddle is fine for a quick look, but it had a lot of information missing that Experian had. I also believe you are wrong about financial institutions not using them, they do, it's just the score is irrelevant and is based on Experians scoring system, which is only to give you a guide. 1 Quote Link to comment Share on other sites More sharing options...
jumping350 Posted January 20, 2015 Share Posted January 20, 2015 (edited) must also add then when you fail a credit check you end up with a lower score than you started for failing it what a wonderful system. Some good advice above to help stay out of trouble going forward, sorry for it not working out, I know how it feels..I was ready to sell the zed and buy a lotus. Its all about timing really and maybe just wasn't right time yet, it always will work out somehow for you i ended up keeping the zed and will end up strapping a supercharger to it so every cloud....also it kind of forces you to keep your history in order for future plans so it doesnt happen again Edited January 20, 2015 by jumping350 Quote Link to comment Share on other sites More sharing options...
rabbitstew Posted January 20, 2015 Share Posted January 20, 2015 I also believe you are wrong about financial institutions not using them, they do, it's just the score is irrelevant and is based on Experians scoring system, which is only to give you a guide. Also, I dont know if this is still the case, but each time you have a credit check done on you its flagged, and if you have more than a certain number of checks within a certain time frame then that is flagged as a black mark. Quote Link to comment Share on other sites More sharing options...
nissanman312 Posted January 20, 2015 Author Share Posted January 20, 2015 must also add then when you fail a credit check you end up with a lower score than you started for failing it what a wonderful system. Some good advice above to help stay out of trouble going forward, sorry for it not working out, I know how it feels..I was ready to sell the zed and buy a lotus. Its all about timing really and maybe just wasn't right time yet, it always will work out somehow for you i ended up keeping the zed and will end up strapping a supercharger to it so every cloud....also it kind of forces you to keep your history in order for future plans so it doesnt happen again My history is clean is the missus Quote Link to comment Share on other sites More sharing options...
sipar69 Posted January 20, 2015 Share Posted January 20, 2015 But don't most lenders do their checks with Experian or Equifax? Noddle is fine but if you want to be certain your records are accurate you need to check all three, as the data isn't always consistent across the board (and yes I agree they're a con but you can use the free trial offers to do a one off check and then cancel.) Lenders don't actually use any of these services - so Noddle's free service is as good as any. There is actually no such thing as a 'credit score', it's nothing more than a consumer product to make money out of you, based on a very loose set of incomplete data, which may or may not be considered by any potential lender. No offence mate but the first part of your post isn't correct. From the Citizen's Advice Bureau website: Credit reference agencies are companies which are allowed to collect and keep information about consumers' borrowing and financial behaviour. When you apply for credit or a loan, you sign an application form which gives the lender permission to check the information on your credit reference file. Lenders use this information to make decisions about whether or not to lend to you. If a lender refuses you credit after checking your credit reference file they must tell you why credit has been refused and give you the details of the credit reference agency they used. There are three credit reference agencies - Experian, Equifax and CallCredit (aka Noddle). All the credit reference agencies keep information about you and a lender can consult one or more of them when making a decision. As far as I know there are very few scenarios in which an application for credit will not result in a seach of your credit record with at least one of these agencies. It is correct to say the credit scores are of questionable value because lenders take a variety of factors into account but it's misleading to claim that these agencies are not used at all by lenders. Quote Link to comment Share on other sites More sharing options...
Ekona Posted January 20, 2015 Share Posted January 20, 2015 Sometimes I think they just put names into a hat and the ones they draw out get approved. The rest get filed under B. Quote Link to comment Share on other sites More sharing options...
KyleR Posted January 20, 2015 Share Posted January 20, 2015 I also believe you are wrong about financial institutions not using them, they do, it's just the score is irrelevant and is based on Experians scoring system, which is only to give you a guide. Also, I dont know if this is still the case, but each time you have a credit check done on you its flagged, and if you have more than a certain number of checks within a certain time frame then that is flagged as a black mark. I believe it's almost the opposite from what I'd read over the last. Any credit checks performed within say 4-6 weeks are deemed as only one application by most lenders. Simply because when searching for a loan, a customer may apply for a hand full at the same time or within a short period of time to try and get the best rate possible and penalising someone for being responsible and trying to save money is quite frankly stupid. Of course all lenders are different as there are no guidelines for how they score the information given to them by the credit reference agencies. Quote Link to comment Share on other sites More sharing options...
rabbitstew Posted January 20, 2015 Share Posted January 20, 2015 I also believe you are wrong about financial institutions not using them, they do, it's just the score is irrelevant and is based on Experians scoring system, which is only to give you a guide. Also, I dont know if this is still the case, but each time you have a credit check done on you its flagged, and if you have more than a certain number of checks within a certain time frame then that is flagged as a black mark. I believe it's almost the opposite from what I'd read over the last. Any credit checks performed within say 4-6 weeks are deemed as only one application by most lenders. Simply because when searching for a loan, a customer may apply for a hand full at the same time or within a short period of time to try and get the best rate possible and penalising someone for being responsible and trying to save money is quite frankly stupid. Of course all lenders are different as there are no guidelines for how they score the information given to them by the credit reference agencies. You might be right, might depend upon the lender. I know a mate of mine went to buy a new motorbike the other year and as part of the finance quote they did a credit check and all was good. He then went out, bought a new telly, mobile phone, leathers & helmet, then when he went back to sign for the bike, they obviously did a new credit check as part of the finance sign up and he got rejected due to too many credit checks in whatever time space it was. He was a bit gutted as he had already bought the leathers, helmet and all the gear (all on finance... ) I forget what they did in the end, i think he had to either wait a while, or prove what the credit checks were for (or something like that). Quote Link to comment Share on other sites More sharing options...
Angrybiker Posted January 20, 2015 Share Posted January 20, 2015 Mortgage / Finance companies can be very fickle. I applied for finance on a car a couple of years back, I checked Experian to find I had a rating of 998 (out of 999) and it still took the salesman 4 days to get a company for me! Sent from my iPhone using Tapatalk Quote Link to comment Share on other sites More sharing options...
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