Credit Score & Reports

I use all three UK credit reference agencies on a regular basis. But the monthly free versions.
Clearscore, Credit Karma and Credit Club for Equifax, Trans Union and Experian respectively.

They do give different information and have different credit providers listed which is why i use all three.

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Some providers wouldn’t offer the score, if they have a competing product.

I use Experian via My Credit Club. But I would happily switch if it meant it would show embedded in Emma. One less website to visit for information is a good value add and worth switching agency for.

Also, the score, is just a guidance metric. What makes up the score is their secret sauce and even to businesses consuming the score, it can be difficult to be told what makes this score up.

Another thing to note is that the score businesses see “for lending purposes” is different to the score consumers see. Sometimes by just a few points, other times by a totally different percentile.

Take the score as a guidance and you’ll be fine :slight_smile:

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Hey @ChrisT how often would you say you checked these scores? Once a month, or more?

@rebekah. I would say I check the Credit Karma weekly and the other two monthly. This is because of when they update and generate new files. I find it unproductive to check more often as the file will be the same in the free version.

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That’s good to know! Thanks @ChrisT

Do we have any idea why the Government hasn’t regulated this space so everyone uses the same criteria? Surely it would make things much much easier

Competition I guess. :tipping_hand_woman:

The secret sauce element will mean some CRAs do things differently, e.g. Credit Kudos* is great at assessing affordability due to it’s use of Open Banking, giving a picture of your credit worthiness overtime and currently.

TransUnion has more of the payday lenders and high cost lenders than other CRAs and therefore is a more popular choice for higher risk lending, or those types of lenders themselves (which is why my company went with them).

I think if we had regulation, which I am not anti, it would just boil down to “who do you dislike the least?”

*Credit Kudos is not currently a B2C CRA.

@rebekah sorry to be a bother :sob: could we merge this with the other credit score one ? :slight_smile:

Sorry yeah there are now two threads talking about credit score :see_no_evil:
The other thread is more focussed on the blog post that we’d written, so is slightly different :grinning:

I was just checking my credit scores today and thinking about this.

I check My Equifax through clearscore, TransUnion through NatWest and Equifax through their app.

It would be nice if Emma could aggregate this information

The trouble is that would be so expensive to provide all three and a pain for Emma to display the 3 results in a single view.

I think if you build on your suggestion and maybe they just take the 3 different scores from each provider but don’t display anything else like full credit report, credit alerts, recent searches, repayment history etc… that may be something worthwhile.

They could at least then just show each provider and track if it’s gone up, down, or remained static.

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To be honest that’s kind of what I was thinking. Just display the 3 scores.
The other stuff in the apps Emma kind of already covers

I’m not sure how useful other people would find this but I’d certainly like the scores standardised too. For example it would give you a score of 0 to 100 for each.

The different scoring systems they use make it difficult to understand whether youre good or not

At least 2 of the big 3 providers disallow the display of a score in any transformed manner and insist it must be displayed as it is retrieved. This is to avoid confusion and any negative brand consequences.

I’m not sure about the 3rd of the big 3 but I would assume it’s the same.

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Have the emma team considered an add on for live/on demand credit checks?



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Hi @Ajsnow :wave:

Welcome to the community!

Above you’ll see some previous conversation around credit scores and that being a potential feature added to the Emma app.

What credit reference agency would you like to see added to Emma?

Was there ever any progress with this? Would be useful to have score within the app instead of a separate account.
I currently use MSE credit club, which utilises Experian. Their tool only request credit score once per month to keep the costs low. Would that work in Emma too?

Not yet, we have been focusing a lot on investments instead, but it’s still under our own radar.