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Credit Rating - is it possible to be too good?

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    #32
    Menas
    Closed Accounts Posts: 12,318 ✭✭✭✭Menas


    SarahMollie wrote: »
    Just by means of an update, I got my credit report information through in the post from the ICB and as expected, its perfect.

    My only conclusion is that this is epitomy of Bait&Switch, so my advice to future prospective DFS customers would be to assume that the 0% credit doesn't actually exist!

    I still cant get my head around how they think that offering and then rejecting credit is a good business strategy?!
    But it must work. Higher sales despite a bunch of pissed off customers.


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    #33
    fuzzyfuzzy
    Registered Users Posts: 6 ✭fuzzyfuzzy


    The same thing has just happened to me- I just got a call from DFS and they said my credit application was denied but my ICB report is perfect!!! I only went with DFS as I liked the idea of 0% finance. Now they are assuming im paying on delivery! CRAZY

    Im going to appeal it and send in my ICB report and ask them in writing why they are refusing and I will get a solicitor onto it as that is misleading selling practices and very underhand.


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    #34
    anewme
    Registered Users Posts: 11,879 ✭✭✭✭anewme


    SarahMollie wrote: »
    Hi,

    Yes I asked for the details of that, and they use a company called Creation who are UK based. I called them and they basically wouldnt tell me anything bar repeating robotically "you didnt meet our internal credit standards" but they wouldn't tell me why. I did manage to ascertain that they use the ICB for Irish customers which is why I've requested the report.

    Regarding the other issues, I work for a major multinational who are extremely stable. I've been with them for about 18months and am permanent and full time. Before that I was with a competitor of my current employer for over 4 years, again permanent and full time. There was no break in my employment.

    I've been in my current rented apartment over 1 year and have just bought a place of my own which I plan to move into next month (hence needing a sofa!) All of the utilities at this address are in my name and are all always paid in full and on time by direct debit.

    I'm really at a loss as to what has gone wrong. I can only thing that its because I generally tend to save for what I want instead of borrowing, that I'm being penalized.

    Back in the day, I worked for the infamous Courts Furniture, who gave out HP on a similar basis, i.e., their own credit scoring internal system.

    Basically, you are given points for questions answered.....how long are you at your address? How long are you in your job?

    You would have scored very low on both of these, coupled with the facts you don't gave a Hp repayment history hence I'm not surprised you did not pass.

    In the case of Courts , they gave credit to the wrong ppl and look what happened to them!! S I would not be bothered.

    can you under the data protection act, request a copy of all the information they(dfs) have on file in relation to you ?


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    #35
    Fred Swanson
    Closed Accounts Posts: 21,730 ✭✭✭✭Fred Swanson


    This post has been deleted.


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    #36
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,851 Mod ✭✭✭✭L1011


    DFS use a private agency, not the ICB. missed payments to phone companies and similar that have zero impact to ICB can impact these heavily. Experian and Equifax are the main firms

    Also length of service, type of job and where you live all can impact


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    #37
    nosilver
    Site Banned Posts: 129 ✭✭nosilver


    Anyone who has been refused by dfs should be thankful and use the opportunity to buy elsewhere.

    Their product quality and customer service is considered to be one of the worst in the industry.

    As for how these credit companies work, its simple. They charge a horrendous interest rate and charges if you don't keep to the exact agreement and that's where they make their money. People with good records are not their preference.


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    #38
    JimsAlterEgo
    Registered Users Posts: 1,917 ✭✭✭JimsAlterEgo


    as you bought a house chances are you failed the length of time at address check


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    #39
    Kat1170
    Registered Users Posts: 3,601 ✭✭✭Kat1170


    I would have thought people with new mortgages and having only moved into their new houses/apts. would have made up a large proportion of their customers.


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