Noddle - Free Credit Rating Reports

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Noddle - Free Credit Rating Reports

Postby Nick » Thu Jun 16, 2011 7:20 am

Callcredit is breaking ranks with its two main rivals, Equifax and Experian, in announcing a new service that means people will no longer have to pay £2 to see their statutory credit report, or a monthly subscription.

An individual's credit file contains details of any credit agreements and whether they are up to date with payments, plus publicly available information such as electoral roll details and county court judgments. Lenders and other companies use this to decide whether they want to take on a customer, and how much they will charge. An adverse credit history can mean getting turned down for mortgages or other products.

With the new service, called Noddle, the company said it "plans to give over 40 million Britons free access to their full monthly credit report for life". A spokesman said: "People don't really understand credit reports that much … It's only right they should have ready access to the personal information these important decisions are based on."

Callcredit will initially invite 10,000 people to trial Noddle before a national launch around September.

Where the service could prove controversial is in Callcredit's decision to partner an unnamed price comparison website and a technology company to promote credit cards and loans that users are likely to qualify for.

Details of these products will appear when an individual goes to access their credit report. Banks, credit card companies and loan firms will not pay to advertise on the site; instead, Callcredit will receive a commission if a customer takes out a product. ... CMP=twt_fd
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