Originally Posted by enapace:
“Honestly there should be a proper system set up for credit scoring as it is simply stupid how it is done in this country.”
Some elements are more important to some companies, such as a good verified address and being listed on the electoral register vs the occasional missed payment, some favour other criteria. The benefit of the UK system is that the companies don't rely on just 1 score, but generate their own score based on the risk factors for their industry, which can vary by industry.
Companies also make adjustments from time to time based on current default / fraud levels and of those given credit with different characteristics which defaulted, therefore giving them the ability to adjust or find the risk management sweet spot.
Some companies pick certain credit profiles, with some credit cards they actually like people who occasionally miss payments and have an average score, but no CCJs as they like the fact you'll incur some charges from time to time! A customer that always pays back month by month earns them virtually nothing, vs a customer who borrows and pays the APR, with credit cards they can see on your credit profile if you always repay every month and you'd be of less interest to them than a customer that doesn't and borrows.