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    • zx81
    • By zx81 27th Oct 17, 8:22 PM
    • 14,100 Posts
    • 14,785 Thanks
    zx81
    They will fall off after 6 years.
    • JohnfromEssex
    • By JohnfromEssex 12th Nov 17, 1:28 PM
    • 3 Posts
    • 0 Thanks
    JohnfromEssex
    nPower Credit agreement
    I've opened 2 energy accounts with nPower and have subsequently discovered that they have registered 2 new credit agreements with me on the Experian Credit Reference database both with zero balances. I cannot see that any authorisation to open or register a new credit account in their T&C's. Any new credit account has a detrimental impact on an individual's credit rating score, so by registering 2 new accounts that counts as a negative factor. In my case I've been downgraded from 'Excellent' to 'Fair' which has prevented me from getting good deals elsewhere. There are no other factors here, so it has to be nPower's actions. The nPower new customer agreement does mention checking credit references, but doesn't mention taking out a new credit agreement. I think this is unfair and misleading. Has anyone else had a similar experience?
    • zx81
    • By zx81 12th Nov 17, 1:31 PM
    • 14,100 Posts
    • 14,785 Thanks
    zx81
    Any change in an individual's credit rating score can quite rightly be ignored, as it will prevent nothing.

    A well maintained utility account will equally have no impact.
    • nic_c
    • By nic_c 12th Nov 17, 1:46 PM
    • 1,088 Posts
    • 620 Thanks
    nic_c
    I've opened 2 energy accounts with nPower and have subsequently discovered that they have registered 2 new credit agreements with me on the Experian Credit Reference database both with zero balances. I cannot see that any authorisation to open or register a new credit account in their T&C's. Any new credit account has a detrimental impact on an individual's credit rating score, so by registering 2 new accounts that counts as a negative factor. In my case I've been downgraded from 'Excellent' to 'Fair' which has prevented me from getting good deals elsewhere. There are no other factors here, so it has to be nPower's actions. The nPower new customer agreement does mention checking credit references, but doesn't mention taking out a new credit agreement. I think this is unfair and misleading. Has anyone else had a similar experience?
    Originally posted by JohnfromEssex
    Standard practice. When I went with British Gas they put two accounts on, one for gas and one for electric, even though I only paid one DD. If you don't like it then don't go with an energy provider that reports to CRA. There are plenty out there.

    Are you paying in advance for your energy or are you billed afterwards? Even with a regular DD you can often use more fuel than you are paying for, e.g. in winter so you are effectively borrowing money in terms of the fuel you use until you pay for it.
    • Somerset La La La
    • By Somerset La La La 12th Nov 17, 3:19 PM
    • 439 Posts
    • 122 Thanks
    Somerset La La La
    Standard practice although I moved months ago and NPower haven't bothered to setup my new account yet.... and I actually want it registered!

    Unless PowerShop (effectively part of nPower) don't report to CRAs unless in default....
    Ex-Bankrupt, Discharged 09/2015
    Capital One - Jul 2016, £3,750 Never ending 0%....
    Aqua Reward (0.5% Cashback) - Nov 2016 - £1,950
    Vanquis Chrome 24.7% - July 2017, £1,000
    Car Loan - Sept 2017 - £15k outstanding, early settlement = £10k....
    Rebuild for Mortgage (10/2018)
    • JohnfromEssex
    • By JohnfromEssex 12th Nov 17, 3:57 PM
    • 3 Posts
    • 0 Thanks
    JohnfromEssex
    Thanks for the replies. The point is that an organisation can't start a CRA regulated credit agreement without the approved credit wording being signed. This is where, in my opinion, Npower are misleading customers. Over/underpaying by d/d is a commercial decision, not a credit arrangement.

    Experian state that 'opening more than one credit account in a short space of time may indicate that an individual is living beyond their means' hence the credit rating downgrade. This is an unintended consequence of what nPower, and others, are doing to protect their own commercial interests.
    • Gary_Dexter
    • By Gary_Dexter 12th Nov 17, 4:44 PM
    • 68 Posts
    • 45 Thanks
    Gary_Dexter
    But a drop in score means nothing.

    Not maintaining your files and getting behind on your bills will affect you though.
    • JohnfromEssex
    • By JohnfromEssex 12th Nov 17, 6:00 PM
    • 3 Posts
    • 0 Thanks
    JohnfromEssex
    I agree about maintaining bill payments. That is not the issue. The fundamental point is that nPower have exceeded their mandate by registering credit agreements that weren't signed for by their customers.

    A minor drop in score means nothing, yes - but a major drop can have a huge impact on all manner of things and shouldn't be ignored.
    • Beartricks
    • By Beartricks 12th Nov 17, 8:05 PM
    • 179 Posts
    • 154 Thanks
    Beartricks
    Experian seems to think that my credit score is perfect. Noddle thinks it's below average for my area, whatever that means. I took out a new phone contract a couple of months ago, which seems to have put a mark on my file.

    I want to get a mortgage in around 12 months, so I'm attempting to sort my out my finances. My current account pays me nothing in interest or rewards, so I want to upgrade it to one that does and to open one of their every day savers alongside it, I've also opened a sacrificial account with them to switch to the TSB Classic Plus for the cash bonus and the monthly cashback which I'll probably end up using as my main account for every day spending. On top of that, I want a cashback credit card for the money and to keep my credit score up.

    Which of these things is likely to affect my credit score and is there an ideal order in which to do them to increase my chances of them all going through okay and not putting too many black marks on my score when the mortgage application happens? I think the credit card should probably be the priority but it's confusing me.
    • Gary_Dexter
    • By Gary_Dexter 12th Nov 17, 8:50 PM
    • 68 Posts
    • 45 Thanks
    Gary_Dexter
    A major drop in score also means nothing.

    It's the data and information on your report that matters, not a fictitious number that you and the marketing teams at the CRA's see
    • zx81
    • By zx81 12th Nov 17, 9:04 PM
    • 14,100 Posts
    • 14,785 Thanks
    zx81
    Experian seems to think that my credit score is perfect. Noddle thinks it's below average for my area, whatever that means.
    Originally posted by Beartricks
    If you ask two people to write down a random number, you can virtually guarantee one will be higher than the other.
    • DCFC79
    • By DCFC79 12th Nov 17, 9:49 PM
    • 30,282 Posts
    • 19,157 Thanks
    DCFC79
    Experian seems to think that my credit score is perfect. Noddle thinks it's below average for my area, whatever that means. I took out a new phone contract a couple of months ago, which seems to have put a mark on my file.

    I want to get a mortgage in around 12 months, so I'm attempting to sort my out my finances. My current account pays me nothing in interest or rewards, so I want to upgrade it to one that does and to open one of their every day savers alongside it, I've also opened a sacrificial account with them to switch to the TSB Classic Plus for the cash bonus and the monthly cashback which I'll probably end up using as my main account for every day spending. On top of that, I want a cashback credit card for the money and to keep my credit score up.

    Which of these things is likely to affect my credit score and is there an ideal order in which to do them to increase my chances of them all going through okay and not putting too many black marks on my score when the mortgage application happens? I think the credit card should probably be the priority but it's confusing me.
    Originally posted by Beartricks
    Its normal for a search to be listed on your credit file.

    Dont get too fixated on the score since only you see it, lenders, banks etc see your credit file.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • boo_star
    • By boo_star 12th Nov 17, 11:36 PM
    • 1,317 Posts
    • 667 Thanks
    boo_star
    Its normal for a search to be listed on your credit file.

    Dont get too fixated on the score since only you see it, lenders, banks etc see your credit file.
    Originally posted by DCFC79
    But my score!

    I lost about 50 points in my Clearscore report this month because I closed a current account (switched it actually).

    As if a lender is going to give two figs about me closing an unused current account...
    • MABLE
    • By MABLE 13th Nov 17, 3:04 PM
    • 3,327 Posts
    • 1,765 Thanks
    MABLE
    I applied for a new current account about 3 weeks ago without a overdraft facility and then applied last week for a Nationwide BS credit card because of the promo deals for new customers and to my surprise Experian lowered by credit score with them by 91 points.

    I suppose this is because of two hard searches in a short period of time. However my credit report is spotless and that is my main concern not their fictional credit score.
    • creative2013
    • By creative2013 20th Nov 17, 3:09 PM
    • 2 Posts
    • 1 Thanks
    creative2013
    I have 3 credit cards that have defaulted nearly six years ago. I set up individual payment plans with each company to pay off the debt. Interest / fees etc were stopped. Two of the accounts, HSBC and MBNA/Virgin Money showed and continue show the accounts in Default and no mention of the payments being made, even tho payments have been made monthly over the last 6 years, the third, Barclaycard shows ' arrangement to pay' / the amount paid each month and ' account up to date. Should they all show ' arrangement to pay ' instead of 'Default'. each account has changed hands several times with payments being maintained as set up originally.
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