Credit Rating: How it works and How to improve it discussion area

georgie23

could someone please tell me how long each item stays on my credit search, for example if i have a credit card that i have paid of and the credit report shows this can i remove it?
Also a store card that i only ever used once is on there and i no longer used and do not owe anything on it, can these be removed?
Would i need to ring the people direct eg the credit card company

Thanks!!

izools

georgie23 wrote: »

could someone please tell me how long each item stays on my credit search, for example if i have a credit card that i have paid of and the credit report shows this can i remove it?
Also a store card that i only ever used once is on there and i no longer used and do not owe anything on it, can these be removed?
Would i need to ring the people direct eg the credit card company

Thanks!!

Defaults remain for six years from the original date of default.
Settled accounts remain for six years from the date that it was settled
Open accounts remain on your report and the payment history goes back Three years with Experian and Four to Six years with Equifax.

CannyJock

georgie23 wrote: »

could someone please tell me how long each item stays on my credit search, for example if i have a credit card that i have paid of and the credit report shows this can i remove it?
Also a store card that i only ever used once is on there and i no longer used and do not owe anything on it, can these be removed?
Would i need to ring the people direct eg the credit card company

Thanks!!

You can't remove them, no. You can phone up and close the accounts. It can take up to 2 months then they'll show as "Settled" on your credit report with a Settled date.

Then, as izools says, they'll disappear 6 years later.

Even if you could remove them, you wouldn't want to or it would look like you've never had any credit, which would make it difficult for you to get any credit. Only reason for wanting them removed would be if there was a less than perfect payment history.

noah271007

izools wrote: »

Defaults remain for six years from the original date of default.
Settled accounts remain for six years from the date that it was settled
Open accounts remain on your report and the payment history goes back Three years with Experian and Four to Six years with Equifax.

Four years with Equifax and 6 (SIX) years with Callcredit.

shomk

We have a loan with HSBC and we recently asked that we may have a 3 month break as we we struggling.

The bank suggested that we pay half the monthly loan payment for 3 months and then went back to our usual monthly payment, plus the half we had a break on for the following 3 months.

We had 2 phone calls from the bank after the first payment went out to say that we had not paid and this would go on our credit file. We explained the agreement and they agreed it was their fault that it hadnt been noted properly and it was ok and nothing would show on our file.

We now see that our files are showing late payments for the last two months and of course there will be a third month. We are very unhappy and have been into our branch to discuss the matter but they said that the arrangement would show on our files and just tell you to phone the loans people who as they sound as though they are situated in India they dont even understand what the credit file is! We have just been refused credit due to this and it is going to show up for months.

We are going back into the branch this afernoon to try and sort it out- any advise please!!!!!

jon_boy75

Hi

I was interested to see that a few people has said CRA scores were meaningless. Ok, if that's true, then great.
I am soon to have a default removed after taking my former bank to court, over an old disputed overdraft debt of £108. Once removed, I'm hoping I will have a better chance of getting cheaper credit. The only problem is, I have a few late payments over the last few years, nothing serious though.
Recently, banks have started to report on current account status too, so if a direct debit is returned, or you go overdrawn for 3 hours, that gets marked as a late payment for that entire month with the CRAs.
Does anyone have any idea if ALL lenders take a dim view of late payments, if all other info is good or excellent, such as payment history, job, salary, address, electoral register etc.
I know this is a bit of a broad question, but I want to limit any applications I make to a few, but want to ask the right lenders, if that makes sense.
thanks

CannyJock

shomk wrote: »

We are going back into the branch this afernoon to try and sort it out- any advise please!!!!!

If they can't sort it out as an internal matter in the branch, ask for details of their complaints procedure and put it in writing. The details they report to the CRA's can be amended.

You won't know for certain that this is the sole reason you've been refused credit, and the people who refuse you can't confirm that categorically but won't do any harm to asset that position.

If your complaint isn't dealt with through their normal channels then refer it onto the FOS http://www.financial-ombudsman.org.uk/consumer/complaints.htm

Let them know in branch and in any letter of complaint that if the matter isn't dealt with promptly and to your complete satisfaction then the matter will be referred on - it costs them about £500 to respond to a FOS complaint so is in everyone's interest that they make good on the previous information they gave you.

CannyJock

jon_boy75 wrote: »

I was interested to see that a few people has said CRA scores were meaningless. Ok, if that's true, then great.

They are. They're certainly not worth paying for. You might as well use Barclaycard's free scorer for an idea of your credit worthiness https://letmechoose.barclaycard.co.uk/

jon_boy75 wrote: »

The only problem is, I have a few late payments over the last few years, nothing serious though.

That's a matter of opinion Not all card companies will agree.

jon_boy75 wrote: »

Recently, banks have started to report on current account status too, so if a direct debit is returned, or you go overdrawn for 3 hours, that gets marked as a late payment for that entire month with the CRAs.

Bank accounts have been on my credit report for as long as I can remember, so nothing new here.

jon_boy75 wrote: »

Does anyone have any idea if ALL lenders take a dim view of late payments, if all other info is good or excellent, such as payment history, job, salary, address, electoral register etc.
I know this is a bit of a broad question, but I want to limit any applications I make to a few, but want to ask the right lenders, if that makes sense.

Impossible to answer. They all take a dim view of late payments, how recent they are, how consistent they are and how consecutive they are will all affect their scoring models one way or another. I've always found MBNA and HBOS generous with limits. Other will disagree. Some cards like Cap One have always insisted on "excellent" credit ratings - and only they can decide what counts as excellent.

never-in-doubt

shomk wrote: »

We are going back into the branch this afernoon to try and sort it out- any advise please!!!!!

The bank will not remove the AP marker, after all - you said in your OP that you'd had an arrangement to pay, therefore the bank is updating the CRA with the factual way your account is run. Instead of posting a [1] and [2] for 1 and 2 months late - they should be using the code A/P which is just that - an arrangement to pay!

You cannot complain as you have no recourse, even going to the FOS will do nothing, you asked for a break the bank let you and so they have every right to put a A/P marker against you. :mad:

Sorry but that's just the way it is.

Bargain_Rzl

I have a weird problem with Equifax which I hope somebody can advise me on.

I tried to take out a new Vodafone contract through mobiles.co.uk. It unexpectedly came back that my address could be verified with neither Equifax nor Royal Mail, and they cancelled my order immediately. I re-ordered; this time it came back that my address was not showing up on Equifax so the order would be delayed for 24 hours while the address was "registered". I'm fully expecting this is going to fail again.

Out of curiosity I went onto the Equifax website and went through part of the application for a £2 credit report, to see what was showing on their database. Anyway, I was very surprised to discover that every other flat number in my building is listed on their database, but not mine (and I'm Flat 1!)

It is a newish build (2005) and I've lived here since 2006. Was on the electoral roll within a month, and have never had any problems getting credit here before (have mortgage, perfect payments record, am in long term full time employment with a good wage, etc).

What can I do?