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

Greenr

NickX wrote: »

No, simply getting insurance quotes will not result in a Credit Check because you are not applying for credit. Hope this helps.

NickX

I have just received an email from one of search engines about credit checks when requesting quotes:

Dear xxx

I can advise you that we will pass your information to the insurance and
financial services providers linked to our service for the purposes of the
service you request. They will use your information to generate a quotation
based on the information you provide and may use credit scoring.



Does this mean I'm going to going to have loads of credit checks on my credit report? help!!

xgingerx

Hi dont worry, some insurance co's check you file, like see one of mine below

Searched on:24/06/2008Searched By:ROYAL & SUN ALLIANCE INSURANCE PLCApplication Type:Unrecorded Enquiry




Note the following taken form Credit Expert:
"Previous searches show the names of organisations that have seen some or all of the information recorded on your credit report within the past 12 months. Searches of your credit report should have been made with your consent. Most will relate to credit applications you have made but some may be routine checks by your lenders on accounts you already have. Unrecorded enquiries, quotations, identity verification checks and credit report applications are shown for you on your copy of your report but are not seen by lenders." Therefore these types of searches do not affect your score

If your talking about Quotes for Loans then potentially this could show as a credit application

NickX

Greenr wrote: »

Does this mean I'm going to going to have loads of credit checks on my credit report? help!!

No, you definitely will not incurr Credit Checks unless you are applying for a credit facility. Straight forward insurance is not credit, it would only be an issue if you requested a monthly payment plan with your chosen insurer, but this comes once you have accepted the quote.

xgingerx

No, you definitely will not incurr Credit Checks unless you are applying for a credit facility. Straight forward insurance is not credit, it would only be an issue if you requested a monthly payment plan with your chosen insurer, but this comes once you have accepted the quote.

Hi, just to add to this, normally Insurance companies for car dont report to the credit ref aggency unless you owe them money and then they would default you, but normal payments on time wont show.

Bruno12

Hello,
I wonder if anyone could give me some advice on the following problem please. I am currently an undischarged bankrupt (7 months in). The debts were all incurred by me, and I had them from before I met my partner who I live with now. My partner and I had a joint bank account for bills which when I went bankrupt had an overdrawn balance on it. After my BR my partner paid it off and closed the account. We have no other financial association. He was recently turned down for credit and was told there was something very serious on his credit report ( ie: my bankruptcy). We are currently filling in the forms for financial disassociation with experian, and you are asked to tick boxes to confirm you don't share bank accounts, joint credit agreements etc. There is also a box to tick to say you don't live at the same address, and then a statement saying you have no financial connection or dependency between yourself and the person you want to disassociate from. We do though live at the same address and my partner pays everything as I have no money/job due to BR. Could anyone advise me please how we stand with the disassociation with the above circumstances, and and advice for completing the forms. Thank you very much.
Bruno12

JimmyTheWig

I don't know how it works, Bruno12, but I would have thought that the worst thing you could do was to lie.
I'd say fill out the form accurately - say that, yes, you do live together but you share no financial products so should not be connected.

sscott5581

Bruno12 wrote: »

Hello,
I wonder if anyone could give me some advice on the following problem please. I am currently an undischarged bankrupt (7 months in). The debts were all incurred by me, and I had them from before I met my partner who I live with now. My partner and I had a joint bank account for bills which when I went bankrupt had an overdrawn balance on it. After my BR my partner paid it off and closed the account. We have no other financial association. He was recently turned down for credit and was told there was something very serious on his credit report ( ie: my bankruptcy). We are currently filling in the forms for financial disassociation with experian, and you are asked to tick boxes to confirm you don't share bank accounts, joint credit agreements etc. There is also a box to tick to say you don't live at the same address, and then a statement saying you have no financial connection or dependency between yourself and the person you want to disassociate from. We do though live at the same address and my partner pays everything as I have no money/job due to BR. Could anyone advise me please how we stand with the disassociation with the above circumstances, and and advice for completing the forms. Thank you very much.
Bruno12

I do not think you will be able to disassocaite from eachother as you applied for joint credit and had a joint account. Lenders will see your credit file when searching your partners and vice versa. However your partner can request a notice of correction to be placed on their file explaining circumstances and lenders who search their file will see this and may take that into consideration when deciding whether to offer credit. Wish you luck!

GrammarGirl

Hello,

I graduated in summer 2007 and have had a HSBC graduate overdraft (pretty much maxed out) since then... I have a good job and my wage is paid directly into my overdraft account. I pay all my bills on time and mostly by DD. I have a mobile phone contract which I've never missed a payment on and a monthly car insurance payment likewise. I applied for a HSBC credit card a few months ago and got it, but when the interest-free period was up, I tried to transfer the balance to two other cards (Virgin Money and Natwest), both were denied. I then tried to get my credit report from Experian, but was told to send in a copy of my passport or birth certificate before it could be sent.

I've not missed any payments on my credit card and the ONLY discrepency I've had on my overdraft was exceeding the limit once (by about £40) last year. Any ideas why I've been declined another credit card, or why they need my passport to process my credit report?

Thank you!

JimmyTheWig

GrammarGirl wrote: »

Any ideas why I've been declined another credit card

The credit crunch means that lenders are being more harsh on who they lend to and how much they lend.
Plus you now have more debt and available credit (the HSBC card) than you did the last time yuo succesfully applied for a card.

But it may be a problem on your credit report. Worth getting it checked.

or why they need my passport to process my credit report?

Are you on the electoral role at your present address?

GrammarGirl

JimmyTheWig wrote: »

The credit crunch means that lenders are being more harsh on who they lend to and how much they lend.
Plus you now have more debt and available credit (the HSBC card) than you did the last time yuo succesfully applied for a card.

But it may be a problem on your credit report. Worth getting it checked.



Are you on the electoral role at your present address?

Thanks very much for your comments. I had an inkling that the credit crunch may be having an affect on my lending, but I do want to make sure it's not a problem on my report, so I will get that checked.

I'm not on the electoral roll at my present address, I rent and have been here less than 6 months (also not a great status for getting credit, I've been told?) so I will give Experian a ring and sort out my details. Thanks again!