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

BugsyBrowne

annonneemouse wrote: »

Hi all. I have a very poor credit history which I am going about 'fixing' as best I can - paying off debts regularly and closing old accounts etc. However I also wanted to add a notice of correction to my file to explain some serious defaults on old accounts. The truth is I simply didn't earn enough to cover payments and got overwhelmed with debt. This is no longer an issue, but if I add that as a notice will it do more harm than good?

Are there any notices which lenders look more favourably on than others? Is there a best way to word them? Any advice very welcome!

Thanks.

Unfortunately if it was that easy everyone who have defaulted would do the same,you will not be able to remove the defaults simply by saying you could not afford the repayments.
Your defaults will stay on your file for 6 years unfortunately.
You should of contacted the company's in question when your money started to dry up.

missmoon

My boyfriend got a credit report, and two credit cards that he's in default on have vanished! Are they still debts of his? or can he ignore them when making a settlement offer on all his debts.

This may explain why one credit card returned a £1 notional payment last week.

Am confused!

MM

geordie_ben

missmoon wrote: »

My boyfriend got a credit report, and two credit cards that he's in default on have vanished! Are they still debts of his? or can he ignore them when making a settlement offer on all his debts.

This may explain why one credit card returned a £1 notional payment last week.

Am confused!

MM

How long ago did he default? If less than 6 years ago they should still be on there. If this is the case then you'll need to get them put my back

miss_hh

Hi Im new here, I know I have a very bad credit rating. I usually just ignored many bills and I know I defaulted on many.

I seperated from my partner about 2 years ago and Im now trying to sort my finances as well as my life out.

I am currently paying off 2 debt agencies for money owed within the last 3 yrs.

Today I printed out the application forms to apply for my credit report via post (I have no credit/debit cards), My question is - When I apply for my credit report, Will other people that I owe money too be able to find me now and chase me up on other debts? My ex used my name quite often (although with my permission) and then didnt pay the debts.

Im currently just began working (I was always a housewife with 3 children supported by my ex) and Im supporting myself and my 3 children now.

If my credit report turns out to be really bad, will I ever be able to get a mortgage? Im 33.

geordie_ben

miss_hh wrote: »

Hi Im new here, I know I have a very bad credit rating. I usually just ignored many bills and I know I defaulted on many. .

Oops! but at least you're starting to sort it out. the LBM (light bulb moment) is great

miss_hh wrote: »

Today I printed out the application forms to apply for my credit report via post (I have no credit/debit cards), My question is - When I apply for my credit report, Will other people that I owe money too be able to find me now and chase me up on other debts? My ex used my name quite often (although with my permission) and then didnt pay the debts.

I wouldnt have thought so, I dont think lenders are alerted to the fact you're viewing your credit file, I may be wrong, second opinion anyone?

miss_hh wrote: »

If my credit report turns out to be really bad, will I ever be able to get a mortgage? Im 33.

If the short term, no, you'll need to rebuild your credit rating first.

Have a good read of these threads 1 2 if you havent done so already, it'll really help you sort out your debt and rebuild your rating. but be patient, its a long and slow process but one that is very worth while

Also, why are you applying for your credit file via post?

If you do it online you can actually get paid to view it by signing up via cashback websites (cashback websites explained)

at least:

£15 with Credit Expert
£5 with Equifax
and possible even Experian too

miss_hh

Thanks for your repply Georgie_Ben, Yes I just skimmed through the threads there, they great info and I want to rebuild my credit rating. I'll have a proper read through them later at home.

Im applying by post as I dont have a credit or debit card to pay the online fee.

I also posted the froms to register myself on the electrol register as im currently not on it.

Im glad that I can at least begin to improve my rating.

geordie_ben

miss_hh wrote: »

Im applying by post as I dont have a credit or debit card to pay the online fee.

There is no fee to sign up for the free trial (i dont think), but you do need card details to sign up. maybe could you ask a relative to let you use their details? It would be a shame to throw away the chance of £20+ if you didnt need to

viru

Hi, I need some advice on how to proceed.

FACTS:-
1. Was made bankrupt in may 2004 - included in this were about 7 unsecured debts (credit cards, store cards, over drafts etc..)
2. Bankruptcy went clean and was discharged 8 later.
3. May 2010 six years passed so I checked credit file (with Experian), and it was still showing some of the debts as defaults.
4. Contacted Experian and told them these should come off my file as six years have passed since bankruptcy. They did this and all but one have been cleared.

THE 'FUN' STARTS:-
1. The default on my file is showing as Halifax Card Services (original debt). This was included in my bankruptcy however Halifax decided to register the default date with credit agencies as December 2004.
2. Have contacted Halifax, sent them copy of my bankruptcy to prove this debt was included in my bankruptcy and asked them to correct.
3. Experian contacted me saying they were contacted by Halifax stating this default was correct.
4. I then contacted Halifax again, they stated that the debt was passed on to Max Recovery and so could not advise Experian to update default on my file.
5. I got Halifax to contact Max recovery while I was on the phone to them and they said Max recovery say they cannot get Experian to change default on my file as it was still showing on my file as Halifax Card Services!

I NEED ADVICE:-

This back and forth has been going on since July this year and so I need help/advice on what steps to take next. I understand that this default will drop off my credit files next month but that's not the point. My wife and I wanted to apply for a mortgage a few months ago and our lives have been put on hold because of red tape and incompetence and I am not going to be treated like this. Also I think it would be good to get something done about this as I'm sure there are many others out there that in the same boat.

Thanks for any and all advice and help with this.

KingElvis

miss_hh wrote: »

Today I printed out the application forms to apply for my credit report via post (I have no credit/debit cards), My question is - When I apply for my credit report, Will other people that I owe money too be able to find me now and chase me up on other debts?

Yes, they will be on you like a tramp on a kipper.

The CRAs service the debt collction industry.

nat21luv

Hi, Ive just checked out my credit score and its 822. I dont have any credit cards/store cards or even an overdraft as ive never been able to get one! i REALLY need to apply for a 0% credit card so my partner can transfer his balance over as hes paying 39.6% on a barclaycard! Ive never applied for one before and ive worked very hard over the last year to build my score up so any advice on which 0% card would be the most willing to accept me is most appreciated!