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

cepheus

focus888 wrote: »

How easy is it to cancel the credit check service? Is it simply a matter of just ringing them and getting them to cancel the membership? They don't normally try and get one month's membership off you do they? Thanks

I think credit expert have changed their freephone to a payline. However, the hastle free and cheapest way of cancelling is to send an email to [EMAIL="membership@creditexpert.co.uk"]membership@creditexpert.co.uk[/EMAIL] with your name, Email and Reference Number email address.

Their response to me today was

Thank you for your email, which we received on 05 May 2011.
YOUR QUERY:
- Cancellation of your membership
I am sorry that you want to leave CreditExpert.
WHAT I HAVE DONE FOR YOU:
I have cancelled your CreditExpert membership which includes Identity Protection Insurance.

WHAT THIS MEANS:
At the end of your free trial period, you will no longer have access to the CreditExpert service and you will no longer be covered by Identity Protection Insurance.
You will not be charged a monthly membership fee.

FURTHER INFORMATION:
If you wish to re-activate your CreditExpert Membership in the future, please visit http://www.creditexpert.co.uk
The online service has many features, such as alerts to let you know when a significant change has been made to your report. This allows you to stay in control of the information on your report.
Kind regards
Alexa MacIntyre
Customer Service Representative
CreditExpert

So it appears you still get access for the rest of the month even after cancelling.

Hopefully this will not affect cashback, a no-brainer especially for anyone with credit problems.

Pete232

Does anyone know on which day of each month credit rating agencies tend to obtain data from financial institutions?

Or do they make inquiries each and every time a credit report is requested?

In other words, is the data they provide only a "snapshot" from a specific day, or an up-to-date information correct as of now?

Rebecca01

Does using pay day loan companies, such as Wonga and the money shop regulary have a bad affect on credit rating?

potsworth007

I have no credit history and cant seem to get any as a starter. If i sign up for equifax's monthly credit report thingy will this technically be credit and actually help me get credit?

spikescot2005

potsworth007 wrote: »

I have no credit history and cant seem to get any as a starter. If i sign up for equifax's monthly credit report thingy will this technically be credit and actually help me get credit?

No as they are not providing credit. If you are on the electoral roll then your best bet would be to apply for a sub prime credit card.

scottishgirl87

Can anyone tell me if you can cancel Equifax's 30 day free trial online or does it have to be over the phone?

Day

Moggles wrote: »

This is quite common, particularly where a house name is concerned. The agencies collate info from 3 main sources 1) you 2) public records 3) their clients, the lenders. Obviously, this info' is only as accurate as its sources.

I would inspect the electoral roll. She can do this at her nearest public library.* Pay particular attention to the way her details are recorded on the register. First name(s) as well as surname. Also an extra line may be inserted/omitted or the order reversed, as you've discovered, where a house name is involved. You'd be surprised how often this happens.

When she applies for credit facilities, bank accounts etc.or to the credit reference agencies, ensure her address matches the details as they appear on the electoral register and she'll avoid all the inconvenience of sending documents through the post as proof of residency, because her ID can be checked electronically using the electoral roll. More importantly, her electoral roll status can mean the difference between acceptance and rejection.

*If she opted out of the edited register (which is sold to anyone who wants to buy and which may be viewed in a public library), she can check the full version at her local electoral registration office

Hi, I wonder if anyone can help me. I have just found out that their is 1 record held on my credit report with regards to Electoral Roll. Mine said "No Names Was Listed" !! I don't understand !! What does this mean? and how can I change this?
Please help

jameskelson

Hi,

I'm after some advice....

My credit rating is classed as Very Poor by Equifax (score 221).
The only 'red' marks on my report though are the Electoral Roll (very poor) and credit agreements (poor)

The Electoral Roll query is that I was not registered at my current address (moved in January). I've given the council the new address but they say it will not be effective until July !?
Does that mean I have to wait until then for my credit report to look healthier?

My credit agreements are non-existent. I don't owe any credit cards, store cards or loans. I do however have a mobile phone on contract and my car insurance is paid monthly under a credit agreement but neither of these show !? Can I get them put on my report to help my status (credit worthiness) ?


As for the rest of the report, its pretty much blank. (and highlighted green for good)....

No court action, gain or cifas,...
Only 2 searches - March (credit card) May (loan)

Why is more score SO low and what can I do to improve it...?

I earn a good salary, have very little outgoings and only want to borrow £4 grand. Very frustrating...

Any advice greatly received... Jim

Tixy

Your score is so low as being on the electoral roll is really significant.
As the council have said you have missed the May deadline for appearing on the file from 1 June, so won't be on the register until 1 July. But it can take the credit reference agencies up to another month to update their records (and in fact sometimes longer although it shouldn't).

The other reason is that you have no open credit agreements to show potential lenders a past history that you can handle credit responsibly.
You can't make your phone contract provider report to equifax - you may find they already report to experian.

Have you looked at your experian file as well (not the score - waste of money but the actual statutory credit report).

With the car insurance could be similar and on your experian file, might be that they don't ask to be allowed to report to the CRAs, or they may only report negative info.

jameskelson

jameskelson wrote: »

Hi,

I'm after some advice....

My credit rating is classed as Very Poor by Equifax (score 221).
The only 'red' marks on my report though are the Electoral Roll (very poor) and credit agreements (poor)

The Electoral Roll query is that I was not registered at my current address (moved in January). I've given the council the new address but they say it will not be effective until July !?
Does that mean I have to wait until then for my credit report to look healthier?

My credit agreements are non-existent. I don't owe any credit cards, store cards or loans. I do however have a mobile phone on contract and my car insurance is paid monthly under a credit agreement but neither of these show !? Can I get them put on my report to help my status (credit worthiness) ?


As for the rest of the report, its pretty much blank. (and highlighted green for good)....

No court action, gain or cifas,...
Only 2 searches - March (credit card) May (loan)

Why is more score SO low and what can I do to improve it...?

I earn a good salary, have very little outgoings and only want to borrow £4 grand. Very frustrating...

Any advice greatly received... Jim

Hi again, and thanks Tixy for your message. My next question is as I already have 2 searches recorded on my credit report (neither of which i gained credit from - turned down for credit card, turned down for loan), if I attempt to get credit again (finance plan from motorcycle dealership) is that recorded search going to have a negative impact on my report if im unsuccessful again?

Also, do I have no alternative but wait the 2 months or so its going to take the council to update my electoral roll registration and then equifax to update my report and then hope my rating improves ?