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

Hazzinho

Settled accounts are closed and are good. Settled accounts are proof you have managed money well. They will drop off 6 years from the close. Each history will drop off month by month as they are 6years old.

ElleWoods

Thanks for replying so quickly, Hazzinho, that's very reassuring.

Kinny33

I was wondering if anyone could give my some advice.

I am a member of Experian and have been for a few years. My credit rating was poor and I have gradually been improving to fair over the last year. I have been writing to a couple of my lenders re: incorrect defaults on my report. Natwest have not replied. Everything I sent I forwarded to Experian to have a look into for me. According to Experian Natwest have updated my records, however Experian over the last month changed slightly where you can see more about your account history broken down into individual months. I started my Natwest account in 2003. To cut a long story short, I was a student a bit naive had a £400 limit and could only afford to pay off the minimum set up on a monthly direct debit. I moved a lot but I always updated my change of details. Through my report it states I had 'gone away'. Which was rubbish I always received statements. I became full time employed I started to pay off more by posting cheques off. Experian looked into why it states on my report 'default' as I never missed payments and on the new detailed report it is all green bar one month where the reports claims that I have a outstanding balance of £493, and consequnetly have a '8'. My limit was £400 to start with and I never reached it or went over it. Experian did a little digging and said the account will be updated as ?Satisfied? to show it has been paid, but the default and status of ?8? will remain to show how the account was run. A defaulted account will stay on your credit report for six years from the date of default, whether it has been paid or not. The status of '8' was only on one month out of over 8 years of having the account open and I believe that information is incorrect anyway. I resent a email to Experian again saying that I wanted to see the response from the lender which Experian said I was entitled to. That was back in February, I still haven't received this response and nothing has been updated at all even according to the report it was on 9/2/12. Ok this all a little confusing and long I appreciate but where do I go from here? I subscribe to Experian for a reason for them to help me with my credit rating but so far I am getting no where. I understand that ultimately Natwest are to blame for having out of date records and I have no records/old statements to proof otherwise but surely there must be something else I can do. I have complained to Experian again and said that if it is not rectified I will have no choice but to go to the FOS. Is this correct? Please someone help me as I am running out of options.

Thanks for your time and sorry about the length of this message.

steve1980

Some paragraphs would have been helpful!

So you're paying for a computer to send you through a report each month? Experian will not "help" you get a better credit rating, you have to spend time sorting out your credit history. Natwest will have to remove the 8 for you, not Experian.

You can save yourself some money by cancelling Experian.

Nicip

I know that in general I have a good credit score - I had to have a credit check for the dual fuel account at my shop and was told the score was very high. But I'm self employed. I keep being advised not to apply for a new credit card as I won't be given one. But I see all these Balance Transfers for 0% and can't take advantage of them when my current cards are running at 19.9%, which I thought was a tad high, and then the other just gone up to 23.9%!!!! Anyone got any suggestions?

Kinny33

steve1980 wrote: »

Some paragraphs would have been helpful!

So you're paying for a computer to send you through a report each month? Experian will not "help" you get a better credit rating, you have to spend time sorting out your credit history. Natwest will have to remove the 8 for you, not Experian.

You can save yourself some money by cancelling Experian.

I understand that Natwest can only remove any default etc. and I am spending time sorting out my credit history that is what I am trying to do. I understand Experian's role in this. But since I am not getting any response to letters I have sent to Natwest, you can use Experian to help get in contact with the lenders which is what I am doing. I was wondering if anyone can advise me where to go to now since Natwest are not responding to my letters. Can I send this to the FOS or what? I sent the letter to the Natwest via the address on my credit report. I do not even know if that is the correct address to send it to. Does anyone else thing Experian is a waste of money?

QuestionRequest

I have recently been a victim of ID fraud and it has been logged with CIFAS but the company I was "frauded" with have suggested I get a credit report to see if anything else has been taken in my name. They recommended Equifax or Experian. I tried to get the £2 basic report on Equifax but it told me I had to call them which I did and was on hold for 15 mins to then be told my application had not gone through properly and I had to redo it online!

I then thought about the FREE Trials both companies are offering for 30 days (then they charge you £14.99 a month) but they want my credit card details up front (presumably in case I forget to cancel in the 30 day free trial period) but is this normal and is it very easy to cancel the free trial during that free period; I wont be stuck with an ongoing charge on my credit card as you can never cancel it????

Can someone help or advise if they have used these companies before and / or the 30 day free trial or the standard £2 one???

Many thanks.
Confused & Bewildered!!!
:eek:

teffers

I've used the equifax free trial and it's easy to cancel. You just call them up. They'll try and get you to stay but just say no to everything.

Sammie2012

I have had a incorrectly applied default removed from my credit file. My credit score has jumped from 257 to 467. My partner has one of 999, I have never had any issues apart from this incorrect default, over time will this score increase is it the defaults fault that it remains so low??

Thanks :-)

eddie864

I bought a £2 report from Equifax. Two security questions on store cards / accounts and enter card details to pay. Pretty useful report for £2. Shows a lot of info including payment histories. No deals to cancel so easy.