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

bigadaj

Lillypad1791 wrote: »

Whilst looking on MoneySavingExpert to see how I could improve my credit, I followed a link to Equifax Website who offer a "Free" Credit Report, which I signed up for. This "Free" report did not have enough information in, so I purchased the credit scoring report for £5.95, which was exactly what I required.

However, I've just noticed that I have been charged £8.99 because I did not call up and cancel the membership, which I had automatically signed up to by requesting the "Free" Credit Report. I really do wish that this company, who are advertising on a website where people are looking for ways to save money and some of whom I presume are in financial difficulty, would make it more clear either, on their website or in the e-mails they send when you have requested the "Free" report that this is the case.

Looking back at the website, I scrolled down the page and can now see that's it says £9.95 if you do not cancel within 30 days, but I had to look for it, in my opinion it is not clear - whereas the word FREE is crystal clear!!

I wonder why that is? Still a small price to pay if you take the experience and read through things from now on before signing up and committing to further fees and charges.

persa

I've had one credit check recently to cover a new current account and credit card.

I want to close down accounts with two other banks and replace them with accounts with another two banks. Obviously this is going to involve another two credit checks, and one of those is going to cover my OH as it will be for a new joint account.

Should I wait a certain length of time before I make an application?

Btw, we're not on the electoral role (but that didn't stop my existing bank offering me a credit limit of £7k recently). Would going on the electoral role do more harm than good? Our building is registered everywhere as one house, although it's actually been converted into several flats. I'm concerned we might get linked with some of the neighbours, due to official bodies thinking we share one household - we don't?

The_Boss

Lillypad1791 wrote: »

Whilst looking on MoneySavingExpert to see how I could improve my credit, I followed a link to Equifax Website who offer a "Free" Credit Report, which I signed up for. This "Free" report did not have enough information in, so I purchased the credit scoring report for £5.95, which was exactly what I required.

However, I've just noticed that I have been charged £8.99 because I did not call up and cancel the membership, which I had automatically signed up to by requesting the "Free" Credit Report. I really do wish that this company, who are advertising on a website where people are looking for ways to save money and some of whom I presume are in financial difficulty, would make it more clear either, on their website or in the e-mails they send when you have requested the "Free" report that this is the case.

Looking back at the website, I scrolled down the page and can now see that's it says £9.95 if you do not cancel within 30 days, but I had to look for it, in my opinion it is not clear - whereas the word FREE is crystal clear!!

Sorry to hear you wasted £5.95 on the worthless credit score.

Why do you think you needed to enter card details for a 'free' trial?

Hopelessly_Hopeful

I have a query that could hit either of the credit score, DMP or mortgage boards. Any comments gratefully received.

https://forums.moneysavingexpert.com/discussion/4514247

HHx

black_taxi_2

diff scores to diff lenders----thats sums up these money making snake oil salesman

barneystuta

Hi all,

Need a help with an old Shop Direct Finance LTD account (Very.co.uk).

I have checked my Equifax report, and it states that I had a period between May-November 2010 where I missed payments, and and went 3 behind.

I don't remember this at all, and I can't access my "old" statements online.

I contacted Very, and they want £5 for each month! (So a total of £60+ if I got all the months).

I have requested for the November one only, to see what the balance was (and how it got "3 late payments" down, but I suspect it is an error.

Is there a way I could get the information cheaper? £5 per statement is excessive.

Could I do a SAR's request?

memphis

Hello ! I wonder if anyone can help.

We were three days late paying our M&S card, which took my credit rating down markedly from Fair to Poor (I know this as I was checking my credit rating in December).

The reason why we were late was because we were undergoing IVF, after 4 years of ectoptic pregnancies/failed IVF attempts, and the date of the first scan fell on the same day as the repayment. I know, we should have had a direct debit running !

Happily the scan was successful, but as we paid three days late, this unfortunately went onto my Experian credit file, even with 24 months of perfect repayment before it. M&S even refunded (without asking) the £12 missed payment fee.

Like others, we are trying to shift our debt onto a low interest rate card, and I'm very concerned by the damage this has done to my credit rating.

I asked M&S and Experian whether it was possible to have it adjusted, but while sympathetic, neither could remove or do a good will correction.

My question is simply this : Given my personal circumstances, could I take this to an ombudsman, or should I settle for attaching a Notice of Correction ?

Many thanks in advance !

jeff4

Hi barneystuta,

If you are absolutely sure you did not miss any of these payments as indicated on your Credit File, You should write to Equifax and formally dispute the account information. They will then have to write to Old Shop Direct Finance and clarify this information, this will save you having to pay out for these statements. In the meantime you could also request Equifax place a "Notice of Correction" disputing the Accuracy of this information.

Hope this helps.:j

barneystuta wrote: »

Hi all,

Need a help with an old Shop Direct Finance LTD account (Very.co.uk).

I have checked my Equifax report, and it states that I had a period between May-November 2010 where I missed payments, and and went 3 behind.

I don't remember this at all, and I can't access my "old" statements online.

I contacted Very, and they want £5 for each month! (So a total of £60+ if I got all the months).

I have requested for the November one only, to see what the balance was (and how it got "3 late payments" down, but I suspect it is an error.

Is there a way I could get the information cheaper? £5 per statement is excessive.

Could I do a SAR's request?

sfax

You're better off contacting the lender. A notice of correction can be more of a hindrance than a help. It can mean that all applications you make are deferred

Kimberlicle

The address for all my bank accounts/credit cards is my parents address. I left it at this after I moved out as I am renting and seem to move every year. I did not want the hassle of changing my address on everything ever time I moved.

I was just told that this might have affected my credit rating negatively - is this true?

I don't know what to do for the best.

Any advice greatly appreciated!