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

Moggles_2

MagicWander wrote: »

I've read the article that says my OH should spend on a credit card and pay off in full every month to improve his credit score. Would it be better to apply for a new card and start from scratch or to just use his existing card (which has LOTS of late payments but no defaults and is now clear) or whether it would make no difference (in which case we'd use the one he already has to save making another application for credit)

It's your payment history with all your creditors over the last 6 years that counts, with particular emphasis on the most recent 12 months.

If he uses his existing credit card and repays at least the minimum required on time each month, the late payments will gradually recede into the background.;)

copacabana

Hi, I'm checking my Experian file and would be very grateful for some advice:

Once you've registered, you're supposed to log all of your addresses over the past six years, which in my case means about eight, some of them overseas. I'm just wondering if by doing so I could actually HARM my credit rating (versus leaving it as it is) if they don't have all those details on their file for me already, or whether I would still be better off just making sure any info connecting me with those addresses is actually correct.

Many thanks for your help :-)

Moggles_2

copacabana wrote: »

I'm checking my Experian file. Once you've registered, you're supposed to log all of your addresses over the past six years, which in my case means about eight, some of them overseas. I'm just wondering if by doing so I could actually HARM my credit rating (versus leaving it as it is) if they don't have all those details on their file for me already, or whether I would still be better off just making sure any info connecting me with those addresses is actually correct.

Well, an overseas address is unlikely to help much, since data which cannot be corroborated is not used for credit scoring.

Are you on the electoral roll at your current address and, if there less than three years, your previous one(s)? If so, this could be verified electronically using public records.

Lenders like stability so being with the same employer, bank and current address for a while all help when applying for credit cards. Basically, the longer you've stayed in one place, the better.

Blakespops

I have a debt from back in the 90's (1997 i think and was bank charges due to failed direct debit and i refused to pay the fees handed cheque book and card in and told them to keep the account but the late payment fees overdraft fees etc kept getting added plus intrest on the debt etc) that every year or so i get a letter from different debt collectors demanding paying. Each time i send a letter telling them that in no way am I accepting the debt and asking them to prove that the debt is owed. not once have i had a responce but this keeps going on my credit file and is listed a few times with the different companies all as debt. I asked for it to be removed but they refuse. what can I do?

harryhound

You should have ignored it for 6 years and it would have become statute barred.

Blakespops

was not until after 2005 that i started being bothered by them, some 9 years later. now asking for the proof and being ignored by them then when i send letter pointing out that I believe it is statute barred i get letter from new company claiming the debt, had four companies in last year chasing that one debt

copacabana

Moggles wrote: »

Well, an overseas address is unlikely to help much, since data which cannot be corroborated is not used for credit scoring.

Are you on the electoral roll at your current address and, if there less than three years, your previous one(s)? If so, this could be verified electronically using public records.

Lenders like stability so being with the same employer, bank and current address for a while all help when applying for credit cards. Basically, the longer you've stayed in one place, the better.

Hi Moggles, thanks a lot for the feedback. Yes, am on the electoral role at my current address and was also for my past couple of homes, but how do I check the public records for this?

Have only been back in the UK for two years; was overseas for four years prior to that. If details linked to the overseas addresses aren't checked, how would you suggest that I deal with the Experian requirement that you enter all addresses for the past six years? Perhaps I should provide my parents' UK address for that period?

Many thanks! :T

harryhound

Blakespops wrote: »

was not until after 2005 that i started being bothered by them, some 9 years later. now asking for the proof and being ignored by them then when i send letter pointing out that I believe it is statute barred i get letter from new company claiming the debt, had four companies in last year chasing that one debt

I was taught, I don't know if it is still true, that if you acknowledged the debt in any way the 6 years started all over again:eek:

I have several times seen examples of people arriving in court and then playing the over 6 years card - case closed. Did you take the precaution of writing "without prejudice" at the top of your letter saying "no case to answer - debt if any over 6 years old" and then warning that any further harassment would be illegal ?

LilacPixie

Blakespops - Once a debt is statute barred it cannot be unbarred. Of course if a CCJ exists on the debt then the rules surrounding statute barred debt doesn't apply. What exactly is on your credit record ?? I elieve you can complain to the information commisionare if a company is recording incorrect information about yourself and is refusing to correct their error.

John_Pierpoint

LilacPixie wrote: »

Blakespops - I believe you can complain to the information commissionaire if a company is recording incorrect information about yourself and is refusing to correct their error.

Good luck.
I tried to do this with a company after a nasty dose of identity fraud.
I've blogged it on this forum a year or so ago.

http://forums.moneysavingexpert.com/showthread.html?p=6561549&highlight=ICO#post6561549

I have a feeling that the UK has tried to persuade the rest of the world that we have taken personal data accuracy & security seriously to comply with EU and foreign treaties.

The reality is that the individual gets embedded in a hived off blame the victim situation designed to make you go away and shut up.

Let us know how you get on.