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

Moggles_2

mgibson wrote: »

What would I have had to do to opt out? I wouldn't have willingly done this.

You didn't register your details during that period. Borough-wide audits are undertaken annually in August and the register is updated in October. It's also possible to enrol each month from early December until mid-August, using the rolling register procedure.

Would this look bad to lenders?

Well, it won't help certainly. Lenders like stability. Living at the same address for a while - the longer, the better - and being able to verify this electronically via public records, helps when applying for new credit

(Btw, being with the same bank and employer are a big plus as well.)

ScarletBea

Great :rolleyes:
I finally got it and discovered that apart from the Electoral Roll, it's completely empty, even though I've had a credit card for over 9 months...
I've asked them why isn't that information there, let's see the answer.

I'm also going to change the BT contract phone line from my flatmate's name to mine (she doesn't need it), it's another positive point, isn't it?
I hope it can be done...

I don't have a mobile phone contract as I spend about £10 every 2 months...

Thanks for your advice, anyway

TIMMY85

Hi I was dischaged from bankruptcy last year and have recently taken a look at my credit report using creditexpert.
Some of the debt that was included in the bnkruptcy is showing as 'satisfied' and 'satisfactory' whereas others show as defaulted and are still being updatd even though I am not liable for that debt anymore.
Is it possible to get this changed? Is it best to write to the credit agencies or the lenders themselves.
I did pay some money to the receiver in a payment agreement but this stopped when my income dropped, and even though I am now earning more I do not need to restart this after discharge.
Many thank

marcellep

TIMMY85 wrote: »

Hi I was dischaged from bankruptcy last year and have recently taken a look at my credit report using creditexpert.
Some of the debt that was included in the bnkruptcy is showing as 'satisfied' and 'satisfactory' whereas others show as defaulted and are still being updatd even though I am not liable for that debt anymore.
Is it possible to get this changed? Is it best to write to the credit agencies or the lenders themselves.
I did pay some money to the receiver in a payment agreement but this stopped when my income dropped, and even though I am now earning more I do not need to restart this after discharge.
Many thank

I was in a similar postion to you! and I managed to get several defaults removed and I am still fighting one.

Tell us some more details

When where you made bankrupt? What is the exact date of the default?

marcellep

I have complained to IC re capital one not sending me a copy of my default they applied to an account 4 years ago, they only sent me a blank one!!! Now this is the reply.

I am being stupid and really dont understand it!

Anyone?

Dear Marcellep

Thank you for your email of 12 May 2009.

I note that Capital One has applied a default to your account without informing you. I note that you have tried, without success, to obtain a copy of the default notice from Capital One.

I do not know the circumstances in which Capital One imposed the default and in any event cannot comment on whether Capital One was correct in doing so as this is not within the remit of the Information Commissioner’s Office (ICO).

In general a defaulted account may show on a credit reference file for 6 years from the date of the default. A default normally occurs when the terms of a credit agreement have not been met and the account is 3-6 months in arrears. When the debt is repaid, the entry on the credit reference file should be marked as settled or satisfied.

You may wish to note that Section 15 of The Consumer Credit Act 2006 provides that credit agreements which would previously have been irredeemably unenforceable because they are unsigned, or missing, may now be enforced by court order. In view of this the ICO re-considered the circumstances in which the credit reference agencies should be permitted to record details of unenforceable credit agreements. In doing so particular regard was paid not only to the clear legislative intent that the absence of a credit agreement, should no longer be an absolute bar to enforcement, but also to the following factors;

1. The question of whether a legal liability exists in relation to a credit agreement is quite separate from the question of whether such a liability may be enforced by the creditor.
2. Where a liability does exist, creditors have a legitimate interest in sharing relevant information about that liability, including information about whether the amount due has been repaid. Such information may properly inform responsible lending decisions, regardless of whether the liability is enforceable.
3. Responsible lending decisions are dependent upon lenders receiving accurate information about individuals’ ability (and/or inclination) to repay their debts. Where a credit agreement clearly existed and credit has been provided to the debtor, but the debtor is not obliged to repay the loan due to the provisions of the Consumer Credit Acts, this does not mean that there was no agreement in the first place. It simply means that there was no enforceable regulated agreement.

It follows that, where the existence of the agreement is not in doubt, the ICO considers it to be appropriate for information about the agreement, including any failure by the debtor to repay his or her debt, to be recorded with the credit reference agencies. Where a ‘debtor’ disputes the existence of any credit agreement, enforceable or otherwise, the ICO would ask to see evidence of the agreement and of its terms. This might include evidence of the provision of the credit facility or of a history of payments made by the debtor.

It follows that, where the existence of the agreement is not in doubt, we consider it to be appropriate for information about the agreement, including any failure by the debtor to repay his or her debt, to be recorded with the credit reference agencies. Where a ‘debtor’ disputes the existence of any credit agreement, enforceable or otherwise, we would ask to see evidence of the agreement and of its terms. This might include evidence of the provision of the credit facility or of a history of payments made by the debtor.

The 4th Principle of the Data Protection Act 1998 (the Act) requires that personal information should be “accurate and, where necessary, kept up to date”. As you may know, Section 12A of the Act entitles a data subject to give notice in writing to a data controller to require them to rectify, block, erase or destroy such data that are inaccurate or incomplete. The notice must be in writing. Please see pages 19 – 21 of our ‘Credit Explained’ booklet for further information, a link to which is below.
http://www.ico.gov.uk/upload/documents/library/data_protection/practical_application/credit_explained_leaflet_2005.pdf

If, after a period of at least 28 days, no satisfactory response is received a formal complaint may be made to the Information Commissioner’s Office. Please see pages 22 – 24 of the booklet, ‘When and how to complain’.

I enclose a link to the appropriate section of the ICO website.

http://www.ico.gov.uk/complaints/data_protection.aspx

I hope this reply is of assistance.

Yours sincerely


Anne Gordon
Advice Officer

harryhound

Looks like a standard letter sent out in response to the current "industry" of claiming debts are unenforceable because of glitches in signing the original paperwork.
It simply points out that in these circumstances a debt legally exists for 6 (or 12 if land is involved) years and remains non-collectable until then, as long as the borrower does not legally acknowledge the liability. After the statutory limitation period, it can be legally denied, a bit like a criminal offence under the rehabilitation of offenders act.
In your case you seem to be claiming that you never borrowed this money from Capital One (or at least they cannot prove you ever did) so the entry is a wicked lie.
Is this true?

If so the letter you have been sent is not appropriate to your situation..

Harry

PS I presume you are not a discharged bankrupt?

marcellep

harryhound wrote: »

Looks like a standard letter sent out in response to the current "industry" of claiming debts are unenforceable because of glitches in signing the original paperwork.
It simply points out that in these circumstances a debt legally exists for 6 (or 12 if land is involved) years and remains non-collectable until then, as long as the borrower does not legally acknowledge the liability. After the statutory limitation period, it can be legally denied, a bit like a criminal offence under the rehabilitation of offenders act.
In your case you seem to be claiming that you never borrowed this money from Capital One (or at least they cannot prove you ever did) so the entry is a wicked lie.
Is this true?

If so the letter you have been sent is not appropriate to your situation..

Harry

PS I presume you are not a discharged bankrupt?

I had a trust deed which I am now discharged from, what I am disputing is that Capital One did not send me a default when they claimed they did. I did have a account with Capital One which I serviced until it joined my TD. Now what there telling me is that I should have expected to get a default, But I say you have a duty to prove to me that you sent it

UK0106

marcellep wrote: »

It suggests that you never added your name to the electoral roll during that period.

I assume your on it now?

The "opted out" marker on your Callcredit report actually means that you opted out of the edited electoral register (the one used for marketing) during that period.

It does not mean that you weren't registered on the electoral roll during that period, simply that your electoral roll information could not be accessed by organisations wishing to use it for marketing purposes.

sonicfusion

Hey all

Well this has been a busy month and i was wondering if anyone could help me. Now my phone is dying, ive been with my virgin contract for 16 months now, and ive got 2 months to go, but sadly i dont think the phone will make it, now im happy to pay the final 2 months in full and move. So i tried applying for a T-Mobile phone contract and was rejected as they said my credit rating was bad. Now its an extra £5 a month and i can easily pay for that.

Anyway i know why i have it bad, i did a quote online for a loan for my new car, and it came up as rejected, then i went into the bank and asked them why and after an hour i came out with a loan that was only 10% less of what i asked for, and a credit card, this would then pay for my car, and later that day an egg credit card.

How long do i have to wait before i can apply for this new contract? Or am i forever doomed now that ive got a loan and 2 credit cards and a 2 rejections on my file?

gordon79

I guess this must have come up before but I couldn't find it...

I checked my credit reports recently and found that NatWest, with which I've had my only credit cards for the last decade or more, were not reporting them to the credit agencies. I assumed it was some kind of mistake but after a fair bit of chasing was informed in writing from my bank that they only report when accounts are three months in arrears. In other words, if you have a good credit history with them, you leave no trace whatsoever -- the reports don't even show I _have_ any cards.

This is very frustrating as I was recently turned down for a couple of (good) credit cards, despite having nothing untoward on my reports at all. It turns out, I think, that this is precisely the problem -- I have next to no record, despite using my NatWest credit cards for almost everything I buy!

Does anyone know, is there anything I can do to _force_ the bank to report my good history or otherwise resolve this? It's actually a form of anti-competitive behaviour, I think, as it means I can't change to different cards.

Thank you.