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

rberezowski

I have recently checked my credit reports with both Experian and Equifax. There are a lot of things missing, especially on the Equifax site. How do I go about getting the missing accounts added? Also, should things like my mobile phone contract be there? Equifax did not have me as registered on the electoral roll, so I called them about that, but I would like to know about the other details.

Moggles_2

rberezowski wrote: »

I have recently checked my credit reports with both Experian and Equifax. There are a lot of things missing, especially on the Equifax site. How do I go about getting the missing accounts added? Also, should things like my mobile phone contract be there?

You can contact the provider - there's no harm in asking - but you cannot insist they report your account(s) to a particular credit reference agency. The decision rests with the lender.

Equifax didn't have me registered on the electoral roll, so I called them about that ...

Your electoral status is a different matter. When did you enrol at your current address?

Botany

hello, I have a couple of questions after checking my Experian report:

1) They list some old loans (paid and settled ages ago) and some credit cards (paid and closed ages ago) but they make no mention of my main current account where my salary gets paid and again no mention of my main credit card, the one I use regularly. Should I contact them and clarify?

2) How long does the data eg on old loans and old cards that are now closed/extinguished stays in the system for?

Thanks everybody for any answer you may give :beer:

Moggles_2

Botany wrote: »

On checking my Experian report, they list some old loans (paid and settled ages ago) and some credit cards (paid and closed ages ago), but they make no mention of my main current account where my salary gets paid and again no mention of my main credit card, the one I use regularly.

Are your current and card accounts provided by the same bank or are there two different institutions involved?

How long does the data eg on old loans and old cards that are now closed/extinguished stays in the system for?

The credit reference agencies keep closed accounts on file for 6 years from the date they were settled.

Botany

Thank you Moggles for replying :beer:

YES, the account is Natwest and the credit card is Natwest also. As these are my main/most used account and main/most used credit card, the omission seems hard to justify.

Any idea what I should do?

dannymahon

I have recently just checked my credit rating and found that I have a default from 2008 and am not on the elctoral role. My credit score on Experian is therefore 590.

My default was caused by me passing my phone contract with TMobile on to someone when I went travelling. It is only now I found out that this occured. Obviously this is completely my fault but is there anyway once I pay the default tomorrow (which is only £86), that I can have the defaut either removed or marked favourably?

Another issue I have is that Abbey took away my bank account last week (due to my girlfriend removing her "link" to me, hence vastly reducing my credit score) and have banned me for 3 years! I have applied for a bank account with Co-op but now am concerned it will be rejected to due to my default and lack of electoral roll membership.

Is there anything I can do about the default?

If not what else can I do to improve my score....especially if Co-op reject me and I don't have a bank account!

Moggles_2

Botany wrote: »

Thank you Moggles for replying. YES, the account is Natwest and the credit card is Natwest also. As these are my main/most used account and main/most used credit card, the omission seems hard to justify. Any idea what I should do?

From feedback here, NatWest only reports accounts which are in arrears. In other words, customers who have a good credit history, leave no trace whatsoever.

You can contact the bank - there's no harm in asking - but you cannot insist it reports your account(s) to a particular credit reference agency. The decision rests with NatWest.

chrisandclaire

Just a little update - my bf got round to ringing Tesco today about him being declined for a card. They confirmed it was because he's lived at the address for under 3 years, but said it was easily recified - just send them a utility bill to confirm his address (despite the fact he told them we're moving in under a week).

So fingers crossed he'll be accepted - will let you know. Thanks for advice!

CC

Moggles_2

dannymahon wrote: »

I have recently checked my credit rating and found that I have a default from 2008 ... My default was caused by me passing my phone contract with TMobile on to someone when I went travelling. It is only now I found out that this occurred. Obviously this is completely my fault, but is there anyway once I pay the default tomorrow (which is only £86), that I can have the default either removed or marked favourably?

We do not have the right to have information removed from credit files if it is basically correct, but you can ask the credit reference agencies to put a notice of correction on file explaining why you think information is misleading. This notice will then be seen by banks, mobile phone companies etc, when you apply for credit.

Please note: most credit decisions are computerised, so if there is a notice of correction on your report, your credit applications will take longer to process because they have to be referred for a manual decision i.e. a person will decide whether or not you can get credit.

Moggles_2

dannymahon wrote: »

I have recently checked my credit rating and found that I am not on the electoral roll ... What else can I do to improve my score?

I would enrol ASAP. It's free after all and everyone's credit rating improves no end once registered.

Because of the sheer volume of cc applications received, lenders routinely reject applicants whose identity cannot be verified electronically via the credit reference agencies, which in turn collate data from public records such as the electoral register. If you're not on the electoral roll at your current address, you'll struggle to get any credit.

For more tips, have a look at the *Credit Rating: how it works and how to improve it guide*, especially Martin's *Manage and Improve your credit score* article which triggered this thread

http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve