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

Gill_B_2

Equifax say they have no record of my previous address on their system, that it's not registered. We lived there for 2 years and registered it with Royal Mail and had post delivered there. As proof I sent a copy of the Royal Mail redirection confirmation, with both our old address and new one on it.
As proof of i/d I sent a copy of latest joint bank account statement which, although addressed to my husband, had my full name on the account details section.
They have rejected this documentation, saying they need more proof, but I don't have anything official that has been sent just to me, at my address, in the last 8 weeks, apart from my Barclaycard statement, which doesn't have my address on it so will be ineligible.
Have you any advice on how I should proceed, as I'm at a loss to know what to do. Am I right to think they are being unreasonable?

Moggles_2

Gill_B wrote: »

Equifax say they have no record of my previous address on their system, that it's not registered. We lived there for 2 years and registered it with Royal Mail. As proof I sent a copy of the Royal Mail redirection confirmation, with both our old address and new one on it. As proof of i/d, I sent a copy of latest joint bank account statement which, although addressed to my husband, had my full name on the account details section. They have rejected this documentation, but I don't have anything official that has been sent just to me at my address, in the last 8 weeks, apart from my Barclaycard statement, which doesn't have my address on it. Have you any advice on how I should proceed, as I'm at a loss to know what to do?

That's why it pays to get on the electoral roll as soon as possible after you move to a new address and check your electoral status is recorded correctly on credit files. Getting this right obviates the need to produce I/D and proof of residency every time you apply for credit, savings accounts or to the credit reference agencies.

More importantly, because of the sheer volume of applications received, lenders routinely reject applicants whose identity cannot be verified electronically via the CRAs, 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.

izools

Katy_M wrote: »

Hello me again!

Just a quick query on behalf of my OH.

If you apply for a bank account (basic bank account with no overdraft or cheque book etc) - does it show on your credit file as an application for credit?

Thanks in advance

I know from experience that Lloyds TSB and Co-Operative search Experian even for a basic ac!!!!. HSBC search experian and equifax for a cash card account.

Barclays Bank don't perform a credit search for their Cash Card account.

I know this because I've been rejected for both a Lloyds and HSBC account (CASH CARD accounts) due to credit score. Co-Operative didn't ask for any ID when I opened a cashminder with them through my bankruptcy because they ID matched me based on my credit file.

Halifax do an unrecorded enquiry in conjunction with an Easycash application.

Also, both Co-Operative and Barclays report monthly green [0]s to the credit reference agencies for their basic accounts, and they appear as full bank accounts on your credit report.

Hope this helps!

Gill_B_2

Moggles wrote: »

That's why it pays to get on the electoral roll as soon as possible after you move to a new address and check your electoral status is recorded correctly on credit files. Getting this right obviates the need to produce I/D and proof of residency every time you apply for credit, savings accounts or to the credit reference agencies.

More importantly, because of the sheer volume of applications received, lenders routinely reject applicants whose identity cannot be verified electronically via the CRAs, 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.

We are on the electoral roll at our current address.......

Moggles_2

Gill_B wrote: »

We are on the electoral roll at our current address.

How long have you lived there and when did you register?

rafter1

Hi there, I was made redundant late last year and was not able to make the minimum payments on my credit cards for the last 5 months. I have been in contact with the lenders and they are generally being understanding (although still charging interest and fees!). I've run my Equifax credit report and it shows 5 late payments on some of the credit cards, with others only showing 2-3. I have now found new work and will be in a position to either negotiate a payoff on the total owed, or returning to regular payments...which would be the better approach and is there a way to negotiate taking the late payments off my record with either/both approaches?

d4zza

Hi, quick query relating to electoral roll. I won't bore you with my past history, but I've had significant defaulted debt and been lucky enough to be in the position to pay all this off over the last 3 years. I thought for a laugh I'd check my credit score via creditexpert and it's actually not as laughable as I thought, up at 976! I expected much lower. I then applied for a mobile phone contract and was accepted, now I'm in a position to buy myself a new(ish) car with value at approx 1/4 of my annual salary (which is higher than national average), but was refused credit. Turns out I'm not (wasn't) on electoral role at my current address, an oversight on my part. I applied to my local council to update this early september when the yearly paperwork dropped through the door.

My question is, how long will this take to update on my credit file? Is there a fixed time or is it a combination of personal/council circumstances?

never-in-doubt

Can I just point out (again) that these scores you pay for are a waste of money and mean nothing in the real world! A credit score is unique to a lender, the CRA's sell their (meaningless) scores to make you apply to their customers, 90% of the time you'll get declined anyway!

Ignore the scores - you know yourself if you're high risk or not by reading your credit file which costs only £2!

never-in-doubt

d4zza wrote: »

Hi, quick query relating to electoral roll. I won't bore you with my past history, but I've had significant defaulted debt and been lucky enough to be in the position to pay all this off over the last 3 years. I thought for a laugh I'd check my credit score via creditexpert and it's actually not as laughable as I thought, up at 976! I expected much lower. I then applied for a mobile phone contract and was accepted, now I'm in a position to buy myself a new(ish) car with value at approx 1/4 of my annual salary (which is higher than national average), but was refused credit. Turns out I'm not (wasn't) on electoral role at my current address, an oversight on my part. I applied to my local council to update this early september when the yearly paperwork dropped through the door.

My question is, how long will this take to update on my credit file? Is there a fixed time or is it a combination of personal/council circumstances?

Ask the council for a letter confirming your inclusion and then send this to the CRA's who will in turn update the records asap. Failing that, just see it out but can take a few months if not addresses properly (i.e. chase the council and the CRA's to get it added).

d4zza

I was under the impression the credit score thing wasn't the be all and end of, but I must admit the other information provided useful, relating to accounts open and status and that essential hint about not being on the electoral role. I'll take on board to ignore the scores and I honestly reckon I'll be good for a car loan once the register is updated.

Thanks for reply and suggesting my next course of action re letter.