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

Moggles_2

d4zza wrote: »

Turns out I'm not 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. 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?

Neither of those.

The period before new entries/amendments are added to the electoral roll varies during the calendar year. It's possible to enrol each month from early December until mid-August, using the rolling register procedure Unfortunately for you, there's a blind spot from mid-August till mid-October. This is because borough-wide audits are undertaken annually in August. So, additions made now will not appear on the ER until 1 December 2009.

On 1 December, you may want to contact the electoral services department of your local council to ask when the credit reference agencies are next updated, as frequency varies a few days between boroughs. Then check your electoral status is correctly recorded on credit files at your current address before you apply for a new credit card.

d4zza

Thanks Moggles, more useful information. I'll fire off an email to the council and see what they say on the matter now. Generally, our local council is excellent at replying to email enquiries, so hopefully find out soon when my status is updated. I know from reading plenty on the website not to apply for any more credit at least till that updates. Don't want any more refusals on my record after working hard to pay off those early-20s, don't care lifestyle, debts!

Moggles_2

d4zza wrote: »

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.

Unfortunately, too many users seize on the credit score and don't take sufficient time to look at their credit report properly in conjunction with the guidance notes which the CRAs enclose for free. (The same explanatory notes are available online). The reports and the notes are invaluable IMO but, as above, the scores are a waste of money and tend to distract people from tackling the things that actually matter

Katy_M_2

d4zza wrote: »

after working hard to pay off those early-20s, don't care lifestyle, debts!

This is my problem too :mad:

It seemed so much fun at the time but I would definatly do things differently if I could turn back the clock!

I think children should be educated in economics again at school. Either that or be assigned homework of 1 hours revision of the mse forum every night.

This forum has been invaluable to me and I wish I had stumbled across it as soon as I started earning money. The advice given is always so useful and I'd like to take this opportunity to thank people like Moggles and Never-in-doubt (and many others of course) who constantly take time out to help so many people.

d4zza

Katy_M wrote: »

This is my problem too :mad:

It seemed so much fun at the time but I would definatly do things differently if I could turn back the clock!

I think children should be educated in economics again at school. Either that or be assigned homework of 1 hours revision of the mse forum every night.

This forum has been invaluable to me and I wish I had stumbled across it as soon as I started earning money. The advice given is always so useful and I'd like to take this opportunity to thank people like Moggles and Never-in-doubt (and many others of course) who constantly take time out to help so many people.

Agree that school children should be educated better, but I definitely WOULDN'T do differently. The experiences and people that I encountered and memories created were far more valuable than the money I now have to pay back. And I definitely couldn't have afforded those days if I'd been sensible. I was lucky (and I do know it) in that the debt hasn't really held me back for my life that I live now.

Joeler

Afternoon all

I have recently checked my Equifax credit report and was horrified to see that there are Arrangement to Pay markers against my Barclays Current account since January of this year up to present.

I did go over my reserve limit when away over Christmas, but I repaid this and have kept the account in Credit since the end of January 09.

I never set up any kind of arrangement long term, other than letting them know that the account would be back in credit at the end of January.

What I want to know is will I be able to get these removed as it is obviously going to impact on all the hard work I have done trying to improve my credit? I kind of expect to still have the marker on for January as I was at fault, but if I can get this one removed as well all the better.

Thanks for taking the time to read this.
Joeler

never-in-doubt

Joeler,

Write in to Barclays and request removal and also send a letter (email) to Equifax confirming you dispute these entries as incorrect.

Joeler

never-in-doubt wrote: »

Joeler,

Write in to Barclays and request removal and also send a letter (email) to Equifax confirming you dispute these entries as incorrect.

Cheers NID will do

never-in-doubt

Joeler wrote: »

Cheers NID will do

But you're right, an A/P marker is explicitly there for people who are heavily in arrears and prior to Default, they make an arrangement. It is all done in writing as well and if it wasn't then the CRA has a duty to remove the entries.... bottom line is they will ask barclays for proof of the arrangement to pay, which barclays will not be able to provide (i.e. with your signature on it!) :j

jacekand

One thing I cannot find in the article is how your address is influencing your credit score? I often heard if you live in a property where someone else has debts, it'll also influence you; is that true? I'm a bit worried as there was someone living in my flat and now the guy moved out but there's his correspondence coming and I know it's mostly regarding his debts and I don't know if this is influencing my credit score? I've been trying various ways to stop his mail coming and I cannot do anything!