Credit Reference and scoring discussion area

emma99_2

Hi,

I wonder if anyone can help...I am having trouble getting credit cards etc. Ive applied for my credit rating information from expereian but cant get it as they cant find my information so I need to send of various proof of addresses.

My main problem is that I have been a student for 3yrs (and therefore moved address frequently) then went travelling before returning to yet more rented accomodation. Therefore, when applying bank accounts/credit cards etc I have used a variety of addresses including my parents address.

Does anyone know the best way to get round this?

Thanks

Galstonian

Stop moving, stop applying, get on the electoral register. Contact Experian and Equifax again and ensure they know you exist. Once they do apply for things that will show up on credit reports but not all at once, one a month would be reasonable. This includes mobile phones, credit cards, bank accounts, store cards etc... Don't get into to debt just to ensure you can get credit - store cards tend to be easier to get but are extremely expensive unless you always clear the balance when you get the bill. After some time this all builds up and you get issued with your very own ball and chain mortgage.

System

I've just received my reports from Equifax and Experian. Couple of quick questions:

1. What do U and S mean (I believe that 000000 shows no missed payments, but there are a couple with U's and S's in the middle)?

2. Credit cards - what does 'settled' mean? I have recently closed these accounts (part of the reason for getting the reports now is to ensure that the credit card companies have updated my credit file).

Thanks!

M

lisyloo

U stands for unknown - might be they didn't update the file that month.
Don't know about S - sorry.

Settled simply means that you've settled it i.e. clear the balance.
This can be a closed account or an open one.
From my recollection, the only way to tell if the account is closed is to look at the "last date entry updated" column.
If it's a long while in the past then the account is closed.
This won't help if you've only just closed the account but it was the only way I could see to tell.

lisyloo

On my exerian report there was a legend showing what the various letters and numbers meant (in the credit account section).
That would be worth looking for.

System

Thanks - very useful.

M

System

I have a question - if anyone can help.

What are the consequences of having a default on your file - and what steps should be taken to repair the damage?

Cheers

deadthings

You cannot get a default removed if the lender doesn't want to remove it.

I had one, and as you should do I paid it in full straight away. If you cannot do that, get paying what you can off it and keep doing it.

Then write to the lender, asking if there's anything they can do to remove the default as you've paid.

Most I doubt will help, but some will.

Some people try and negotiate with a lender before paying, to get an agreement that the default will be removed if the debt is paid, but then there's always a chance they will refuse anyway and just go to court if you refuse to pay.

You're at their mercy for six years from the date of the default, even if paid, so hopefully they'll clear it, and if not, I wouldn't apply for credit for a good while at least.

A notice of correction I think might help. If there were circumstances that force you to default at least other potential lenders might read it and be swayed.

D.

System

I am pretty sure that credit reference agencies don't have on record the APR/interest rates you have got, but could someone just confirm that? Cheers!

Also, if you look at yr credit record and want to dispute info on there, if you tell say Equifax will they have to notify Experian as well, or is that up to you?

MSE_Martin

When a lender gets a report it knows your outstanding detbs and repayment histories.

It does not know

a. Who the debts are with
b. The rate

When you get your form A. is included - but this is not part of the details a lender receives

Martin

(PS. I've really gone to town on details for this in m'book)