Credit Referencing affects Credit Score?

QTPie

I just had an alert on my credit report and so went to check in. My credit score has dropped about 70 points (from just over 980 to 916). So I go from "Excellent" to "Good".

There are no problems on the report and no overdue credit card payments or anything. Plus no new credit cards. The only thing that has changed is six credit checks in the last "0 to 3 months" :eek:

Looking through the list, the only credit checks done in the last 0 to 3 months were all done on the same day - some by Endsleigh (the company that does the referencing for the Letting Agent that we are using) ad some just by Experian. So I assume that ALL 6 were to do with the renting the house back from the buyer :rolleyes:

Questions are:
- Is dropping from "Excellent" to "Good" likely to affect mortgage approval?
- How long does it take for these searches to stop affecting my credit rating.
- Anything I can do to influence this - doesn't really seem fair.

Am a bit annoyed... why on earth 6 searches?!

QT

jon_boy75

the Experian searches wont affect your score, the Endsleigh ones will. They should have conducted 1 search...so write to Experian, via their website, and ask them to request the information be corrected. It's easy to do.

I just went through the process myself after an unscrupulous broker passed on my details to someone and then 6 (false) credit applications were made on my behalf. My score dropped to 249 and its taken me 4 months to have all the information corrected. I still have a few items outstanding and I'm working hard to get back to normal. It's amazing that the responsibility lies with us to have all this corrected...its been a real headache and required incredible patience.

Experian will help you however, they've been excellent for me. Just log-in as normal and if you disagree with any entry on your file, post a 'Notice of Correction' and Experian will do all the legwork for you. You wont need to write any letters yourself.

I'm still fighting Alliance & Leicester who posted negative information about me a year after an account was in dispute. Their mistake, their responsibility to correct it, yet I'm the one who suffers. I'm now escalating it to the Ombudsman as they choose to ignore the banking code...muppets!

jon_boy75

oh, sorry....that drop in score is unlikely to affect your mortgage application, but its worth getting the info corrected to ensure you're eligible for the best possible rate.

QTPie

Thanks, will look into that and see if I can get it corrected. Pain the the rear end... BUT at least - as you say - it wont affect any mortgage applications. I am slightly worried that - when we apply for mortgages - more credit checks will drop it even lower :rolleyes:

Silly system...
QT

michael1983l

Experian are actually quite good when it comes to corrections, I recently did this myself before my Mortgage application. They will write a note on your file saying it is in dispute, however the information can only be corrected by the vendor who placed the information on the file. Experian say they are just an information library and the organisation that made the mark is the owner of the information.

kamons

I just went through the process myself after an unscrupulous broker passed on my details to someone and then 6 (false) credit applications were made on my behalf. My score dropped to 249 and its taken me 4 months to have all the information corrected. I still have a few items outstanding and I'm working hard to get back to normal. It's amazing that the responsibility lies with us to have all this corrected...its been a real headache and required incredible patience.

Experian will help you however, they've been excellent for me. Just log-in as normal and if you disagree with any entry on your file, post a 'Notice of Correction' and Experian will do all the legwork for you. You wont need to write any letters yourself.