Experian credit report issues

citylover

Hi guys, I was wondering if someone could give me some information, maybe put my mind at ease!

I signed up for an Experian Credit report which is great. However there is one part which shows your number of missed payments and also the amount of credit available on your credit card. In August I missed a payment which shows up, however we are now in December and the missed payment is still showing up as being from onbly 2 months ago! In addition, I have a student credit card with an available balance of £300, having used £200, so the amount available on the report should say £300 right? Well it doesnt. A few months ago the amount used was £408, which I paid off, yet still this doesnt show up on my credit report, even though it is months later. Could anyone tell me why this is or will I have to contact Experian?

I'm really worried because it seems to be affecting my credit score. I am registered on the electoral roll at my student house where I've lived for the past 3 months, I have one credit card and I have applied for only one form of credit in the past year, so as far as I can see, this one missed repayment is causing me to have a score of like 540, despite the fact this was incurred about 4 months ago, not 2 months as the report states!

I'd appreciate any advice or help people can offer. Thanks!

Moggles_2

Is your student credit card your first and only credit card ever?

If so, in the context of a brief payment history, your slip-up in August certainly won't have done you any favours. The effect is fairly short-lived though.

As you build a longer credit history, a single missed payment becomes less significant. It's a person's payment history with all their creditors over the last 6 years that counts, with particular emphasis on the most recent 12 months.

I am registered on the electoral roll at my student house where I've lived for the past 3 months

The move would have temporarily disrupted your credit rating, unfortunately.

Many honest individuals are obliged to move frequently, through no fault of their own. Unfortunately, fraudsters move around a lot too (or so we're told) It's one of the ways they attempt to avoid detection.

Basically, lenders like stability, so best practice when building a credit history is to apply for credit facilities, where possible, before you move/change jobs/change banks. Being with the same employer, bank and current address for a while, would boost your credit rating

citylover

Thanks for that, that helps When you say fairly short lived, what sort of timescale are you talking? And yes it is my first and only credit card, which apart from August, I have kept within my limit. Can you by any chance offer an explanation as to why my credit report is still displaying information from months ago even though the details have in fact changed in my favour? Its just that if they look at the past 6 months then according to my report 2 months ago i had a missed payment, which surely looks a lot worse than it being 4/5 months ago which it actually is! Thanks again

Moggles_2

When you say fairly short-lived, what sort of timescale are you talking?

Normally, each slip-up drops off your file after 36 months in the case of Experian, 48 months with Equifax, but in the context of a well-established credit history, their significance would diminish after 12 months.

Note: if you close down the account, the final 36 months of payment history stays on file for 6 years from the date the account was settled, so if you want your late payment to disappear from view in the shortest time possible, keep the account open and active

Moggles_2

Can you offer an explanation as to why my credit report is still displaying information from months ago even though the details have in fact changed in my favour?

Unlike credit searches and an increasing number of online and telephone credit card applications (those which give instant decisions and credit limits) which appear on your credit file more or less in real time, this type of data can take a month or two, depending on the frequency of your provider's updates.

May I ask which credit card is involved?

citylover

Yeah, its the RBS student credit card. So you're saying that if someone pays off all of their loans etc fully, it could take months for that information to be on display to companies?! That's digusting. I had a few problems this summer as well with one unauthorised overdraft, but this doesn't seem to be included in my credit report or at least it is not on display. Would this affect credit score too even though it's not on the report?

Moggles_2

It's the RBS student credit card. So you're saying that if someone pays off all of their loans etc fully, it could take months for that information to be on display to companies?

IME, the Royal Bank of Scotland group (which includes Lombard Direct, Mint, NatWest, Tesco & Ulster Bank cards, as well as RBS itself) is one of the worst in this respect. It can certainly take up to two months.

citylover

Thanks youve been really helpful Just one final thing, Ive just checked my equifax report and I'm not listed on the electoral roll with them, yet I am for experian! Do you know why this could be?

Moggles_2

I had a few problems this summer as well with one unauthorised overdraft, but this doesn't seem to be included in my credit report or at least it is not on display. Would this affect credit score too even though it's not on the report?

Do you mean the bank account is not included or the account is shown but the status codes do not reflect your difficulties?

Bear in mind, the status codes shown on current accounts have a different meaning from those associated with credit cards and banks vary in their use of these codes and the data they report to the credit reference agencies.

citylover

My Credit account is there complete with the one missed payment in August, but there is no mention of my current account and the difficulties I experienced with this. Is this normal as it is a current account and not a credit account, or would this impact upon my credit score even thou it isnt actually displayed on the report?