HELP!!! This is my experian report - my questions are at the bottom!

bradders83

I have just applied for my Experian report and have found only the following info:

Credit Score 709 (POOR)

Public Record:

Bankruptcy Order: 27/06/2008
Satisfied: 27/06/2009

Account Information:
Coop bank - Current Account - Satisfactory - £0
Started: 13/05/2008
Overdraft balance: £0
(then it shows all green zeros in boxes)
File updated for period to 17/01/2010

O2 - Communications - Satisfactory - £17
Started: 17/01/2006
Current balance: £17
(all green zeros in boxes again)
File updated for period to 17/01/2010

O2 - Communications - satisfactory - £0
Start: 28/11/2009
Current balance: £0
(Just one Green Zero in a box)
File updated for period to 17/01/2010

Question!!!! Does that £17 need addressing? My balance is now clear with O2 and always is that will have just been me waiting for my bill!
Should I call them and get them to ammend this??

The only other info is:-

Electoral Roll:
Just shows that I've been reg'd at my address since last October.

Public Record Information:
Details of BO
Date: 27/06/2008
Satisfaction date: 27/06/2009

Previous searches:
P1 -
Searched 19/01/2010
Capital One Bank
Credit Card

***(I was refused this card)***

P2 -
(Experian related note from my action)

P3 -
9/12/2009
AGP (Admiral Bell Diamond Elephant)
Unrecorded Enquiry

P4 -
22/11/2009
RBS Plc
Insurance Quote

P5 & P6
(Experian related notes from my actions)

... then...

Linked Addresses: 27 records
(Various lenders from pre BO and previous addresses I've lived at)

THAT'S IT!!!!!

Question?

Shouldn't the lenders that were involved/included in my BO be listed somewhere with satisfactory (hopefully) next to them??

As they are not, am I to presume all is well (satisfactory throughout)?

If so, what else can I do (if anything) to improve my score?

If not then how do I contact such lenders/companies to find out whether they still have a black mark against my name?

Any advice will be greatly appreciated inc additional advice on what I should do next!! (sorry about the length of this but I thought it would avoid any uncertainty).

Regards,

Bradley

chunkybankrupt

Can I put my tuppence-worth of knowledge in?

I used to work in Finance and ran credit reports all the time on people and businesses. I always found that a lot of companies were quite slow in updating experian/ equifax. Some companies do it monthly, some do it bi-annually, some have direct portals into the systems and can update in real-time, so dont be concerned if there is out of date info on there, this is normal for the UK.

For most lenders/ agreements, they stipulate that you write in to ask for an adjustment to be made. Again, some lenders do it promptly, others do not see it as important (although they are regulated on it) and there's a few months delay. They usually have independent PO box numbers to the usual ones.

Initially, to speed up the process, I suggest you contact the lender and find out who you need to send the letter to. If you send it to a generic customer services address, it'll go all round the houses until the right person gets it.

There are literally dozens of varying types of reports you can get from the experian/ equifax and yours does seem quite short. A common mistake is for people to get a summary report, which can be markedly different to a full report. Your full report should go into much greater detail, including marriage partners/ co-tenants, every credit agreement you've applied for and the outcome etc etc - usually 12 pages worth for your average person.

In terms of your score, what is it you're trying to achieve? Your score will improve with time, assuming you keep up to date with things. Most lenders look at 3 things when assessing your acceptability for a credit agreement - your income, your UK credit history and, this is the biggy, their own internal criteria. So you may have a great credit score, but you may still be declined due to their own criteria - this can be based on any number of things and is kept as a corporate secret; it actually boils down to trends, location and what kind of customers the lender wants to encourage.

Additionally, they put a lot of trust in other lenders, so, ironically, if you already have credit agreements that you have kept up to date, this is seen favourably as it shows you can be trusted - it also shows you have passed the other lenders criteria successfully.

My suggestion to rebuild your score? Obtain a credit card that has no annual fee. Reduce the credit limit to the lowest that the lender will allow - this is usually £100-250. Set up a direct debit for the full amount each month and put all your usual food shopping and monthly expenses on it. Each month you pay no interest or charges and get a lovely tick on your credit report - 12 of those and you have 12 months of clear credit history which counts for a lot in terms of possible loans and agreements, also job applications. Only do this if you really know you can trust yourself with a credit card product. To some people, it's like giving them a suitcase full of money. It takes discipline.

Mortgage-wise, your BR mark will not go away for 6 years, you'll always be a discharged bankrupt to a lender, that's the way it goes. Current lending criteria with banks is very sketchy for dischargees. You may have to go via a specialist lender, in which case you'll pay thru the nose in accumulative interest - its not worth it.

Finally, this is not financial advice and I don't know you, it's also absolutely not for me to judge your situation in any way but please please please, if you're rebuilding your credit score to borrow more money, please consider how much you've already gone thru to get to here. I'm only 2 months into my BR, but I see discharge from BR as a golden opportunity to make things right again and that means only spending within my means and having total control over my finances. I'm borrowing no money at all when I'm discharged, except maybe for a mortgage one day. I've never ever known what it's like to have no debts at all and I'm looking forward to trying it out.

Anyway, good luck and keep us posted, sorry for lecturing.

bradders83

Thanks very much Chunky,

No offence taken at all, I completely agree. I was in debt for most of my adult life and am too looking forward to being debt free. That being said as you know to work at your credit for future requirements whether that be mortgages, credit cards or in my case a better current account and a motor loan that I'm afraid to say is a necessity in my field of work.

Anyway, back to facts. When you talk about summary reports/full reports - I simply requested the only one that was offered to me on Experian I paid around £5 or £6 for this. I don't think it was 12 pages worth, it was split up into various categories many of which were empty.. The ones with information I have copied as above.

Is this the right report?

I will definitely take your advice and contact my previous lenders directly myself and make enquiries. Is there a way to acquire a list of them from somewhere?

I had that many bits and bobs of debts I don't think I can remember them all.

Many thanks,

Bradley

Discharged

chunkybankrupt wrote: »

My suggestion to rebuild your score? Obtain a credit card that has no annual fee. Reduce the credit limit to the lowest that the lender will allow - this is usually £100-250. Set up a direct debit for the full amount each month and put all your usual food shopping and monthly expenses on it. Each month you pay no interest or charges and get a lovely tick on your credit report - 12 of those and you have 12 months of clear credit history which counts for a lot in terms of possible loans and agreements, also job applications. Only do this if you really know you can trust yourself with a credit card product. To some people, it's like giving them a suitcase full of money. It takes discipline.

I got an o2 sim only deal for about £20 per month, it's monthly rolling contract and started a credit line, after about four months applied for a full contract phone and got one at £40 per month for an iPhone, I've tried applications with several credit card companies and all have refused, been discharged nearly three years!

Capital one wouldn't give me one when I was credit worthy and still wont, but your advice is sound, except for the comment on job application. There isn't a job out there now (possibly IFA, and why would you want to be one?!) where they will credit check you, even the Police can now be bankrupts (IVA's were invented for the Police by they way)

chunkybankrupt wrote: »

Mortgage-wise, your BR mark will not go away for 6 years, you'll always be a discharged bankrupt to a lender, that's the way it goes. Current lending criteria with banks is very sketchy for dischargees. You may have to go via a specialist lender, in which case you'll pay thru the nose in accumulative interest - its not worth it.

Me and my partner reserved a new house, it won't be ready until July, but she applied in sole name and got a mortgage offer back in sept (when the house was supposed to be ready by March), when we had to re-apply for another we decided to declare me, so we made a joint application and were successful, so that made my day, it has now financially linked us so there's a risk that she may not get credit now but just bought a a new £40K car and she passed no probs, she earns good money which speaks volumes to lenders.

chunkybankrupt

Good point, I wasn't clear enough. Your phone agreement will not count for much other than to other phone providers. A credit card is used to buy goods of value and thus it is more in a banks interest to take into account. A credit card with the bank that supplies your current account is even better.

Credit card acceptance is a massive subject and is very much related to an individuals circumstances. I've worked for lenders and investment banks in an FSA regulated role for nearly 10 years and these criteria have not changed to any large degree. If I had a flipchart I'd draw you a diagram, but it's usually the banks internal criteria that people fail on. If Cap1 aren't giving you a card, it could be literally dozens of reasons. Bear in mind that being refused a card also sits on your report and counts against you. Try one of those cards that is designed for people with low credit scores, but choose one that is free and always pay it in full.

I disagree with your mention of credit scoring in applications for jobs. They currently check credit scores and CRB in any FSA regulated roles, even down to bank clerks in a branch. Also, the civil service operate a credit check system looking specifically for bankruptcy. Most financial institutions have a tick box asking if you could potentially be made bankrupt and can decline you on that alone. Any role that requires the commercial processing and handling of financial data is like this. Try getting a job in a casino and you'll see what I mean.

IFA's get paid a LOT of money, isn't that reason enough?

Good news on the house though, sounds like you're getting it together quite nicely. 40K car? 4x4?

No quick route to getting lists of lenders I'm afraid, Bradley - its going to have to be good old detective work, but most will be on the internet. Ask who their data protection officer is and you'll get a name or department, they have to declare this. It runs hand in hand with your personal credit score data. Dont forget that if their incorrect data financially impacts you, you can escalate it to the financial ombudsman. if they do nothing.

fermi

bradders83 wrote: »

Is this the right report?

Yes. If your lender reports info to Experian, then the details should be there.

However, not all lenders report to Experian. Have you checked with Equifax and Callcredit?

When you ordered your report, did you give all the previous addresses that your former creditors would have had for you?

Often the CRA does have the data, but they can only link it to your current report if there is data linking your current and previous details.

This has happened to me. It was not until I provided an 'extra' previous address that the account details that were missing suddenly showed up. Experian had them all the time, but the connection between that previous data and my current details had not been made until then.

bradders83 wrote: »

Is there a way to acquire a list of them from somewhere?

Your former OR should have a list from your BR SOA.

fermi

chunkybankrupt wrote: »

There are literally dozens of varying types of reports you can get from the experian/ equifax and yours does seem quite short. A common mistake is for people to get a summary report, which can be markedly different to a full report.

May be true for lenders, but the reports provided to consumers contain essentially the same data. Whether you go for the "statutory" £2 report, or pay for their online service.