Citizens Advise - Are they my financial mother??

mattpatch

Hello MSE's!

My credit rating is still very very poor! Although 'Credit Expert' says that my credit rating is 'fair', :j '821' :j. I am beginning to think that their analysis of my credit rating is useless at best :mad: (in my situation).

I have followed every rule in the book over the last year.... No unnecessary credit applications, No missed payments, same address, electoral role, hard copies of my credit rating (Experian & Equifax), regular credit score updates with credit expert, etc etc....

However, when I applied for a loan with Zopa beleiving that I am in a good position (i.e. fair credit rating), they have rated me with ONE star out of FIVE for my credit rating.

I feel the only option I have left is to get somebody to analyse my credit report with a fine toothcomb as there must be an error somewhere.

Do the citizens advice offer this service?

I have give it everything this past year or so and I have got nowhere.

Please help MSE's! Thank you in advance!

cabbage

Not sure what is on offer in your local area but our CAB wouldn't offer this service. We could get a copy of your credit file for you but we are too busy to go through it with a fine toothed comb as that would be a job for the Money Advice unit and they have a several week waiting list to help people in debt and as you are not in debt, your query would be classed as a low priority. Sorry about that but as a charity relying on donations, we have to put our resources where they can help the most.

perhaps you could get a copy and ask for advice on here?

Tixy

Remember that with any loan application it takes into account far more things that your credit report - in particular it looks at your salary compared to your debts and credit.
There may be nothing wrong with your credit report at all - if you have checked through everything on it and it all looks accurate, its just that it doesn't take everything into account that a potential lender will.

Oh and you are right - paid for credit score from any of the CRAs - basically useless.

Apples2

mattpatch wrote: »

Although 'Credit Expert' says that my credit rating is 'fair', :j '821' :j. I am beginning to think that their analysis of my credit rating is useless at best :mad: (in my situation).
!

Assume you mean Credit SCORE, not rating

It's not useless, Credit Expert made a few quid by selling the score, apart from that, agreed it is worthless.

mattpatch

Thanks cabbage,

I have recent copies of my credit reports (equifax and experian). All accounts are either settled as 'satisfactory' or are current credit agreements where I have never had a late or missed payment.

The negatives that I can detect are:
- My phone was cut off whilst I was at university, the balance has since been repaid and settled as satisfactory.
- I have a high outstanding finance agreement (car) which is currently at £6,687, this has always been paid on time and in full (coming up to two years of payments made).
- 5 years ago I was a victim of credit card fraud, this account has since been settled as satisfactory (should this still be there as it was fraud?)
- I lived at another address for one year whilst at university, this is not shown on my experian credit report but it is shown on my equifax report. I may have been involved in procurring a BT land line for this address. Moreover, I have said that I have lived at my current address for 20 years, when in fact I had one year away from this address.

Which of the above is having the worst effect..... I can't even get a sub prime credit card!!

I really appreciate any help!! Thanks!!

mattpatch

Tixy wrote: »

Remember that with any loan application it takes into account far more things that your credit report - in particular it looks at your salary compared to your debts and credit.
There may be nothing wrong with your credit report at all - if you have checked through everything on it and it all looks accurate, its just that it doesn't take everything into account that a potential lender will.

Oh and you are right - paid for credit score from any of the CRAs - basically useless.

Thanks Tixy,

I earn a respectable £23,500 which is probably around the average income for a recent graduate. Do the creditors reference your income against your bank account(s)?

To be honest, I often fluctuate over my overdraft limit and often suppliment this with pay day loans (I know, this is idiotic, but I cannot get a loan). Can creditors see if you often go over your overdraft? Why are my payday loans not recorded on my credit file? Even though they are bad, they still show that I repay my loans! ALWAYS!!

Any advice is appreciated, cheers!

Tixy

Payday loans agreements usually do not contain the right clauses for them to report to your credit file - although I think a few of the larger payday loan firms might (don't know which).

Is your bank account/overdraft showing on your credit reports? if so it might be possible to see that you are going over your limit and if they can tell that you are frequently up to or go vor your limit this will have a detrimental impact on your chances of getting credit.

They wouldn't reference your income against the amount going into your bank account each month but if you had told different lenders that you earned different amounts this would be flagged up on the national hunter database and could impact on your ability to get credit. So you might want to consider getting your info from national hunter (also the address issue just might be flagged on there if you say you lived somewhere for 20years but any of your credit accounts used to have the student address this would appear inconsistent.



Zopa I think are pretty strict and only tend to lend to people with very good credit ratings.

immoral_angeluk

A CAB debt specialist may be able to give you some insight, but generally it's not something we deal with and you'd only be able to get an appointment with one if you had problem debts.

mattpatch

Tixy wrote: »

if you had told different lenders that you earned different amounts this would be flagged up on the national hunter database and could impact on your ability to get credit. So you might want to consider getting your info from national hunter (also the address issue just might be flagged on there if you say you lived somewhere for 20years but any of your credit accounts used to have the student address this would appear inconsistent.

Tixy,

Is there any way to see which company the creditors use i.e. do Tesco Loans use Experian (for example).

I ask this because it seems that Experian reflect on my credit (rating/score) more favourably.

Also do they/can they use both experian and credit hunter? (I am aware that they provide a different service).

Cheers.

Wutang_2

What is credit hunter??

Somewhere on this site there's a thread on which credit reference agency is used by the individual lenders... ot sure credit hunter is one of them (its Equifax, Callcredit and Experian).

(and OP - the overdraft thing will have an affect/effect (never sure which one to use))

zppp

Found this article, may shed some light...

http://www.guardian.co.uk/money/2008/nov/15/national-hunter-credit-agency