Credit report soooooo confused!!

nuttarussell

Hey everybody. I have been using this site for a few months now, although have only just registered today so I am now able to post. My question is this. I recently ordered my credit report from Equifax, I have been in debt in the past, but as I have not paid or acknowledged any of the debts in the last 6 years, they have now become statute barred. I am aware that the DCA's can chase me forever, yet they are not able to enforce the debt. My credit report score is showing as 241, (very poor), I have recently moved and registered on the electoral role and my local council have advised me that I will be included on the February register. Everything else on my credit report shows as excellent, so will being on the electoral role really improve my credit score that much??? Has anyone recently registered? What were your scores? Many thanks for all your help

Tixy

Hi

Being on the register will improve you score. But you score isn't really what is important - you need to be looking at your actual credit report to see if what is on there is correct.

Do any of your old debts still show? do they show as defaulted accounts? Do you have any CCJs on your file?

Do you have any current credit accounts and if so are they showing on the file? What is the payment history on these accounts like? Does it show all payments have been made on time?

Oh regarding the statute barred debts - they cannot chase you forever. If you send a template letter to say you know the debt is SB and do not intend to pay - then after that they should stop chasing you or writing to you - if they don't there is a follow up letter you can send.

jonjamie1970

Its different for everyone but I doubt the electoral role can change that much, I recently move home and wont be registered on the ER until 1st March, this dropped by rating overnight from 900 to 781, its since gone back to 830.

What does the credit accounts section say ? this is the key bit ? any defaults ?

nuttarussell

Hi tixy

Many thanks for your reply. I have checked my credit report and there are none of my old debts showing on there, no CCJ's or anything. The only bad thing on there is me not being on electoral role, which I now am, just waiting for Equifax to update.

Tixy

How many current credit accounts do you have showing? If its not very many, or they haven't been open very long then this too will affect your score.

nuttarussell

I have two bank accounts and they both show as excellent. One has been open 4 years and I have never gone overdrawn and the other is about a year now. I was told be someone that lenders tend to view you more favourably if you have credit at your current address but, this is impossible to obtain as my credit rating of 241 is very poor. Catch 22 situation. I just dont get why it is so low when all that is showing as unfavourable was not being on the electoral role. I just dont know what I can do to improve my report now....Thanks guys for your responses.

Tixy

Wait until you are on the electoral roll. That will massively improve your chances of getting new credit. What sort of credit did you want to apply for?

You are not unable to get credit at your current address just because one of the CRAs have said you have a score of 241. Scores are irrelevant to a potential lender, they don't see them, all they see is what is on you actual report, but most lenders won't even consider someone who is not on the electoral roll.

You also don't have any proven track record of paying back debts, which also will go against you. Once you are on the electoral roll you may want to consider something like a subprime credit card to give you a positive repayment history. That way if you need to apply for something larger in the future you'll have a history then can check on.

Have a read of this - Credit Rating: How it works and how to improve it

nuttarussell

Thank you so much Tixy. I just wanted a catalogue or something small to improve my credit. I will have a look at subprime credit cards when I am registered and see if that helps. It's just a waiting game with Equifax though at the moment. I spoke to them this morning after forwarding a copy of the letter I had received from my local Council confirming that I am to be added to the Feb register, equifax say they will check the list again in 24 - 48 hours so not long to wait I guess.