Statutory Credit Report Received - ADVICE!!

united66

Hi folks.

I got my online pdf for my Experian Statutory Credit Report today - due to being knocked back for current accounts and thus at the minute I am banking with Halifax Easycash. I was quite happy to see that there isn't too much wrong with it apart from the 45 searches in the last 6 months due to me applying here there and everywhere trying to get a full current account (stupidly I know!! but I was desperate I have eventually realised this isn't the way to go as it looks bad).
I do however have 3 small defaults on my file and about 5/6 settled loan accounts inc 2 credit cards from Virgin (£1500) & Vanquis (£250) from 2009.

One default is for NATWEST - £375 (Current Account - BEING DISPUTED)
One default is for SANTANDER - £363 (Current Account - BEING DISPUTED)
One default is for BLACK HORSE for £96

Apart from that there is nothing bad on there - I am on the electoral roll at my current address since last year.

What I am asking is with the Santander and Natwest defaults being disputed - is this a poor credit report? Would I be ok to apply for a full current account again in 6 months time once my number of previous searches has reduced? What would peoples advice be with the above.

Kind Regards

united66

I have a pre-paid credit card at my current address with Virgin which I havent used yet.
I have also applied for a Vanquis card to help increase my credit file again (awaiting decision).
Also..... strange one. I have Virgin Media's cable services at my current address (V+HD TV, Broadband & phone with a landline).
I also have 2 mobile phone contracts with them one for me and one for my partner (in my name).
So I should have 3 accounts from Virgin Media somewhere????? I have never missed payments on any of these accounts (since march 2010) and this would surely help my file should they actually show?

Any advice as to further improve my credit file and thus improve my chances of getting a full current account?

Many thanks in advance.

united66

Also just checked my recent searches and most are ID checks and 'unrecorded enquries'.
Do these show to Banks etc? Sorry to keep adding stuff but want to give as much detail as possible.

Svenena

45 searches is a LOT. However, ID checks, unrecorded enquiries, quotation searches, don't appear on the version lenders see. How many are actually credit checks? You should aim for no more than 1-2 in six months, so you will need to wait until most have dropped off.

Defaults are bad news for lenders. One is bad, three is terrible. You will need to get the two in dispute sorted and wiped from your report (if successful) before applying elsewhere, and even then, some lenders will be put off by the other one. How old is it? If it's recent, then lenders have no evidence that your ability to manage money has improved. After six years, defaults drop off completely, but be prepared to be affected by it until then.

Mobile phone contracts should appear on your report, and my Virgin Media account also shows on mine. It may be that they don't report to Experian, but to one of the other CRAs. Hang on, I'll check whether mine is on my Experian report... no, it's not. Only on Equifax.

You should check all three CRA reports, as they will show different information, and many lenders will check two or three of them. My Equifax report shows a lot more than the Experian one.

HTH

united66

Svenena wrote: »

45 searches is a LOT. However, ID checks, unrecorded enquiries, quotation searches, don't appear on the version lenders see. How many are actually credit checks? You should aim for no more than 1-2 in six months, so you will need to wait until most have dropped off.

Defaults are bad news for lenders. One is bad, three is terrible. You will need to get the two in dispute sorted and wiped from your report (if successful) before applying elsewhere, and even then, some lenders will be put off by the other one. How old is it? If it's recent, then lenders have no evidence that your ability to manage money has improved. After six years, defaults drop off completely, but be prepared to be affected by it until then.

Mobile phone contracts should appear on your report, and my Virgin Media account also shows on mine. It may be that they don't report to Experian, but to one of the other CRAs. Hang on, I'll check whether mine is on my Experian report... no, it's not. Only on Equifax.

You should check all three CRA reports, as they will show different information, and many lenders will check two or three of them. My Equifax report shows a lot more than the Experian one.

HTH

Thanks Svenena for your reply.
I will just check how many are actually credit checks (27 total rest are quotations and ID checks).
Do lenders see how much the default was for? Surely my settled accounts has something to say? I have known family who have got defaults for thousands get offered current accounts and or loans so Im a little confused - think I may go down the Equifax route as you say.

united66

What is the best way to clear all my defaults (obviously having the cash to just pay them all off isn't an option).
I don't want to enter Payplan or an IVA unless totally necessary but I really want to sort out my credit report.

Svenena

27 searches is still an awful lot. It reeks of desperation! I'd really wait until they're gone before going for anything else. As I said, you should aim for no more than 1-2 in six months.

If you can get two of the defaults removed you've got a much better chance, especially if you're only after a current account, but three is really going to be a problem.

I'm not sure whether lenders see the amount the default was for. How recent are they? If someone has a large default from 5 years ago, but no problems since, that is obviously going to look better than someone who's defaulted in the past couple of years, and as far as a lender is concerned, could still be struggling to manage their money.

united66

Svenena wrote: »

27 searches is still an awful lot. It reeks of desperation! I'd really wait until they're gone before going for anything else. As I said, you should aim for no more than 1-2 in six months.

If you can get two of the defaults removed you've got a much better chance, especially if you're only after a current account, but three is really going to be a problem.

I'm not sure whether lenders see the amount the default was for. How recent are they? If someone has a large default from 5 years ago, but no problems since, that is obviously going to look better than someone who's defaulted in the past couple of years, and as far as a lender is concerned, could still be struggling to manage their money.

I understand what you are saying. 2 are from 2009 one is from 2008.
I will check Equifax and if there are any others I want to try and get rid of them - what would be my best way to get rid of them? Payplan?

krycek985

I only have one default from the start of 2009 and this is viewed as terrible in my eyes. Even though Iv not missed a payment since on anything its still seeks to really effect my report.

Im in the process of trying to remove my default. I have correspondance from the bank who issued it pretty much addmitting wrong dates etc but still feel it will be very hard to remove it.

izools

united66 wrote: »

Hi folks.

I got my online pdf for my Experian Statutory Credit Report today - due to being knocked back for current accounts and thus at the minute I am banking with Halifax Easycash. I was quite happy to see that there isn't too much wrong with it apart from the 45 searches in the last 6 months due to me applying here there and everywhere trying to get a full current account (stupidly I know!! but I was desperate I have eventually realised this isn't the way to go as it looks bad).
I do however have 3 small defaults on my file and about 5/6 settled loan accounts inc 2 credit cards from Virgin (£1500) & Vanquis (£250) from 2009.

One default is for NATWEST - £375 (Current Account - BEING DISPUTED)
One default is for SANTANDER - £363 (Current Account - BEING DISPUTED)
One default is for BLACK HORSE for £96

Apart from that there is nothing bad on there - I am on the electoral roll at my current address since last year.

What I am asking is with the Santander and Natwest defaults being disputed - is this a poor credit report? Would I be ok to apply for a full current account again in 6 months time once my number of previous searches has reduced? What would peoples advice be with the above.

Kind Regards

This is unfortunately quite a bad credit file.

You have three defaults two of which haven't been paid off and more searches in the last six months than any creditor would expect to see even from someone who has become a victim of ID theft!

You need to start by forcing yourself - ZERO TOLERANCE into applying for ABSOLUTELY NOTHING for six months. No ifs, no buts, no just this once.

Zero tolerance. Don't apply. End of.

You also need to look at settling those defaults, whilst they are ourstanding your stand a slim to nil chance of getting a full current account even if you abstain from applying for anything for six months.

They're in dispute - fine. If the dispute is settled and found in your favour you get your money back.

Until you've fullfilled these criteria you can forget about getting a high street bank account I'm afraid. Sorry, but that's how it is :beer: