Poor credit rating - how long?

hypno06

Well, I have finally plucked up the courage to check out my credit rating and it comes up as Poor.

Now, we have always fought really hard to keep on top of things, but a default issued in error (they have admitted the error but omitted to amend the credit file!!) has really knocked things down. Needless to say, I have just sent off a very strongly worded letter!

Another loan I have which I have always kept on top of shows an arrangment in place (never missed or reduced a payment) so another one that I need to contact and try and sort.

Whilst I do not want to go and get more credit etc at this point in time, it has always been my intention to move in 4-5 years time.

Does anyone know how long it would take to restore my credit rating in order that I will be able to get a decent mortgage when I want to move?

CLAPTON

if the only reasons you have a poor credit rating is these two errors then your rating will improve as soon as they have been removed. otherwise it depends whats on your record.
defaults (valid ones) stay on your file for six years.

as far as remortgaging is concerned, your payment record with your current provider is more importnat than your credit file.

hypno06

Thank you for that - it makes me feel much better because we have no "real" defaults and have always kept on top of the mortgage etc.

I was feeling so low when I saw the score, that if I am going to be penalised for ever, then I may as well stop making the effort that I do each month to pay things and go down the IVA route!

However, if things will repair themselves, then I will keep making the effort and will pay my way out of debt!

Thanks for the help, have a good day.

mogy

Hi,

I just received my credit file from equifax.

It shows 2 defaults (1 is incorrect) and one credit application search (failed).
I think will be a low score, but I can't seem to see where I can work out my score.

Can anyone assist?

oscar52

Two above posts.

If you have defaults on your file which are not yours or not linked to you and the company has failed, or simply wont do anything about them, I would call their head office giving them 60 days (have to give them this long as files are only updated once a month) to sort their errors out or you will take legal advice with a view to suing the company for libel and deformation of character (which is what it is). That should give them a good kick up the bum. Personally, I would also put the above - and any comments made in the phone call in a letter and send it recorded delivery.

hypno06

I had never considered it as deformation of character, but that is certainly what it is.

Thanks for that, will await the response of the letter I have already sent, and if not sorted then I will try your approach.

I don't mind taking the flak for things that are my fault, but I'll be darned if I will let this ruin me, when I am making so much effort with everything!

mogy

hi,

i don't know how i can work out my score from my file?
can this be done or do i need to order a report?

thnx

CLAPTON

there is no such thing as your credit score as each potential creditor has there own system of scoring based on their own criteria.

the CRAs all provide their idea of a credit score for a fee but its simply a money raising opportunity


also i would not advise going down the 'libel' route to get your credit record changed. rather, once they have had an opportunity to correct the record, make a formal complaint to the Information commissioner office

Donedoingdebt

mogy wrote:

hi,

i don't know how i can work out my score from my file?
can this be done or do i need to order a report?

thnx

There's no such thing as a genuine "score" suits all. All potential lenders will read your whole file & decide by their own criteria whether to lend to you & at what rate. It depends on a number of things such as being on the electoral roll, CCJs, defaults, previous late payments etc. Sorry CLAPTON, you just beat me to it!