Baffled by credit report

lizbristol

Hi DFWers,

Today I finally got round to checking my credit record, but now I'm a bit baffled by what it all means and what info I can ask to be corrected/updated that will actually help my credit rating.

I was going to put this in my DF Diary thread, but realised as it's got specific Qs in it that it might be better placed here - hope some of you can help.

First off, over the last 8 years I've lived in 7 different houses, but only 4 of these addresses are showing up on my credit report (3 of these I entered when I signed up for it). Is it worth getting all 8 addresses added to my file? And if I do this with Equifax, will it apply to Experian etc as well or do I have to go to them separately?

Secondly, my credit report says that I'm not on the electoral roll. I know that I am, because I've voted in the last two elections, so unless the council are doing something very, very wrong then I'm definitely registered to vote. I've lived in my current house for less that a year, and while the report says that I'm not registered for this address, it just has 'N/A' for my last 2 addresses.

Thirdly, I have a listing for a CC from 2007 from 'Ikano Financial Services Ltd', which I appeared to miss the first payment on but apparently only had for 7 months. I have no idea what this is - a quick search of the company name seems to suggest it's something to do with IKEA but I don't remember ever getting a CC from Ikea (do they even do them?!) - how might I check what this is from?

Finally, some basic terminology questions - does 'settled' mean that I paid the debt off in full? And what does it mean if for some months there is a 'Query' icon for some debts?

Thanks in advance for any help with this...

Experian_company_representative

Your priorities are to make sure you can see all of the data held on you and then to make sure it is accurate and up to date.

You should certainly enter all addresses you have been connected with over the past six years when ordering your report, and you should do this with each of the credit reference agencies.

If you have registered to vote at an address but the electoral roll information is not coming back then this suggests the electoral roll entry is at a different version of the address to that provided when you ordered your credit report. You can either check the format with the council or ask the credit reference agency to do this for you (we hold the registers too of course).

On Ikano, your report should include contact details so I suggest you ask them to clarify what this card was if you don't remember it.

Settled means that nothing is now outstanding on the account. On an Experian report a ? means no data was provided for that month, while a U means no status was applicable or that the account was disputed. Neither of these codes are considered adverse.

James Jones

lizbristol

Thanks very much for the quick reply James - I appreciate it.

It makes sense that my addresses might be listed differently on the electoral roll - I have a habit of moving into houses with really complicated addresses, and things like 'Side Door Entrance' or 'Basement Flat' tend to confuse most online forms!

Is it best to check the address format for the electoral roll and then change the format listed on my credit report? And how will it affect the report if, say, one of my CCs is listed to a slightly differently-formatted address? Am I right in thinking that as long as the debt appears on my credit report, that I don't need to worry?


Thanks
L

Tixy

Hi

Electoral roll - have you applied to be on the e/r since you moved into this house? - filled in a rolling registration form with your local council? if not and if you moved in after last years annual check then you won't be on the e/r currently. Have you recently filled in the annual return about who lives at the property? If you have then you will appear on the e/r from 1 dec, and then usually it takes another month or so for your credit files to be updated.

If you did fill in a form more than say 4months ago and you are not showing on the e/r then you can chase up with equifax, sometimes they do make mistakes. Check your experian record as well (if you are on with one and not the other then the mistake in the credit reference agency, if you are not on either then its a counil mistake or you are not actually registered. Occasionally mistakes can happen if addresses are incorrectly spelt or worded slightly differently.

Settled means debt paid off in full.
Query is when they haven't be able to accurately report, often happens at the start of an agreement, or sometimes if no payment is due for a particular month.

The ikano account - does this tie in to the correct address you lived at when the account was opened? ikano do some other store cards as well as ikea, new look, harveys, bensons beds, oasis, one of the optitians - vision express I think - any of these ring a bell? - will see if I can find a list of others for you.

Regarding your other addresses - you could add them, might be worth doing if you know there are well run accounts that are missing (that might then show) or if it looks like you have large gaps in where you lived. If there is likely to be anything negative registered at those address then you might not want to add them (but if someone else creates a link in the future they might appear anyway).

lizbristol

Hi Tixy,

Thank you for the info! I've just called the council, and I am indeed registered on the e/r at this address. It might be that Equifax just haven't received that info yet as it was fairly recently that I registered (about 2 months ago). However, apparently I wasn't registered at my previous address - I'm regretting that now! I'm still pretty sure that I've been registered elsewhere though, so I'm going to write to the council and ask for info going back 7 years as they could only give me limited info over the phone.

Once I've got that info I'll update the credit ref agencies too - pretty sure I don't have any other bad debt history at any other address, so I guess it will look better to have a full address history rather than leaving blanks.

Re the Ikano account - it could have been a Warehouse storecard, that rings a bell - also pretty sure they're connected with Oasis so it would make sense. Thank you for delving for me, you're a star!!

lizbristol

Oops, another question - should my Hire Purchase agreement on my car be showing up on my report as well? I've never missed a payment so I think that would help boost my rating?

Tixy

Would expect it to be on one of your files, but could be on experian rather than equifax, or even callcredit.

E/r - if you registered before 10 August then you would appear on the er from 1 september (before 8july then from 1st Sept), but it takes at least a month usually until this then shows on the credit files.

Yep think warehouse are or were ikano.

catriona79

Hi,

I have a similar problem to Liz - my Equifax report shows everything in green except for one missed payment on a CC (my oversight, have now set up a DD) and then a red light on the Electoral Roll.
I moved to my new house in May 2011 after being in my old house for 7 years.
I registered to vote on my new address in August 2011.
The credit file shows both addresses, however, worryingly, where in the old address in the column "Restricted use" it said NO, on the new address it says YES.
What is restricted use in this context, and why my use was previously not restricted, but now is?

I have rung the council, tehy explained I am on teh electoral roll. I have queried with Eqifax, who said councils update their registers later this year (clearly not the case here, as I am already linked to the new address)
I am a bit confused, as nobody seems to know what is going on...

I would be grateful for any help with this.