Warning - check your credit file

Orchid

For the last 18 months I have paid Experian to have instant access to my credit file anytime of the day or night.

In my case, the Experian report is correct.

So out of curiousity I decided to pay the £9 to access my Equifax record online.

You can imagine the shock I was in when I discovered that I am financially associated with an individual I do not know!

I spoke to Equifax and it seems that this individual must have applied to MBNA for a credit card using my (old) address and potentially my name as a joint application.

I called MBNA and customer service could not find the person or tell me why they did a search. They have put me through to their Security department who is now investigating the matter.

Moral of the story - check your file with all 3 Credit Reference Agency!
I had wrongly assumed that if one was ok then so must the others.

I dread to think what my file is like with the 3rd CRA.

Sub_2

Get ready for that CIFAS warning to be attached to your credit record...

Sub_2

Oh yes, btw, why on earth are you paying £9 (!!) to check your credit file online? You know these companies have a legal obligation to send you a printed copy of your credit record for just 2 quid?

Theyare being very crafty marketing all these expensive online services whilst hiding the fact you can pay a fraction of the price for a full printed copy.

Alt

Will checking your record be recorded by the credit agencies? If so will it affect my credit rating?

stuwilky

Yes, and no.

Companies cannot see that you have requested a credit file, but you will the next time you get your record.

chris_v_2

I got both my Equifax and Experian reports at £2 each and got fully printed reports within days - both were very easy to read and understand. But does anyone know if the £2 reports have as much detail as the more expensive options?

Sub_2

Yes, the printed report has as much information as the more expensive product. They posh up the more expensive version, so it is more neatly presented, and they try to sell it by telling you you get access to "dedicated advisors" etc, but that's hooey really.

You get all the information, and all the same rights for rectifying inaccuracies and mistakes with the statuatory cheapo 2 quid report.

TonyB

Does the 2quid jobby get your credit score? & also do searchers get the score? I'm rated highly by one & very low by the other!!!

stuwilky

TonyB wrote:

Does the 2quid jobby get your credit score? & also do searchers get the score? I'm rated highly by one & very low by the other!!!

No.

Credit scoring is complex, the credit scores that some o the agencies sell you are not relative to what companies use. Each has different criteria for points.

Martin has done a guide on it somewhere on the main site.

Reaper

Here is Martin's article on credit scoring.

Each company takes your credit history and scores it in different ways. They are very secretive about how they arrive at your score as they all reckon they have the perfect formula and don't want the others to know about it!

When you pay extra to get "your credit score" all the CRA is doing is their best guess of what a typical lender might do. However the lender will do their own scoring and are not interested in what the CRA thinks.

alanrp123

It would appear that the more cards you apply for, to take advantage of lower rates etc, the less chance of acceptance.
It seems as if every application marks you down!!.