Your Credit Rating: How it works and How to improve it Discussion Area

KYH78

In October I opened up a store card with Brantano merely to get the 10% discount at the time. When I received the card I paid the full balance off (never activated the card!) and asked them to close the account. I got an invoice a couple of days later but ignored it as I assumed it had crossed with my payment. The next month I received another account statement from Creation Finance, who provide the finance, advising that they had not received any payment from me and they'd added a £20 late payment fee! I also received a phone call from their collections department chasing payment. I was advised at this time that although my account stated "payment made" there was no amount logged! I provided my bank account details for them to locate the payment and they said it was probably in their "suspense account" and they'd trace it. I asked them to confirm it in writing and to date received nothing. 3 weeks ago i sent them a letter and copy of my bank statement showing the payment and asking to hear from them within 28 days or i would take further action. I've received a further account today from them which has increased by £40.00!!! After a heated discussion with the collections supervisor i was advised that they could see the payment was received - recited the amount and my bank details and said they now needed to locate it in their system and it could take 4-6 weeks! Was also told that they would amend my credit rating to show their error when the payment was located. I advised I wasn't happy with this and wanted my credit report sorting out and corrected within the next 7 days - was then told that they didn;t think their credit control dept would do this!! I basically want to know what my rights are in respect of possibly taking action against them for the stress they've caused! I'm more concerned about the reflection on my credit rating for their incompetance. HAs anyone had a similar experience or does anyone have any advice?

danthemoneysavingman

forget about action for stress - best you could try is getting another 10% discount from them for their incompetence & inconvenience? always worth a try.
As for your credit rating, find out to which credit bureau they give their data, then flag these errors to that/those bureau(x). They should help you get it sorted.
They'll be even more helpful if you happen to be on their trial offer (which basically means you get your bureau file for free - search Martins articles for more info on this).

Hope this helps, let us know what happens!
DtMSM

cariad84

I had a very similar experience. I made a payment on a store card account which didn't show on my next statement and I'd was charged a non-payment fee. I contacted customer services and they were able to find the payment using my bank details and liaising with my bank, and my store card account was ammended. I checked my credit report on experian.co.uk and it showed a missed payment for that store card. So, you should do what I did: I contacted experian in writing to notify them of the error. They then contacted the store card company who confirmed the error and my credit report has been ammended. All the details of how to do this are given by Martin by following this link: http://www.moneysavingexpert.com/banking/credit-rating-credit-score

Bomopu

I've put the whole story here but the last paragraph has my question if you don't want to read the lot.

Until last last August my credit record was excellent as I had always been very careful not to let
myself go into arrears on my loans or credit cards (total £16000)but I was struggling to make ends meet and slowly reaching the limit of my overdraft.

Before I knew of MSE I was looking for debt advice on the internet and looked at a debt management company (Abacus Finance) who called me and explained that they would be able to negotiate a lower interest rate with all of my creditors and by making a single payment to them they would spread the cost across my creditors (I'm sure most of you know how they work). I worked out I would be paying less each month and so agreed.

They told me not to communicate with my creditors and refer all the letters to them and so I did but it took them so long to make the first payment (3 months) that they had all gone 3 months into arrears and one credit card defaulted. I immediately cancelled my agreement with Abacus (and am still fighting to get the £260 they owe me back) and brought my payments back up to date (although I am having to make agreed overpayments on my loan for next 6 months to get back on track).

My experian credit record shows my Egg credit card as having defaulted and I wondered if there is any chance (or even if it is at all possible even if they wanted to) for Egg to remove the defaulted mark on my record. I have written a letter to Egg explaining the mistake I made with Abacus and I was hoping with my payment record prior to September 07 that maybe they would? This has really upset me because I have always been careful to keep a good rating and it has all gone wrong just as my partner and I are to get a house together and will need to find a mortgage.

KYH78

Thank you for all your advice! I shall certainly take it and let you know how I got on
:beer:

jimbo26

Bomopu, yes they can remove it if they want to. Depends how sympathetic they are.

tummydoor685

Hi All Money Savers!!!

Having tried the 30 day free credit report trial & obtained my report & score...which is a healthy 967 out of a possible 1000 - with a rating of "Excellent" i am curious to know why i am unable to obtain any 0% credit card deals?? If im deemed a very low risk then why am i finding it so tuff to move my existing credit to a 0% deal?

Any ideas anyone??

Thanks

inmypocketnottheirs

tummydoor685 wrote: »

Hi All Money Savers!!!

Having tried the 30 day free credit report trial & obtained my report & score...which is a healthy 967 out of a possible 1000 - with a rating of "Excellent" i am curious to know why i am unable to obtain any 0% credit card deals?? If im deemed a very low risk then why am i finding it so tuff to move my existing credit to a 0% deal?

Any ideas anyone??

Thanks

The credit score you have been given is totally meaningless. It is just a tool used by the CRA's to squeeze extra cash out of punters by appealing to their sense of vanity.

There is no such thing as a credit score.

Each individual lender has their own method of assessing their lending criteria. It is them and only them that decide what products to offer to who.

inmypocketnottheirs

tummydoor685 wrote: »

Hi All Money Savers!!!

Having tried the 30 day free credit report trial & obtained my report & score...which is a healthy 967 out of a possible 1000 - with a rating of "Excellent" i am curious to know why i am unable to obtain any 0% credit card deals?? If im deemed a very low risk then why am i finding it so tuff to move my existing credit to a 0% deal?

Any ideas anyone??

Thanks

The credit score you have been given is totally meaningless. It is just a tool used by the CRA's to squeeze extra cash out of punters by appealing to their sense of vanity.

There is no such thing as a credit score.

Each individual lender has their own method of assessing their lending criteria. It is them and only them that decide what products to offer to who.

Redlizzy

I have just received my 3 credit reports - all fine except my associations and an alias. The associations are my ex-husband, we divorced in 2005 so not associated and an ex boyfriend who moved out in October 2006 and I remortgaged from joint to my own name in April 2007. One of the CRA's has my new mortgage listed as a joint account.
My 'alias' shows from a company Letsure in 2005 - I dont recall having anything to do with them, my alias is my maiden name which I havent used for about 25 years!
Will these things have any effect? Is there anything I should do about these items and if so what?
Grateful for all and any advice.