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

inmypocketnottheirs

nimagraven wrote: »

Thanks very much for the response. Greatly appreciated. Have one on me! :beer: hehe

Definately worth getting back. Its a few pints or a bottle or two of wine for you, rather than an extra bottle of bubbly at the next board meeting!

Also, Experian/Equifax etc do not update their files daily, so the likelyhood of your payment being recorded as late is remote.

HTH

Tori_Bellatrix

inmypocketnottheirs wrote: »

Definately worth getting back. Its a few pints or a bottle or two of wine for you, rather than an extra bottle of bubbly at the next board meeting!

Also, Experian/Equifax etc do not update their files daily, so the likelyhood of your payment being recorded as late is remote.

HTH

Experian informed me that they do update their files daily - however info is verified before being added so there is a delay between info coming in and hitting the report. (If you see what I mean).

inmypocketnottheirs

Tori_Bellatrix wrote: »

Experian informed me that they do update their files daily - however info is verified before being added so there is a delay between info coming in and hitting the report. (If you see what I mean).

I am sorry, I did not quite say what I meant to say! Yes Experian/Equifax do update their information daily. However the banks, finance companies, credit card providers etc do not provide information on a daily basis. So it could be more than likely that even though a payment is made late and paid before the bank/cc provide the information to the Experian/Equifax, then the late payment won't be shown.

HTH

Tori_Bellatrix

inmypocketnottheirs wrote: »

I am sorry, I did not quite say what I meant to say! Yes Experian/Equifax do update their information daily. However the banks, finance companies, credit card providers etc do not provide information on a daily basis. So it could be more than likely that even though a payment is made late and paid before the bank/cc provide the information to the Experian/Equifax, then the late payment won't be shown.


HTH

Ah, I see ...

dhassen

I just posted a similar question to this as part of a response to another post, but I was wondering about this and it's more suited in this thread.

Should any details of bank accounts (more importantly overdrafts) appear on my credit files? I've had a few sent to me over the past year or two, and nothing ever shows up about my bank account. Is this normal?

YorkshireBoy

dhassen wrote: »

Should any details of bank accounts (more importantly overdrafts) appear on my credit files? I've had a few sent to me over the past year or two, and nothing ever shows up about my bank account. Is this normal?

Current accounts and credit card accounts opened before 1998 and only containing 'positive' or 'white' data (ie operated within any agreed overdraft/credit facility) are often not reported to the CRA's.

dhassen

Cheers YorkshireBoy,

My account was opened in '99 but would contain this 'white' data.... do you think my account should be on file?

jimbo26

Depends on the bank. HSBC in the last six months have been registering current account info with Equifax and Experian. My HSBC account was opened in 2000 and not been overdrawn.

vitbett

Hello good morning, I'm contacting you with regards to a dispute i have with Orange Network provider and was wondering whether you could offer me any advise please? Last year i had a mobile phone contract with the above company and in May 2007 received a excessived monthly mobile bill for £415. I then contacted Orange and asked the reason for this and they proceded to inform me that it was due to excessive internet usage on my mobile phone. I was worried about this and asked then to provide me with information on what websites and time spent on those and they explained to me that they were unable to send me that information.

That same month due to resistance and unwillingness from Orange to provide me with the above information i decided to pay the bill and contacted Orange Customer services to pay by installments of £100 a month (as i was unable to pay the full amount) to be told they were not able to do this and would have to pay the full balance.

Unable to do this at the time i then decided to start saving a bit of money every month to pay the full amount. In January 2008 i had the money to pay the bill and contacted Orange customer services again and advised them that i would like to pay the outstanding amount and was told that the debt was passed to a debt collection agency. I then proceded to get the debt collection agency details and contacted them on the 8 Feb 2008 and paid the full amount. Whilst at the end of the conversation they asked me whether i would like my phone connected back to the Orange network i advised them that No due to the poor customer services i had received in the past.

The problem i have now is that Orange have recorded the account on my Experian Credit File as a Default when the amount was fully paid rather than settled as it should show. I have asked Experian to contact Orange on several occasion and have contacted them on several occasions since to ask them to change my credit file to what it should be as showing the late payments and then the account settled rather than defaulted. I believe that i have been treated very unfairlly and the customer service i received has been apaulling from Orange.

Can you advise me of what i can do when the company that recorded the default on my account is refusing to change the incorrect information they provided to Experian and are unwilling to change it to the fact that i told that to close the account due to poor service.

:confused:

Please advise thank you and take care

EquusSomnium

Hi everyone,

I am 23 and I am taking a break in my studies for one year before going to Vet school as a graduate student.

I have monthly loan repayments of approx 54 pounds and last year there were 2/3 occasions where my funds were low and I therefore had unauthorised overdrafts. How will this affect my credit score?

I am planning on applying for a professional studies loan from either Natwest, HSBC or Lloyds TSB next year (approx 12 months from now). My plan is to earn more money this year, improve my savings and improve my credit score.

I have been on several websites and picked up tips like cancel unused accounts, get on the electoral role etc. Is there anything else I can do?

I plan to pay off the remainder of my bank loan when I can, will that improve my score?

Also, my credit card (a Barclay card) is in my dad's name. I got it a few years ago when I went travelling for emergency use. Would you recommend that I got a credit card in my own name ? Or a card such as the one recommended on the Money Savings expert website (see below)

'If you've been rejected for cards like this, there is a 'last resort' solution. The Cashplus Creditbuilder* is a prepaid card, meaning you have to load it with cash before spending, rather than having a credit facility. Cunningly it charges a £4.95 monthly fee, which technically counts as a £59.40/year loan. As long as you pay the fee every month for a year, this info will be passed on to credit reference agency Experian.'

Any advice would be amazing, the credit crunch is worrying me and I am worried that I won't be approved for a loan next year which I need for my studies,

thank you,

Hayley