Experian - someone help me make sense of it!

Legacy_user

I received my credit check today from Experian. I have 3 double sided pages of accounts that i have settled in full but as they are marked :
C1
C2
C3 etc, i take from the information given that they are still active. If so theres a couple of store cards i cut up and paid off a couple of years ago on there, i cant remember whether i actually wrote to them to cancel or just cut up the cards - do i need to write to them to cancel them? Or is the fact that they say the account is settled enough?

I also have 8 previous searches on my account in 12 months. Is that a lot? I am annoyed with the one as it was from that Argos Additions 11p jeans fiasco. I never got the jeans, but got my credit searched anyway.:mad: The majority of the searches were from the banks that i applied to for accounts (mainly when they offered incentives or good deals). Is that a lot? I want to improve my credit rating, not hamper it by inadvertantly allowing more searches to be made on my account.

Also when i have sorted out this credit file, is it worth applying for my Equifax Credit File.

Your help would be appreciated. Ask me to change a nappy or look after a child and i am well up for it, but sort out my credit rating and i am lost!!

Pal

I will leave it to someone who knows to explain the C1, C2 thing because I don't!

Phone up the credit card companies and ask whether the account is still active. Often it will already be closed which is why you have not received a replacement card when the last one ran out, but if it is still open they will cancel the cards and close the account over the phone.

Eight searchs looks like a lot but I am not convinced that it makes that much difference to your ability to get credit unless you are already very close the finance company's maximum borrowing level. You are far more likely to fail on other criteria than on the number of applications you make.

Go easy on those application forms for a few months!

Graeme03

Judi

The C1, C2 and C3 etc are just the entry numbers Experian use to differetiate your different accounts.

If the account is still active it will have an update date which is very recent and no settlement date like it is shown below.

Entry Number: C2
Name and address: Mr X
Your address
Date of birth: ??/??/????
Company name: General Bank plc
Account type: Credit Card
Started: 19 June 2000
Balance: 1126
File updated to: 16/03/2005
Status History: [0000000000000000]
Summary of payments: In the last 36 months, number of status 1-2 is: 0 number of status 3+ is: 0

If the account is settled it should look like the one below.

Name and address: Mr x
Your address
Date of birth: ??/??/????
Company name: Boodles Bank plc
Account type: Loan
Started: 04 June 2002
Balance: Satisfied
Settlement date: 04 June 2003
File updated to: 28 August 2003
Status History: [0000000000000000000]
Summary of Payment History: In the last 36 months, number of status 1-2 is: 0 number of status 3+ is: 0

Also, its always worthwhile obtaining your report from Equifax as some finance companies only use one or the other and not both.

Hope this helps.

System

Thanks guys for your help. Pal your right, i think i am going to have to hang fire for just a bit longer.

Graeme, from what you have told me from your very detailed explanation (for which i thank you). It looks like ALL of these accounts are still active. They have all been updated at some point or other. However, i do remember cancelling one store card by letter and that is still being updated. It was last updated in January and i wrote and cancelled my account at least 6 months ago. (That is the only account i remember cancelling by letter). None of these accounts state that the balance has been satisfied (even though i owe them nothing).

I am going to have to cancel these accounts by phone or by letter dont you think? Or do they just cease to exist after time?

Graeme03

Judi,

Cancel all the accounts by letter. Send them by recorded delivery if you can. Your report should include the addresses of all the companies you have dealings with.

Dont' just leave them as the accounts will stay on your credit record as active accounts. Once these are settled the information will still stay on your account for the next 6 years showing as settled and will then drop off your credit file.

Graeme

Galstonian

I would phone, follow up by email and send a printed copy (copy that to Experian too). You should probably check with Equifax and perhaps even CallCredit as well.

System

Galstonian wrote:

I would phone, follow up by email and send a printed copy (copy that to Experian too). You should probably check with Equifax and perhaps even CallCredit as well.

Blimey Gal you aint got much faith in the system.:rolleyes:

Galstonian

No, and unfortunately I base that on my experiences of the system.