Someone explain equifax credit report?

BLUEBIE

Can someone talk me through the equifax credit report? I have the free 30 day trial which, as far as I can see doesn't give you a credit score. Everything seems to be up to date apart from a couple of late payments. If there were defaults where would it say?

What is the most useful thing I am looking for as unless I am missing something there doesn't seem to be much info on it?

Thanks

B

Tixy

If you had defaults then it would appear in a specific accounts in the account information section. There would be a field that stated 'date of default'.

What to check
- that you are on the electoral roll
-that the credit account information is correct - you recognise all the accounts, the payment history (late payments) are correct etc
-that there is nothing in the public information section (ccjs, IVA etc)
-that there are no financial associates that you are not really associated to.
-that you recognised and authorised any searches in the previous searches section.

National_Debtline

Hi Bluebie

Credit "scores" are a bit of a myth, in that they don't mean anything out of context. The idea of a score only becomes relevant when you apply for credit - the lender will run your application through an automated system which judges whether your "score" meets the threshold required for that product. Lenders won't divulge what these scores are or how exactly they calculate them, much in the same way as Coca-Cola are unlikely to let their exact recipe slip any time soon...

This all means that your credit report can look a bit dull and featureless if you've had relatively little credit activity in the past few years. This is not necessarily a bad thing - certainly better than seeking a lot of info on there you don't recognise.

BLUEBIE

Thanks for that,

I have lots of green up to dates on all my loans etc. And 2 late payments about 6 months ago for 2 catalogues. Does that sound okish?

However I have 2 store cards that aren't listed on there at all, have had them for a few years too? Is that unusual for them not to be on the credit report?

Thanks

Gordon_Hose

OKish for what? Are you getting more credit?

Some companies don't report to all 3 CRA's, chances are they appear on either Experian or Call Credit.

BLUEBIE

No not looking for more credit, however will have come to end of a fixed rate mortgage soon and will need to shop around for a new deal.

Just wondered why the store cards weren't on there.

Gordon_Hose

Each lender sets their own criteria for lending. Some don't look favourably on any sort of blemish, other will be more lenient. You credit score is next to useless, lenders don't see it and any decisions they make are based on how you handle the accounts on your report.