Need some advice, help please!

Thrugelmir

Angry_Bear wrote: »

Do you have a source for this? From the National Hunter site http://www.nhunter.co.uk/faq.html :
[FONT=Arial, Hel</font></span></font><img src=][FONT=Arial, Helvetica, Geneva, Swiss, SunSans-Regular]We do not hold any credit scoring records, credit histories, information concerning County Court Judgements (CCJs) or bankruptcies, nor do we store Electoral Roll information.[/FONT][/FONT]
Although it's not that easy to find information on them to be honest, and you could very well be right.

Very simple to black mark a customer. Doesn't require any information to be held nor express any opinion. Just an indication that a given lender has had an issue in the past and would not consider dealing with the same individual in the future.

The_J

The Hunter system is designed to watch and match duplicate applications with differing information. It is primarily fraud prevention but it doesn't really get involved in credit scoring in any way at all, focusses mainly on income (i.e apply to halifax earning 50k, apply to abbey later with 100k) and similar. If you have a fraud tag attached to your name you will not get credit ever again.

It is Experian and Equifax's responsibility to ensure the credit report is accurate and up to date. If something isn't on there it isn't your responsibility to tell them. If you apply for something and you say you don't have a default and the credit search confirms this, even if you think you have defaulted on something, that is absolutely not fraud because for all intents and purposes you have not defaulted on anything.

To answer the question, I would say that avoiding default is preferable. Yes there is an argument to not dragging it out but it all depends on the timescales, financial situation etc.

sindy1989

Wow thanks so much for all your help! I'm a bit lost though as to what a default is. He had two CCJ's & 1 default, all of which he paid last year but were put on to his credit rating in 2007. Will they come off next year or in 5 years?! & when they do come off does your credit rating still remain poor as a result of having them previously? Thanks :-)

Thrugelmir

sindy1989 wrote: »

I'm a bit lost though as to what a default is.

Non payment of a financial contract to terms.

As long as an account is in arrears, then technically it remains in default.

sindy1989

So presumably the ones with "CCJ" next to them are defaults as well?
If they were defaults & paid off last year will they still come off next year? Sounds like we may have been better off not paying them at all!
Also does he need to obtain certificates from the court saying these have been paid off?

Thrugelmir

sindy1989 wrote: »

Sounds like we may have been better off not paying them at all!

Not advisable. A register is maintained.

http://www.trustonline.org.uk/understand-judgments-fines/ccjs-and-the-register

Also CCJ's are enforcable by various means, not least by an attachment to earnings.

Best to tackle the issues head on. Than try and play a game that may cost you dearly.

sindy1989

Yes they're all paid off now anyway, just wondering how they are going to affect our future.

The_J

Better to have paid them off but I'm afraid it is going to affect your credit rating for some time.

Continue to save, you will benefit from a better rate if you start off with a lower LTV ratio.

Thrugelmir

sindy1989 wrote: »

Yes they're all paid off now anyway, just wondering how they are going to affect our future.

Time will heal. Maintain an impeccable credit record and save hard.

sindy1989

We are trying! So hard though. Would it not benefit him at all to get a credit card? Are there any other ways he could improve his credit rating?