Credit Rating Confusion

Skunkmunkey3000

Hi,

I was hoping someone would be able to help me. I'm on the road to recovery after getting myself into quite a lot of trouble with debt from the ages of 18 onwards (I'm now 26).

I've been looking into my credit reports and have a couple of queries.

Firstly, Experian gave me a score of 953 which I was absolutley amazed by, however when looking through the report they hold no records on my account information. I cannot get my head round this as I hold multiple bank accounts (Santander, Barclays, Halifax) and also have credit cards and loans. The rest of the information they hold on me seems correct and I can even see when companies I bank with have done credit checks on me but cannot understand why they don't show any account information on me.

Secondly, when checking on Noddle, I have a loan and a credit card which defaulted in 2009 and 2010 respectively (now managed by Capquest and Blair Oliver and Scott), on the report they show up as defaulting ever month yet I have been making arranged payments every month since the default without fail. I would have thought that these would only show the original default and would then show that I have been making the correct payments ever since? If their way of showing it is correct would the defaults disappear 6 years from the original date or from the final payment date? In the event of Capquest does this mean that the default will stay on my record until 2023 since I still have 5 years worth of monthly installments still to go?

Thanks in advance for any help or suggestions.

Regards,
Ian

bottleofred

Hi Ian and welcome to the forum,

I've no idea why Experian don't have any of the defaults etc listed on your credit file. I would say though, that even if you had a clear credit history, that people generally put too much faith in the credit score of the credit reference agencies. Companies have a score in place regarding whether or not they will lend or provide a credit facility and if you meet or exceed that score, then they will offer you credit.
All defaults fall off your credit file 6 years after they have been applied to your account, whether they have been settled or not, so the 2009 default will drop off your file in 2015 and the 2010 default in 2016. I hope this helps.

Good luck

Red

Skunkmunkey3000

Hi Red,

Thanks for your very quick response. The main reason for looking so deeply into the credit rating companies is that my partner and I are looking at buying our first house together. Due to my rather poor history we're currently looking at getting the mortgage in her name only (which the advisor we have seen seems to think is possible as she has a reasonable income) but he advised her to find out what her Experian score is as a good reference point. My digging into everything is probably a little overkill but for the first time in years I actually feel in control of things so wanted to know where I stood.

Would you expect the defaults to show as a big red 'D' every month for the past 3 years or is this just CapQuest screwing people again? (Sorry I tried to post an image of the report to show this but I can't as I'm a newbie).

mildredalien

Hiya, I had the same issue with noddle - the default sign was applied to every month while I was paying off the defaulted debt (it is now paid off in full). However, everything I've read/been told about defaults is that they are removed from your record 6 years after the date you first defaulted. I'm pretty sure it's just a noddle quirk, although may be worth getting in touch with them to check (I may well do the same).