Credit score help!!

stacey654

Hi,

My credit score is really poor, when I looked at Experian to find out why, I saw that lending stream have put on 30 credit searches!! I have only ever taken out one loan with them so why would they put 30 searches on there?!
Are they even allowed to do this?

Any help would be much appreciated

The_Boss

Your Experian score means diddly squat. What are these searches listed as? Credit? Not all searches are visible to LENDERS, who are the only people who can truly determine your credit score.

kgeerstick

stacey654 wrote: »

Hi,

My credit score is really poor, when I looked at Experian to find out why, I saw that lending stream have put on 30 credit searches!! I have only ever taken out one loan with them so why would they put 30 searches on there?!
Are they even allowed to do this?

Any help would be much appreciated

Hi Stacey654,
I wouldnt worry too much about those listing "Insurance Quotation" or "Unrecorded Enquiry" as these are not visible to lenders - only your active / closed accounts and payment history etc are. I think only you and the company who has checked your report and you can see their 'search' because its not a new credit agreement. These insurance quotations / unrecorded enquiry searches wont have any effect on your credit rating / score.
What you do need to do is make sure that you've authorised these searches - ie: confused.com, other comparison sites or the company direct on or around the date that they appear on your report. If the dates are sporadic or not on or around an annual credit check relating to your existing loan or something, you should contact the company direct and see whats going on. I must admit 30 searches from one company sounds very high - if you speak to them, they may be able to clear up any confusion or even correct the problem for you as only they can amend information that they have entered. It may be a computer error and need highlighting.
As for your credit score being low, check that all active / settled accounts have your payment information correct as just 1 or 2 missed / late payments will reduce the figure Experian or any of the other companies issue as your credit score. If there are missed or late payments, these will eventually fall off your credit history but not for 6 years.
I hope that helps. Good luck.
Kgeers

System

To the above replies.

CDL insurance; don't know who they are exactly, have made 7 or so searches to my credit account in less than two months bringing my improving 'good' score to disappointing 'very poor' score when they made their 8th search today. I lost about 60 points between search 7 and 8.
All I have done in recent weeks is use comparison sites for renewing my car insurance, had my first car collision a week afterwards and bought a new policy with a new company.
All alerts are marked as 'Insurance Quotation'.... I think they do have an affect.

DCFC79

I don't even think lenders see the entries marked as quotations. They don't even see your score.

matttye

DCFC79 wrote: »

I don't even think lenders see the entries marked as quotations. They don't even see your score.

They don't but she said they had registered 30 credit searches. If that is the case, I'm pretty sure Experian will remove them.

Experian_company_representative

Only credit application searches can affect credit scores. The rest, including insurance quotes, are invisible to lenders. Our previous searches fact sheet explains in more detail.

James Jones

System

I suppose I stand corrected. Something else must be going on.