Credit score - please help!

samaisie

I really really need some help with regards to my credit scoring!
I only have 2 creditors, a loan and a credit card. In September 2011 I went on Maternity leave and was contacted by a company called Harrington Brooks claiming to consolidate my loan and credit card and stop the interest. I had more important things to worry about at the time and thought this was a good idea (very stupidly!) I have always maintained an excellent credit score and NEVER missed a payment for anything!
Seemingly Harrington Brooks stopped paying my creditors and consequently I missed 3 payments for both creditors. As soon as I realised this I cancelled Harrington Brooks and contacted my creditors arranging to increase my payments to pay off my arrears.
Now my credit scoring is through the floor! I am a home owner and getting married in September this year. I have no other creditors that I can cancel, I have been right through my credit report and scrutinised everything. I have also added a note to my account explaining my situation but this hasn't rectified anything. I'm now left with a horrendous credit score and am mortified this is going to stay with me for the next 6 years! Is there anything else I can do!!!!!!!!!!!
Sam x

Fruit_and_Nut_Case

samaisie wrote: »

I'm now left with a horrendous credit score...

The first thing to realise is that potential lenders don't see this so-called "score". It's something conjured up by the credit reference agencies and only shown to you.

The CRAs have no idea about your income so anything they come up with is a pure guess.

The_Boss

Exactly. You don't have a credit score until you apply for credit and different lenders score applicants differently.

So the assertion that you 'have always had an excellent credit score' is a bit flawed. As is talking about 'my credit scoring'.

Tixy

samaisie wrote: »

I really really need some help with regards to my credit scoring!
I only have 2 creditors, a loan and a credit card. In September 2011 I went on Maternity leave and was contacted by a company called Harrington Brooks claiming to consolidate my loan and credit card and stop the interest. I had more important things to worry about at the time and thought this was a good idea (very stupidly!) I have always maintained an excellent credit score and NEVER missed a payment for anything!
Seemingly Harrington Brooks stopped paying my creditors and consequently I missed 3 payments for both creditors. As soon as I realised this I cancelled Harrington Brooks and contacted my creditors arranging to increase my payments to pay off my arrears.

Sounds like you agreed to enter a DMP with HB. Its not a consolidation, a DMP is an informal arrangement where a person pays back less than the contracted amounts to their creditors each month.
Many commercial DMP companies will take the first 2 or 3 months payment you make to them as fees for themselves (your paperwork should say if tHB do). And then after that point make payments to your creditors from the amount you pay them (after deducting a monthly fee).

samaisie wrote: »

Now my credit scoring is through the floor! I am a home owner and getting married in September this year. I have no other creditors that I can cancel, I have been right through my credit report and scrutinised everything. I have also added a note to my account explaining my situation but this hasn't rectified anything. I'm now left with a horrendous credit score and am mortified this is going to stay with me for the next 6 years! Is there anything else I can do!!!!!!!!!!!
Sam x

When you enter a DMP it is because you are unable to make the contracted payments and it usual that a creditor will enter a default notice on your credit file to indicate that you have broken the credit agreement.

Do these 2 accounts show defaults? or show a period of missed payments or an arrangement to pay marker or what?

It is very unlikely you will be able to get your credit report altered. Were you looking to take out new credit?

Assuming the accounts show as defaults then once the 2 debts are fully repaid they will be shown on your file as satisfied defaults, but they are likely to impact on what credit you can get accepted for for the next few years (defaults stay on file for 6 years).