Bankruptcy dropping off

Dannytyler

deleted post

AndyBSG

Many people on here will tell you the same thing, your credit score as shown by Experian, etc is completely irrelevant.

When Experian give you the credit score all they are doing is giving their own interpretation of how credit worthy they think you are which is pretty much unique to them.

The banks themselves will have their own credit scores that they use to rate you so the number of points you have with Experian is completely irrelevant.

Salander

Hello,

I went BR on 25-1-2008, so 6 years on 25-1-2014! Nearly there!

All 5 of my defaults were on the same day. Can anyone tell me on what date my credit file will show no BR or defaults. Is it 26-1-2014 or do I have to wait until they update (approx) 10-2-2014?

Thanks

fermi

They should drop off 6 years to the day.

In reality....

- Experian/Creditexpert remove on the day
- Equifax can take a week or 2.
- Callcredit often remove a week or 2 early (Noddle will lag by up to a month)

cynicalgit_2

My credit file is trashed to pieces, however my current bank has given me a reasonable overdraft of £500!!
This reinforces all of the posts made on these forums about CRAs they are a waste of time and bear no reality to people's real credit risk/profile.
They exist to prey on consumers worried about their credit status and to sell them pointless products as a way of controlling and monitoring the financial system's customers.

TheGardener

What I don't understand is that if our score is so irrelevant (in which case when do we even have CRA's) then how does it impact so badly on us all?

fermi

There is a difference between the score a CRA gives you and how a lender may score you.

The CRA one is basically a guess on their part on how a typical lender "might" score you. However, lenders vary so much their in criteria and scoring that such a guess is practically useless.

In fact, the CRA score is often downright bizarre. For example: https://forums.moneysavingexpert.com/discussion/4099257

TaxAvoider

What Fermi says also check all three Agencies not for your score, but to make sure the details are consistent.

What is also important is to make sure you are on the electoral roll, I was off that for a while as I did not see any point as I was never going to apply for credit, but now after 6 months I might go for a contract phone. I updated my details locally but I think if I read right, the roll is updated Dec 1st and then monthly only up to August !

Well done on getting through the six years, onwards and upwards :beer:

AndyBSG

TheGardener wrote: »

What I don't understand is that if our score is so irrelevant (in which case when do we even have CRA's) then how does it impact so badly on us all?

It doesn't impact.

Basically, the 'score' part on your credit report is irrelevant but the actual details on there are important.

So things like number of credit searches, total credit you have, CCJ's, BR's etc are what matter.

Experian may decide that £1,000 of debt, 3 searches and a CCj give you 500 points on 'their' credit score but Barclays may do their credit scoring as a percentage and decide to rate you at 30% or Natwest may give a rating out of 10 and give you a 6.

Some banks may see a CCJ as impacting your score a LOT more than Experian do and some may decide that if you've had a few credit searches that will cost you a LOT more than Experian.

Dannytyler

Thanks for all the info guys and girls, you've been a great help