Different Credit Reference Agencies give me conflicting information about my rating..

Kirsty_Lou

Hi all...

I was recently turned down for credit. This has prompted me to check my credit report. I'm left a little confused now though, as Equifax say my credit rating is good, and call credit say it is weak. On my call credit record I noticed a British Gas account still showing as active, even though I left them a year ago. I've raised a dispute about this. In addition, on my Equifax report a Virgin Mobile account I closed 6 months ago is showing as inactive but not settled. Why is it that companies can continue to put information onto your credit file long after you have ceased doing business with them?

I suppose my question is, what can I do to improve my credit rating?

I'm on the electoral roll, and have been for 4 years at this address.
All of my accounts are up to date.
My credit card is paid off in full each month.
I've had my bank account for 14 years.

Tixy

The ratings given by the credit reference agencies are only a rough interpretation as to how a potential lender may consider the information held by that agency.

As its normal for each agency to hold slightly different information then the key thing is to ensure that the information on each is correct. And if you do find errors then to ask for them to be rectified.

Kirsty_Lou

I understand that they might hold slightly different information, but I don't understand why one CRA would rate me as a good, and the other has me down as a liability.

Tixy

2 likely reasons

-They have different information about you - have you looked which of your existing and past accounts show on each, what credit searches show and also compare things like financial associate data on each etc?
-They choose to interpret the data differently, just the same as potential lenders do.

I'd go through everything on your callcredit report to ensure there are no errors on it.
Callcredit don't pass on their 'rating' or opinion of you to any potential lender.

In general callcredit is the least used of the 3 agencies when lenders search your file when you apply for credit.

The search where you were declined for credit - which of your reports does this search appear on?

Kirsty_Lou

Tixy wrote: »

2 likely reasons

-They have different information about you - have you looked which of your existing and past accounts show on each, what credit searches show and also compare things like financial associate data on each etc?
-They choose to interpret the data differently, just the same as potential lenders do.

I'd go through everything on your callcredit report to ensure there are no errors on it.
Callcredit don't pass on their 'rating' or opinion of you to any potential lender.

In general callcredit is the least used of the 3 agencies when lenders search your file when you apply for credit.

The search where you were declined for credit - which of your reports does this search appear on?

It actually doesn't appear on either of the reports I have access to. I'm currently trying to get access to my Experian report.

Thrugelmir

Kirsty_Lou wrote: »

I was recently turned down for credit.

What did you apply for? There's no automatic right to credit. Lenders have their own target markets.

Kirsty_Lou

Thrugelmir wrote: »

What did you apply for? There's no automatic right to credit. Lenders have their own target markets.

Yes, I fully understand I have no automatic right to credit. I was just shocked that I was turned down as all of my accounts have been managed very well historically. As I said in my opening post, it prompted me to check my credit reports. This isn't a grumble about being refused credit, just a question about why all three agencies hold such different/conflicting information about me, and why companies are allowed to keep updating my files long after I have left them... it just doesn't seem right. I also asked how I could improve my rating in general... I didn't at any point complain about being refused credit.