What your credit score really means

KATRIYATSIA

superboobs wrote: »

Well, how interesting...wish I'd known all this yesterday as I've been bullied into paying for our credit scores even though both myself and my husbands credit reports (which we paid £2 each for) were perfect! We are hoping to buy our flat under the Bight to buy and are taking advice from the RTB Co-operative, for a month we've been at loggerheads over this damn credit score, as we've been refusing to sign up for something we don't need and are worried whether it's going to be difficult to cancel. My husband and I are both careful with money and are proud to say that we have NO debt whatsoever and avoid anything which tells you it's 'free for 30 days, cancel any time' don't trust them at all! But that's what we've had to do just to get this so called credit score and I'm not happy one bit after reading this! :mad:

Actually, you don't have a credit score in the UK, you don’t have a credit rating, and there’s no such thing as a credit blacklist.

[Deleted User]

KATRIYATSIA wrote: »

Actually, you don't have a credit score in the UK, you don’t have a credit rating, and there’s no such thing as a credit blacklist.

why are you replying to a post that's many moons old...?

mjrouten

Hi ,

So basically i had a Natwest Loan/Overdraft that i got in a mess with back in 2015. Typically i burried my head in the sand and avoided all contact with any debts which spiralled to nearly £10k. My financial circumstances changed and i got on top of my debt. This particular debt i was paying to Moorcraft of £155 per month. which intern they they paid Natwest and i still got yearly statements seeing the £155 coming off each month. Fortunately i was able to pay the last of my debt which was the Natwest Loan and Overdraft on the 7th September 2018 for the sum off £4,148.67 in one payment to clear both in full and to finally become debt free! I am having trouble though as its on my 'closed accounts' on my credit file but still shows a balance of £3,639 even though my overdraft says £0. i have rang/emailed equifax to raise a dispute along with Natwest and Moorcraft but cannot get any help from anyone to get this sorted. Its been 5 months now and want to get it sorted. Can anyone help me with this ? I'm sure its effecting my credit rating as it looks like i have done a settlement offer but i haven't as i paid all my debts in full so they all showed £0 when cleared. i hope all this makes sense ?

[Deleted User]

If it's settled then the balance should be zero.

If NatWest or Moorcroft will not fix it then raise a complaint to the FOS and/or ICO

mjrouten

Thanks !!!. I will persevere with them. I will quote them people and see if they will take me seriously then.

steveharis22

Having good credit typically means having little trouble finding a loan when you need one. Most likely, you haven't been turned down for a credit card, car loan or mortgage. However, when you do receive loans or open new lines of credit, your credit score makes you ineligible for lenders' lowest interest rates.

[Deleted User]

steveharis22 wrote: »

Having good credit typically means having little trouble finding a loan when you need one. Most likely, you haven't been turned down for a credit card, car loan or mortgage. However, when you do receive loans or open new lines of credit, your credit score makes you ineligible for lenders' lowest interest rates.

Wrong - your credit score has no effect on your eligibility for credit or other finance products

potatoefeet66

Fact is they mean very little if lenders abuse the system process.
I recently found that having jumped into lenders pool having met their internal policy rules to port and simultaneously reduce my mortgage my application was declined as they claimed I had failed credit scoring. My file was clean and a SAR showed the credit search score as good normal case with the score recorded.
It has become clear the lender had no intention of allowing a reduction to an existing loan at 0.84%. Forcing me to sit on mortgage debt which has been unfair and unethical to say the least.

potatoefeet66

Fact is they mean very little if lenders abuse the system process.
I recently found that having jumped into lenders pool having met their internal policy rules to port and simultaneously reduce my mortgage my application was declined as they claimed I had failed credit scoring. My file was clean and a SAR showed the credit search score as good normal case with the score recorded.
It has become clear the lender had no intention of allowing a reduction to an existing loan at 0.84%. Forcing me to sit on mortgage debt which has been unfair and unethical to say the least.

[Deleted User]

Lenders use their own internal scoring systems, not the ones generated (read: made up) by the CRA's.

Lenders are also not obliged to share their lending policies, and can pick and choose who they want to lend to.

If they refused your request, then look elsewhere