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So confused
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yourmum74
Posts: 2 Newbie
Good evening all,
this is my first post on MSE so I apologise if it's been thrashed to death already.
I am not so good with money. I admit that. A lot better than I used to be but not great.
I have however been trying to understand everything better and make improvements to my habits and ultimately credit score with an eye on the future.
My query is this.
I was discharged from bankruptcy in 2006. Took no credit for a while obviously, then took some short term loans which were going fine until redundancy rocked up and slapped me in the face.
Those debts are currently being managed by a debt management company as at the time I was unable to serviced them.
I carried out a free trial with Equifax the other night and my credit score came back as 'higher than the uk average and on their scale a safe bet for credit'.
'Brilliant' I thought, things are looking up....but then, hang on. How is that possible? I have debts that I am paying off at a reduced rate.
I then started to look into how the credit score system works and it is vvv confusing.
All my active credit commitments are spotless, no missing payments, no defaults and timely payment history.
How come Equifax are not aware of my 'credit history' I have been honest with my adressess and details?
Any advice would be appreciated......
this is my first post on MSE so I apologise if it's been thrashed to death already.
I am not so good with money. I admit that. A lot better than I used to be but not great.
I have however been trying to understand everything better and make improvements to my habits and ultimately credit score with an eye on the future.
My query is this.
I was discharged from bankruptcy in 2006. Took no credit for a while obviously, then took some short term loans which were going fine until redundancy rocked up and slapped me in the face.
Those debts are currently being managed by a debt management company as at the time I was unable to serviced them.
I carried out a free trial with Equifax the other night and my credit score came back as 'higher than the uk average and on their scale a safe bet for credit'.
'Brilliant' I thought, things are looking up....but then, hang on. How is that possible? I have debts that I am paying off at a reduced rate.
I then started to look into how the credit score system works and it is vvv confusing.
All my active credit commitments are spotless, no missing payments, no defaults and timely payment history.
How come Equifax are not aware of my 'credit history' I have been honest with my adressess and details?
Any advice would be appreciated......
0
Comments
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Dont read too much into the " higher than the uk average ", what matters is the info on your file eg debts not paid etc.
As for " Equifax not aware of your credit history " I believe its down to the lenders to report to them if you have defaulted for example.
Have you got your report from Experian and call credit or go to Noddle and register.
OP have you read the What your credit score really means in this thread ?0 -
It's because you're focusing on the score, which is little more than a randomly generated number.
It also depends on what data each CRA has on you. If the lenders you defaulted on don't report to Equifax, then they won't put that into their random number generating machine.0 -
Reading it now0
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