Credit File Questions - Experian

EnglishStan

I have recently tried to apply for finance for a car and was declined after a credit check. I was referred to a finance company for customer's with low credit score. After providing them with my details, they were able to access my credit file with Experian (I didn't know they could do this) and was told the contents of my credit file and said that they was unable to provide me with a loan at this time. I have a few defaults and a CCJ. They advised me to get a copy of my credit file from Experian and possibly arrange for a Debt Management payment plan and they may be able to help me. My consolidated debts are quite old and not really that high.

My questions are as follows:

1) If I did this, would the statute bar restart from the date I acknowledge the credit file and its contents?

2) If I arrange a payment plan through Debt Management, will my Credit Score increase?

3) Do I need to apply separately to obtain a credit file through Equifax?

I have two mobile phone contracts and a credit card with an average credit limit.

Thanks

~Beanie~

1) a debt becomes statute barred once no payments or acknowledgement of the debt have been made in 6 years (in England). Looking at your credit file isn't acknowledging the debt.

2) It won't increase immediately, no.

3) Separately from what? From the car finance? You will need to contact Equifax directly.

Are the mobile phone contracts and the credit card separate from the defaults and the CCJ?

EnglishStan

Following on from 3).

From my understanding, there are two credit reference companies. Equifax and Experian. Are they linked is my question? I guess they both hold information relating to your credit file. Do they hold the same information or separate information?

In other words, if a company you apply for credit to uses Experian, and you have a clean credit file with them, but Equifax has a non-clean credit file, will you still be declined?

Sorry if this is complicating the issue.

forgotmyname

Depends on which company you use. Some may use all 3 of the credit agencies.

How old are the defaults and CCJ's? Are they settled?

EnglishStan

Just downloaded a copy of my credit report. Very interesting. A few of the entries seem to be incorrect. I have never defaulted on Credit/Store Cards, yet it shows that I have, on three occasions!! ?

I have a better understanding of how it all works now. Most of the defaults are "satisfied" (whatever that means)

I'm guessing it's 6 yeas statute barred from "default date"?

Most of them are defaulted in 2010/2011.

There was a CCJ this year but I don't recognise it, it's for a small sum.

So the only way to increase my credit score is to settle the defaults or wait for the 6th year so they are statute barred?

happy_bunny_2

Are the store cards actually yours or someone's with a similar name

EnglishStan

I've figured it out now, sorry. The "Credit/Store Card" entries are from Lowell Portfolio who presumably bought a debt that was "satisfied" and have defaulted it and entered it as a Credit/Store card default. Bit dodgy if you ask me lol but I know what it's for now

So I needs to get these debts consolidated really and arrange a payment plan.

What are the thoughts of my fellow forum brethren?

Tixy

EnglishStan wrote: »

Just downloaded a copy of my credit report. Very interesting. A few of the entries seem to be incorrect. I have never defaulted on Credit/Store Cards, yet it shows that I have, on three occasions!! ?

I have a better understanding of how it all works now. Most of the defaults are "satisfied" (whatever that means) satisfied means usually 1) that it is an account that was defaulted and then has since been paid, or occasionally 2) that it is an account that was defaulted and has been sold to a debt collection agency for collection.

I'm guessing it's 6 yeas statute barred from "default date"?
no, the default date is not relevant to when a debt becomes statute barred. It is 6years from the date you last paid the debt or wrote to acknowledge the debt (but only if the creditor hasn't commenced court action before thhose 6years are up)

Most of them are defaulted in 2010/2011.

There was a CCJ this year but I don't recognise it, it's for a small sum. The sensible thing would be to obtain a copy of the judgement from the court that issued it (probably Northampton?) so you can find out what it related to.

So the only way to increase my credit score is to settle the defaults or wait for the 6th year so they are statute barred? Paying off defaulted debts and CCJs may have a small positive impact on your credit file. But they will still remain visible on your file and make it hard to get mainstream credit for 6years from the default date / CCJ date.
In terms of waiting for the 6th year - if you have unpaid debts then it is quite possible that more of your creditors will take court action to obtain CCJs so that the debts never become statute barred, and if they do these will remain on your credit file for longer still (as it will be 6years from the judgement date)

EnglishStan wrote: »

I've figured it out now, sorry. The "Credit/Store Card" entries are from Lowell Portfolio who presumably bought a debt that was "satisfied" and have defaulted it and entered it as a Credit/Store card default. Bit dodgy if you ask me lol but I know what it's for now
If a debt has been passed to lowell then it must definitely have defaulted. Lowell should use the same default date as the original creditor used, they cannot change the default date to make it more recent.

So I needs to get these debts consolidated really and arrange a payment plan. With a recent CCJ and several defaults then your chance of being able to get a new loan to consolidate the debts is very slim. You could either arrange a repayment plan with your creditors, or may want to contact one of the debt advice charities to consider entering in to a DMP through them.

What are the thoughts of my fellow forum brethren?

I would forget the idea of trying to get car finance or any new finance for a few years at least, and focus on paying off these debts.