Probably asking stupid questions

TWS89

Hi,

So I've recently started looking at my finances, credit reports etc as I have a lot planned over the next few years. Shame it's taken me this long to actively take control!

However, with the credit report, I am struggling to understand what is good and what isn't. I have 2 defaults which I know are bad but are due to drop off in May 2015. How long will it take for a visible improvement in my score (I have seen on here that the score is irrelevant, is this correct?)

Also, the linked addresses, is it bad to have numerous on there? Again with the closed/settled accounts, is that also a negative?

Thanks in advance!

Nasqueron

Scores are meaningless numbers generated by the CRAs to try and sell you "improvement" services - it's the data that lenders see and that is all they use to judge your risk. Once the defaults drop off you would be judged by any other current financial products - if you are a "good" customer, paying on credit and paying off the full balance and are managing loans etc without any late payments you should be able to get finance.

No idea on linked addresses but I would imagine that a solid trail of records showing you move but don't try to disappear is probably good?

Experian_company_representative

Hi TWS89,

Once the defaults are off your report your credit report should see an immediate improvement.

The number of linked addresses recorded on your report generally won't be a concern for lenders.

The lender may check the linked addresses for any information in your name though, so if you haven't already added your past addresses to your CreditExpert profile you may want to do so. This will ensure that you can see any information recorded in your name at the past addresses. You can find our more about adding the addresses here.

Hope this helps!
kind Regards
Neil