Not understanding credit report

ava77

Hi, I'm new to all of this, both forums and credit reports.

I'm struggling to understand what my report means.


Your Credit Score & Rating based on your full Callcredit file and which reflects that used by lenders is:
639

To understand how this score is affected by elements of your credit report, click each item for more information.
Negative Attributes. 2 Cases of Arrears, 1 Defaulted Account & 1 Arrangement

2 Cases of Arrears
1 Defaulted Account
1 Arrangement

Firstly is 639 good or bad ?,
and secondly it states I have 2 cases of arrears, 1 default on an account and 1 arrangement. I have clicked on them and it just states what arrears, default and an arrangement means but not where they have come from. I have been on everything and cannot find where they came from, any advice would be gratefully received.

Thanks in advance

DCFC79

Well first off your score doesn't mean squat. If you register with the other credit ref agencies you will find your score will not be the same hence its useless.

What does matter is your credit history.

Other 2 credit ref agencies are experian and Equifax, see if they can tell you more details on what your arrears are.

MNM2903

From that score it sounds like your using experian.

1. The score means nothing, its your report you should be interested in.
2. You need to check the financial accounts for details of each individual creditor.

Lenders dont see the score atall so its meaningless and is only how experian, equifax and noddle view you.

I would not pay for this service to see your score, if you have free trials use them and cancel them and remember noddle is free for life.

Make sure you check all 3 as information can differ.

Malmo

As mentioned by others, scores are meaningless. Suggest you read up on this MSE article to understand the myths about credit "scores".

MNM2903

What i done was obtained the free 30 day trial on both experian and Equifax, also got a noddle account which is free for life.

Checked all the info, updated all address history etc.

Contacted all creditors where and defaults or outstanding balances were.

Paid everything off or set up payment plans.

made sure i done this on all 3 as creditors choose who they report to.

Once youve got them in order and up to date just keep noddle as its free and close the others as the only thing that will make you more attractive to lenders if thats what your trying to do is time and keeping up to date on all your agreements.

ava77

Hi and Thank you for all your replies.

I have joined Experian but have to wait for a pin through the post to see this one.

I also joined the check my file which look at both Equifax & Call-credit, and also Noodle. I have saved the numbers and set my alarm to remember to cancel all the ones that charge after 30 days.
The arrangement, default and arrears are all from accounts that have all been paid and closed, the last of which was 2011.
It states I have 17 clean accounts
I'm on the electoral roll
and have no court judgement.

Most of these 17 clean accounts are not in use. Should I telephone these to close the accounts or do they close after a period of none use?

And will 17 open accounts affect decisions on applying for credit cards and loans etc?

[Deleted User]

17 open accounts is a lot. If they are ones you are not using, close sat least some of them.

ava77

I can't understand why there are 17 accounts open, hopefully once I receive the pin through the post for Experian it will be able to tell me more.
The "check my file" one states I have 11 closed accounts and 11 open accounts, I have no idea what the other 6 accounts are for or where to find them.
I can close 3 of the 11 accounts I have open though. The rest belong to bank accounts, Yorkshire water, credit cards, car hire purchase, and a clothing catalog, of which is still used.

ava77

Hi, I think I understand my credit report, finally.

I have 11 accounts open, and 10 closed accounts. 17 of those 21 accounts are all classed as clean accounts. With 2 cases of arrears, 1 defaulted account, and 1 arrangement, all of which have been settled and closed, and date between the years of 2009/2013. Will this go against me if applying for a loan/credit card with better interest rates?

SeduLOUs

ava77 wrote: »

Hi, I think I understand my credit report, finally.

I have 11 accounts open, and 10 closed accounts. 17 of those 21 accounts are all classed as clean accounts. With 2 cases of arrears, 1 defaulted account, and 1 arrangement, all of which have been settled and closed, and date between the years of 2009/2013. Will this go against me if applying for a loan/credit card with better interest rates?

They will affect you yes, even though the accounts are now closed. Every marker (like a late payment or a green monthly 'tick' for example) stays on your file for 6 years, so your accounts will still be visible to lenders when you apply for credit 6 years after closure.

The default will 'fall off' your file 6 years after the date it was defaulted, and the arrangements will fall off 6 years after they were closed/settled.