Credit Report: Missing accounts

RG2015

Hi,

I have signed up for the free credit reports from Noddle and ClearScore but neither show my current account and credit card account from the 70s. I understand why but am not sure if I should request that these be added in. The same is true of my mortgage history although these are now paid off.

The only negative point on my credit score (according to ClearScore) is that my oldest credit card is not very old although it is actually 37 years old! I also have credit cards which I have cancelled that do not appear. All in all my credit history is substantially incomplete. In addition, I have just taken out a loan which is interest free if paid off within 12 months but which has caused my credit score to plummet.

Can anyone advise if it would be to my benefit to get all the missing accounts added to my credit history?

Many thanks,

RG

National_Debtline

Hi RG,


Well the first thing I would suggest is to check your Experian credit file as well. The information can vary slightly between the 3 agencies so checking all 3 is the best place to start.


Also, the files will only show information for the last 6 years. So unless you are using the credit cards regularly they may not show. Or if there is still a balance owing but default/ CCJ date was more than 6 years ago they will no longer show and cannot be re-added. Hopefully our factsheet will help further - https://www.nationaldebtline.org/EW/factsheets/Pages/05%20EW%20Credit%20reference%20agencies%20and%20credit%20reports/Default.aspx


Laura
@natdebtline

RG2015

Hi Laura,

Thank you for your reply. I ran credit reports from Experian, Equifax and Callcredit a year ago and the old accounts were not listed. I think that as they are over 30 years old that the banks are not authorised to release the information. I have been using both accounts at least once a week for over 30 years.

My question is not why they are not listed but is this detrimental to my credit score?

Experian_company_representative

Hi RG2015,

Older accounts may not show on your credit report as the lender might not have your consent to share the information with credit reference agencies.

If you contact your lender they should be able to supply you with a form to give consent.

Generally having well run, established accounts will be seen as positive information by lenders, and the more information that a lender can see the better understanding of your credit history they will have.

Accounts that are closed over six years ago would no longer be recorded.

Our blog covers what can cause information to be missing from your report, and the benefit of adding it here.

I hope you find it useful!
Regards
Neil

DevCoder

Bear in mind that no lender gets to see your credit score, its a number made up by an algorithm generated by the credit agency who's service you are looking at. Lenders get to see your credit file.

Seeing account which are well run is ok as long as they re active (and not dormant or closed). Thus if the accounts you are talking about are now closed or inactive then they would have very little impact one way or another on a lenders decision.

RG2015

Hi Neil and Krisdorey,

Thank you for your replies. I understand why my accounts do not appear and I have been using these accounts every week for over 35 years so they are not dormant.

My question is will I benefit if I get them added to my credit file?

Thrugelmir

RG2015 wrote: »

Hi Neil and Krisdorey,

Thank you for your replies. I understand why my accounts do not appear and I have been using these accounts every week for over 35 years so they are not dormant.

My question is will I benefit if I get them added to my credit file?

What benefit are you expecting?

With regards to older accounts, the terms and conditions that you agreed to when opening the accounts does not permit the sharing of data. Hardly surprising really as consumer credit scoring has only really come into it's own in more recent years.

RG2015

Thrugelmir wrote: »

What benefit are you expecting?

With regards to older accounts, the terms and conditions that you agreed to when opening the accounts does not permit the sharing of data. Hardly surprising really as consumer credit scoring has only really come into it's own in more recent years.

Thank you for you reply Thrugelmir.

You ask what benefit am I expecting? Better credit score and credit rating. Less likely to get turned down for financial opportunities. My credit score fell when I took out an interest free loan which set me thinking would that jeopardise me taking advantage of another interest free loan? All for want of managing my credit report better.

Or are personal credit reports just a con by the big three to scare punters into taking out monthly subscriptions?

Thrugelmir

Lenders score you themselves according to their own criteria and policies. Managing ones personal finances responsibly is the base line. There's no bonus points available. As the application is equally dependent on other factors such as occupation, time in job, nature of employer, electoral roll, current level of indebtedness etc etc.

RG2015

Experian_company_representative wrote: »

Hi RG2015,

Generally having well run, established accounts will be seen as positive information by lenders, and the more information that a lender can see the better understanding of your credit history they will have.

Our blog covers what can cause information to be missing from your report, and the benefit of adding it here.

Hi Neil, I have just read your blog and all it says on missing accounts is:

" The more information a lender can see the better picture they will have of my credit history. If you have well run accounts then you want to be sure the lender can see them!"

So I guess that this is my answer. The additional information is also very interesting and my bank is sending me a form to fill in regarding the old accounts.

Once again, Neil, thanks for your help. Incidentally, do Experian have any plans to offer a free product like Equifax and CallCredit have done?