My Credit report (a few queries)

Legacy_user

Hi People,

I apologise but this is likely going to be a load of trivial waffle. It is just me trying to leave no stone un-turned in my efforts to get a mortgage this year.....

I have looked at the 3 known credit reference agencies reports on me....Equifax, Experian and Callcredit.....


I have a credit agreement listed on them which is a Next Directory (the clothing retailer) account....this comes under a past address...

It notes I opened it sometime in 2009 and it was 'settled' in the same year. Status history is green for a while and then there is a years worth of 'not updated' monthly greyed-out boxes...and then green ones through 2011 until it states 'settled' once again.

There is nothing negative on this particular credit agreement report. I am pretty sure that I never borrowed credit to purchase anything from their directory....

I don't even remember taking out any 'credit agreement' with Next, I never remember having a Next directory account......

A few questions:

1. Is it possible for someone else at that past address to have had a Next Directory account and it to have ended up on my credit report. I assume not? Maybe it is something I didn't realise I had, or forgot about.

2. The status is down as 'settled' and there is no history on the report since 2012. I am assuming I am still registered as a customer with next directory. Does it matter if this is still left open and left open under another address?

3. As stupid as this sounds - will this count as a positive to a mortgage lender? I don't think I borrowed any credit, but everything is green 'up to date' or 'settled'. Will the lender even know if I borrowed credit or not with Next Directory? All they get to see is green boxes.


Cheers

20aday

Hello there.

Have you ever used next.co.uk to place an order at your old address?

I only ask because I've done this in the past (at my current address) and despite declining a credit account with them they reported to my credit file (Noddle) for six months a couple of years ago (and showed a credit limit of £600).

I contacted Noddle and asked them to remove the above entry (it didn't have an impact on any lending I applied for around that time) and it then disappeared.

stclair

Next always open you a credit account even if you pay by cards.

It's detailed within the T&Cs of account opening.

lufc7

dburford9 wrote: »

Hi People,

I apologise but this is likely going to be a load of trivial waffle. It is just me trying to leave no stone un-turned in my efforts to get a mortgage this year.....

I have looked at the 3 known credit reference agencies reports on me....Equifax, Experian and Callcredit.....


I have a credit agreement listed on them which is a Next Directory (the clothing retailer) account....this comes under a past address...

It notes I opened it sometime in 2009 and it was 'settled' in the same year. Status history is green for a while and then there is a years worth of 'not updated' monthly greyed-out boxes...and then green ones through 2011 until it states 'settled' once again.

There is nothing negative on this particular credit agreement report. I am pretty sure that I never borrowed credit to purchase anything from their directory....

I don't even remember taking out any 'credit agreement' with Next, I never remember having a Next directory account......

A few questions:

1. Is it possible for someone else at that past address to have had a Next Directory account and it to have ended up on my credit report. I assume not? Maybe it is something I didn't realise I had, or forgot about.

2. The status is down as 'settled' and there is no history on the report since 2012. I am assuming I am still registered as a customer with next directory. Does it matter if this is still left open and left open under another address?

3. As stupid as this sounds - will this count as a positive to a mortgage lender? I don't think I borrowed any credit, but everything is green 'up to date' or 'settled'. Will the lender even know if I borrowed credit or not with Next Directory? All they get to see is green boxes.


Cheers

This could well be a positive ie paid on time etc and the account has been settled several times. The only potential negative I could see is the account is open still??? and is registered at a old address? I would either log into your next account and update your address details (if you still have log in details when you purchased from them) or call them up and close the account(probably the best option because you can forget about it then and it will be moved to the closed accounts section of the CRA's as a nice settled account) hope this gives you food for thought

System

I believe the Next account is regarded as closed. It just wasn't entirely clear on the reports from what I could see.

Just noticed that on the Noddle report - it is under the 'closed account' section.


I have a further question.....

I understand that mortgage lenders want to see a credit history....

Do 'Closed accounts' that have been settled with no issues such as closed bank accounts and this Next Directory account that is closed mean much to mortgage lenders....

How do lenders view the above compared to someone having a Credit Card Account?

Do lenders actually get to see how much you borrowed with a Credit Card or will the Credit Report just show them green month-by-month boxes to say everything was ok with the account? Is it possible to take out a Credit Card and not borrow anything and get these Green Boxes and that be enough to show you are good with credit?

[Deleted User]

Closed accounts help a little, if they were managed properly. But ongoing credit accounts demonstrate current behaviour better.

Not using the card is pretty much the same as not having a card. You're looking to demonstrate that you can make repayments in accordance with the agreements - not that you're scared of using credit.

GingerBob_3

So Next report you to the CRAs even though they're not providing you with credit. And of course the CRAs lap up the data without applying any validation or quality control.


Don't open a Next "credit" account under any circumstances. It's just one more line of reporting to the CRAs that could end up with errors on it. And we all know how that might affect you.

Mummyto4kids

I have an online account with H and M which reports to the CRA exactly in this way. So I place an order, I don't have to pay straight away but I don't have a catalogue account with them as such. What I have is an arrangement where they invoice 28 days later, I pay in full and that's it until I make another order which could be six months later. My credit report looks exactly as you described. Two greens every time I order and greys in between.


Maybe Next work in the same way? Altho its a positive if there are greens?

GingerBob_3

Mummyto4kids wrote: »

I have an online account with H and M which reports to the CRA exactly in this way. So I place an order, I don't have to pay straight away but I don't have a catalogue account with them as such. What I have is an arrangement where they invoice 28 days later, I pay in full and that's it until I make another order which could be six months later. My credit report looks exactly as you described. Two greens every time I order and greys in between.


Maybe Next work in the same way? Altho its a positive if there are greens?

So-called positives count for very little. As an approximation, 10,000 positives are neutralised by one negative.

System

Deleted_User wrote: »

Not using the card is pretty much the same as not having a card. You're looking to demonstrate that you can make repayments in accordance with the agreements - not that you're scared of using credit.

Makes sense....

Just wasn't sure exactly what is shown on the report when credit is borrowed via a credit card. Banks accounts and the Next account show green boxes and that's it....

What data is shown when a credit card is being used....more green boxes or specific sums of cash borrowed and paid back?


Also:

I have read that it is not good to check your credit report as lenders don't like you doing that? Maybe I am being thick - but I'm unsure why it is an issue....

Can lenders see that I have checked my reports?

Is it bad to keep logging in and out of my credit report accounts?

lufc7

dburford9 wrote: »

Makes sense....

Just wasn't sure exactly what is shown on the report when credit is borrowed via a credit card. Banks accounts and the Next account show green boxes and that's it....

What data is shown when a credit card is being used....more green boxes or specific sums of cash borrowed and paid back?


Also:

I have read that it is not good to check your credit report as lenders don't like you doing that? Maybe I am being thick - but I'm unsure why it is an issue....

Can lenders see that I have checked my reports?

Is it bad to keep logging in and out of my credit report accounts?

Various credit card providers can provide varying amounts of details to CRA'S and not necessarily the same amount of info to each. The basic info would be card limit and amount used and green ticks if at least min amount oof repayments are made. Extra data such as if your in a offer period ie 0% deals and whether or not only min payment is made etc.
The other question regarding viewing your files. It is only a good thing to monitor, it helps your spot incorrect data and correct it and also helps with identity fraud. When you view your file it is a soft check only. These type of checks are not viewable to anyone other than yourself. So credit companies etc won't know you have been looking. Hope this helps