Please help with credit score

hanna_ball

Hi I was looking for some help with my Credit score. I recently just created and Equifax Account I have never checked my score before. After looking through it there is one Default of £211 pound with a Caboot Credit Card everything else is Fine. However this Default is damaging my Score.

I had signed up with them 2009 and I had a dispute with them in 2010 over the interest they were charging on the card it has not been resolved yet the original figure was 80-90 pounds but it has escalated to £211.

It appears to be giving me a very poor rating on my credit report. Is there anyway of resolving this and how long will it take to resolve and improve my credit rating score ?

Any help in this matter would be great.

Thanks.

National_Debtline

Hi Hanna

Try not to worry too much about your credit score. It’s really just a very rough guide and isn’t something a potential creditor would see if you apply for credit.

The default will drop off your credit file entirely after 6 years of it being put on there anyway.

James
@natdebtline

[Deleted User]

You need to contact them to raise a complaint about the default, if you feel it was incorrectly applied.

Don't worry about the score aspect - that's neither here no there.

hanna_ball

Hi

Thanks for that guys

I phoned Cabot and they said they would Accept £100 pound to clear the Payment and they would update this on my Credit Report as Partial Payment Made. Or if I wanted to pay the full amount of £211 they would update my Credit Report with paid in full.

Will this improve my Credit score in the short term ? The Default Payment is set to come off my credit report in September 2016 as its 6 years old by that stage.

The reason why I checked my Credit report was because I had asked my Bank for Personal Loan for a new Car, they advised that because this default of £211 pound is on my Credit Report they can't process my Application. I had a Previous Loan from this Bank which started October 2013 and which I have paid. I asked the girl from the bank who called me today did they not notice this default the last time they checked my credit report for the October 2013 Loan and she said it was not on my Credit report at that time. I phoned and asked Equifax and they said that it has been on my report since 05/09/2010, and that my Bank would definitely have seen it at that time. I can't Understand why the loan was granted previously and not on this ocassion as nothing appears to have changed on my Credit report since then ?

Any Ideas of the best way forward for me with this I need to get it resolved and improve my Credit rating score.

Thanks

[Deleted User]

hanna_ball wrote: »

I need to get it resolved and improve my Credit rating score.

The first part of that statement is correct. The second isn't.
Full settlement of that debt will make the best impression in the eyes of future lenders.

Anthorn

Equifax don't provide a credit score nor a rating unless you're paying £5.95p extra for that option.

Probably the only reason to accept a partial settlement is to avoid a CCJ. With partial settlement the default will remain on your credit history and will look just as bad as before. The holy grail is partial payment in full and final settlement and a settled account looks a lot better than a default.

Whatever, make sure you get it in writing including what you have to pay and what they will do after you've paid it.

Thrugelmir

Lenders continually change their criteria. What was acceptable today might not be tomorrow. Could be down to any number of factors such as general market conditions, the lenders own appetite to lend or compliance with regulatory requirements.