Noddle credit rating - who uses it?

kilby_007

I've always prided myself on being debt free (apart from having a mortgage) and I've always made payments on time. I regularly check my Experian credit account and it's been 999 for as long as I can remember.

A recent case of identity fraud by a family member has prompted me to check my Noddle credit score and it's shockingly low (1/5). The only reason for this can be due to a store credit account that my brother set up in my name and the account is still in the red (a missed payment of £100 has been ongoing since November). If I settle this account myself, will the credit score go back up to good/excellent? I'm not wanting to get my brother into trouble by going to the police, as he is autistic and I'm not sure he'd be able to cope with the consequences.

Also, who uses Noddle, and how accurate is the score? 1/5 seems pretty unreasonable to me as I have other bank accounts/credit card/mortgage/phone, etc that have never been in the red.

HappyMJ

The account by now will be in default so it will take 6 years for your credit to be back to normal.

kilby_007

HappyMJ wrote: »

The account by now will be in default so it will take 6 years for your credit to be back to normal.

So the credit score won't change if the status changes from "late payment" to "settled"?

[Deleted User]

Lenders would view you slightly more positively if you settle it. But your credit score is just a marketing gimmick and not seen or used by anyone.

Ebe_Scrooge

kilby_007 wrote: »

Also, who uses Noddle, and how accurate is the score? 1/5 seems pretty unreasonable to me as I have other bank accounts/credit card/mortgage/phone, etc that have never been in the red.

Your "score" is meaningless, forget that.

However, the underlying problem is that you have a default recorded against your name, which will count heavily against you. If you settle the account, it'll still take 6 years for the default to drop off your credit history.

Sorry, but if you want to regain your unblemished history, you have 2 options - pay the outstanding debt and wait for 6 years, or instigate proceedings against your brother. I fully appreciate that the latter option is most unpalatable, given what you've said. But unfortunately, your credit file is "absolute" - as far as they're concerned, "you" have failed to fulfill your repayment obligations, therefore "you" are a bad bet for future lenders.

This is a difficult one, and you have my heartfelt sympathies. If you're not looking to obtain new credit in the next 6 years, the best option is to pay off the debt and wait for your credit history to clear. And take whatever steps are necessary to prevent the same thing happening again.

kilby_007

Ebe_Scrooge wrote: »

Your "score" is meaningless, forget that.

However, the underlying problem is that you have a default recorded against your name, which will count heavily against you. If you settle the account, it'll still take 6 years for the default to drop off your credit history.

Sorry, but if you want to regain your unblemished history, you have 2 options - pay the outstanding debt and wait for 6 years, or instigate proceedings against your brother. I fully appreciate that the latter option is most unpalatable, given what you've said. But unfortunately, your credit file is "absolute" - as far as they're concerned, "you" have failed to fulfill your repayment obligations, therefore "you" are a bad bet for future lenders.

This is a difficult one, and you have my heartfelt sympathies. If you're not looking to obtain new credit in the next 6 years, the best option is to pay off the debt and wait for your credit history to clear. And take whatever steps are necessary to prevent the same thing happening again.

We've just sold our house and moving into rented, and we were going to buy a property to renovate so will be applying for mortgages within the next month. Do all mortgage lenders use Noddle? The information isn't recorded on my Experian report.

kilby_007

Do I just need a crime reference number to get the bad credit removed, or do I need to have had a decision made in court against my brother for identity fraud?

HappyMJ

kilby_007 wrote: »

Do I just need a crime reference number to get the bad credit removed, or do I need to have had a decision made in court against my brother for identity fraud?

You can add a note to your credit file when you've got the crime recorded which you can explain the debt is fraudulent and creditors should ignore the debt and any late payments and defaults. All decisions will be referred for manual consideration.

You can get it removed completely once he is convicted and sentenced.

kilby_007

Another question, relating to the debt - the company (24studio) has allowed my brother to do this with no details about me other than my name. He used the incorrect date of birth, an address that I don't live at, and his own email address and phone number so how can they have recorded all this under my credit file using only my name and an old address (I haven't lived there for 9 years)?? They will only speak to me on the phone despite him being willing to openly admit it and have the account moved into his name. Is there no loophole I can use here e.g. to say that he made a typo when signing up? He's willing to cooperate with me.

[Deleted User]

I would strongly advise against lying to cover up his fraudulent application.

kilby_007

HappyMJ wrote: »

You can add a note to your credit file when you've got the crime recorded which you can explain the debt is fraudulent and creditors should ignore the debt and any late payments and defaults. All decisions will be referred for manual consideration.

You can get it removed completely once he is convicted and sentenced.

A note of correction is one that you add yourself though, "for something that is factually correct but gives a bad impression about you", but this isn't factually correct. I've raised a "dispute" on the account with Noddle, and they've said it will take 28 days to reach an outcome.