Welsh Water impacting credit file

GingerBob_3

Dobbibill wrote: »

Morning GingerBob, I know you are not much of a fan of the CRAs.

I agree in principal with what you have said but that can happen to any report with any lender. WW have on this occasion reported correct information. They've billed an annual amount and stated it is being paid monthly.

Yes, a fair point, but utilities are well-known for mis-reporting, much more so than financial organisations. There's so much scope for confusion with them. My major gripe here is, however, the lack of consent.

Wright46

Thank you
The potential risk is the the definition that experian quote if you are rated fair.
Yes my bill is paid every month and this is reflected but this but the fact that the score dropped was a concern for me especially as I will be applying for a mortgage soon so I have been monitoring my report very closely.

Dobbibill

Wright46 wrote: »

Yes my bill is paid every month and this is reflected but this but the fact that the score dropped was a concern for me especially as I will be applying for a mortgage soon so I have been monitoring my report very closely.

Continue to monitor your account, this is the sensible thing to do with a mortgage application soon, but don't pay any attention to the score.....just monitor the actual data.

Wright46

Thank you
They say it's reported correctly which is the annual amount due. All payments are made each month and reflected but even though it is paid experian show that this has dropped my score and I don't feel that, that is fair.
It appears the only way around this is to pay it in full or change to a water meter.

GingerBob_3

Wright46 wrote: »

Thank you
They say it's reported correctly which is the annual amount due. All payments are made each month and reflected but even though it is paid experian show that this has dropped my score and I don't feel that, that is fair.
It appears the only way around this is to pay it in full or change to a water meter.

They will probably report your account regardless of your billing and metering arrangements. They have been persuaded to do so by the CRAs, and like the other utilities they now use it as a form of blackmail: "toe the line with us or we'll trash your credit rating".

Dobbibill

Don't overthink it.

Experian are never going to be your lender for any product. They shuffle the score around to ensure you stay glued to the subscription.

If you aren't going to apply for a mortgage for a while, IMHO it will evidence that you pay your utilities every month without fail, therefore make you appealing to a potential lender.

Ben8282

How much is your annual water bill? It can't be that much ....
Even if the annual bill total is shown as outstanding at the beginning of the annual billing period and then decreases as the monthly payments are made, unless the water company is incorrectly reporting late or missed payments there should not be any detrimental effect. The balance simply cannot be high enough for it to be seriously affecting your ability to obtain credit.
Have you ever considered that the drop in the credit score could be due to something else?

Wright46

Hi, the outstanding amount is only £415 ( for the year) but anything over £50 will apparently change the score. The only other things on my CF is my mortgage and Bank account both clean as a whistle. Even Experian told me that it was the balance of the water bill that caused the change in score.

[Deleted User]

Wright46 wrote: »

Even Experian told me that it was the balance of the water bill that caused the change in score.

That's the one thing they're probably right about, as they're the ones who invent your score.

Dobbibill

Wright46 wrote: »

Hi, the outstanding amount is only £415 ( for the year) but anything over £50 will apparently change the score.

Mine was about £400 odd too, they can twiddle my score around all they like, I'm never going to look too closely at it. They will never be my lenders.

The only other things on my CF is my mortgage and Bank account both clean as a whistle. Even Experian told me that it was the balance of the water bill that caused the change in score.

Your file seems quite thin. Do you not have a mobile phone contract, gas, electric, credit card, any other current accounts?

Do you pay for Experian?