CREDIT REPORT ERRORS..please help

gembo69

Deleted_User wrote: »

No. You ignore it. It could fall to zero or go to 999. It doesn't matter.

What do your credit files actually say? No numbers, just the data. Have you checked all three?

The date i checked (the only data available) says all accounts up to date, clean accounts, correct address, electoral roll x

[Deleted User]

Equifax/Clearscore, Experian, Call Credit/Noddle.

TheShape

I would pay £2 each for the statutory credit reports from Experian, Equifax and Call Credit. Have them all posted to you and go through them in detail looking for any errors/erroneous info. Then query anything that is incorrect.

Ebe_Scrooge

It's also worth remembering, there could be a perfectly reasonable explanation as to why your loan application was refused - even if your credit files are correct. It could simply be down to affordability. The generally accepted wisdom is that lenders are reluctant for you to have more than about 50% of income in unsecured credit.


For example ( using purely made-up numbers ), let's say you earn £20,000 a year. You currently have a credit card with a £5000 limit available on it, and you have a loan of £2000. That's fine, you have £7000 of debt ( or potential debt - a lender will assume a worst-case scenario and assume you're going to go out tomorrow and max out the credit card ).


Now, if you apply for another loan for £3000, you'd likely be accepted ( all other things being equal ), since that gives you a total of £10,000 debt against an income of £20,000. But if, instead, you applied for a loan of £5000, that would push your total debt to £12,000, which is more than 50% of your income. So it's probable that you'd be refused.


Obviously all lenders are different, and each has their own acceptance criteria ( which are not made public ). But the 50% thing is a generally-accepted rule of thumb.

GingerBob_3

Ebe_Scrooge wrote: »

It's also worth remembering, there could be a perfectly reasonable explanation as to why your loan application was refused - even if your credit files are correct. It could simply be down to affordability. The generally accepted wisdom is that lenders are reluctant for you to have more than about 50% of income in unsecured credit.


For example ( using purely made-up numbers ), let's say you earn £20,000 a year. You currently have a credit card with a £5000 limit available on it, and you have a loan of £2000. That's fine, you have £7000 of debt ( or potential debt - a lender will assume a worst-case scenario and assume you're going to go out tomorrow and max out the credit card ).


Now, if you apply for another loan for £3000, you'd likely be accepted ( all other things being equal ), since that gives you a total of £10,000 debt against an income of £20,000. But if, instead, you applied for a loan of £5000, that would push your total debt to £12,000, which is more than 50% of your income. So it's probable that you'd be refused.


Obviously all lenders are different, and each has their own acceptance criteria ( which are not made public ). But the 50% thing is a generally-accepted rule of thumb.

I'm not sure about this potential debt stuff. Due to a large number of credit cards I have a potential debt of well over twice my income, but my actual debt is minimal. Last time I applied for a loan it was accepted immediately despite the massive potential debt.

glentoran99

GingerBob wrote: »

I'm not sure about this potential debt stuff. Due to a large number of credit cards I have a potential debt of well over twice my income, but my actual debt is minimal. Last time I applied for a loan it was accepted immediately despite the massive potential debt.

How long ago was this? Lenders have tightened up in recent times

GingerBob_3

glentoran99 wrote: »

How long ago was this? Lenders have tightened up in recent times

Last loan taken out exactly two years ago. Had all the credit cards at that time as well.

gembo69

TheShape wrote: »

I would pay £2 each for the statutory credit reports from Experian, Equifax and Call Credit. Have them all posted to you and go through them in detail looking for any errors/erroneous info. Then query anything that is incorrect.

How do i do this?
Thanks

gembo69

1 other thing...
I got married a year and half ago but my bank account, passport and driving licence (naughty I know) are all still in my maiden name. When I go through my credit report, do i out my married name or previous?
Thanks