How to correct Experian credit file error?

ajw1100

'Sadly, it’s likely you’ve little free cash, so lenders probably think you can’t afford to borrow much more'.

So the Credit File states for loans and credit cards, both show as V Weak. This is frustrating as I do have free cash available, obviously I am not saying how much!

I have no debts, no mortgage, little fixed expenditure other than normal utilities, have a good income (Pensions etc) Pay off cards in full every month and have done for decades (My card interest is 8.55% AER but never paid any interest)

Do I just write to Experian or contact the MSE Credit Club if that is possible?

Experian are simply wrong and I would like to have them put it right. I did try phoning them, after 5 minutes of press this press that, visit our website, press this press that , visit our website........press this - you get the idea! Round and round the phone merry go round.

Fighter1986

This is a breakdown of what is affecting your score, right?

It's all absolute claptrap. Lenders don't see that. They don't see the score either. When you apply for credit they look at the information you provide on the application form, the information they may already hold about you (e.g. if you've had accounts with them before), and they will see your credit file contents - i.e. your accounts, payment history, limits, balances, recent credit applications, electoral role history, and the presence of any county court data, reposessions, insolvencies etc if you'd had any in the last six years.

They don't see the "Credit Score" number you are sold by Experian (et al), nor do they see that text you see.

Whoever you apply to will use their own credit scoring techniques based on their own criteria. If, as you say, you have plenty of disposable income, and run your credit card well, lenders will see this and judge you accordingly.

Pay no mind to that rubbish about "Sadly it's likely you've little free cash". No one's going to change that, and it doesn't matter. It's just nonsense. 

[Deleted User]

Send them a picture of you holding a large wad of cash and they should update their comments.

nick74

There is a long standing issue with Credit Club where it gives many people (including myself) a 'V Weak' affordability score, regardless of circumstances. However, as has been mentioned above, nobody but you sees this rating and it is totally meaningless. Don't waste any more time trying to get it changed, simply ignore it.

ajw1100

Hi Guy's.

I'll stop worrying now.

Thank you for your comments, I wonder if it's a way of scaring people to join and PAY to correct this misinformation. However I feel it is wrong for MSE to also advise users of the Club that their score is V Weak.

I also find it confusing that we are told lenders like stability, and consistency which they like, but don't like swapping/closing/opening accounts and or cards when Martin L is all for ditch and switch accounts and cards, utilities etc. 

[Deleted User]

ajw1100 said:

Thank you for your comments, I wonder if it's a way of scaring people to join and PAY to correct this misinformation. 

No, it's just a way of keeping you addicted to checking the score and comments.  Once people realise you just need to check the data from time to time, website traffic drops, which isn't what either MSE or Experian want. 

Fighter1986

ajw1100 said:

Hi Guy's.

I'll stop worrying now.

Thank you for your comments, I wonder if it's a way of scaring people to join and PAY to correct this misinformation. However I feel it is wrong for MSE to also advise users of the Club that their score is V Weak.

I also find it confusing that we are told lenders like stability, and consistency which they like, but don't like swapping/closing/opening accounts and or cards when Martin L is all for ditch and switch accounts and cards, utilities etc. 

Yes, I'm suprised Martin doesn't expand more on the adverse effect regularly closing and opening accounts can have on ones creditworthiness.

Come to the forums, this is where the real knowledge lies