Disputes 3 November 2021 at 8:37AM in Credit file & ratings 6 replies 151 views

minniemoney999

I’ve been trying for a while to improve my report but it’s going down instead of up every month! I’ve recently applied for credit and the reasons given for the decline seemed incorrect and extreme. They couldn’t tell me which credit bureau they used and I don’t know what to do or how to fix it. None of the reasons are true…I’ve checked my report with 3 credit bureaus and I have no missed payments I’ve been at this address for 8 years I had a ccj but it was removed and no bankruptcy.

[Deleted User]

Your credit score doesn't measure your credit worthiness so you can't use that to assess how well you're doing.

Lenders will assess you on your credit history and circumstances. If you're managing your accounts well and any negative activity is getting older, then lenders will see you more positively. On top of this, you need to meet affordability criteria etc.

You may also have a thin file. Products like Payl8r are generally aimed at the younger, cash-strapped demographic and are best avoided if possible.

minniemoney999

Thanks the reasons given though aren’t correct so where do they get that from and if that is what everyone sees from my report how would I correct that?! 

[Deleted User]

You don't.  The reasons are incorrect if they don't apply to your file. They've sent you a generic decline email.

Lenders will see what you see, minus the names of the lenders.

MaryNB

Are you on the electoral register?
Do you have any current or recent credit accounts? 
How many credit applications have you made in the last 6 months? How many recent hard searches are on your account?

If you're struggling to get credit consider a credit building credit card to improve your credit worthiness. Keep your usage low (to approx 30% of the limit) and pay it off in full one receipt of your statement.

MalMonroe

They say "1 or more of the following", so it could just be one, not all. 

The best thing to do would be to get a full credit report from one or all of the CRAs and study it in detail. Find out what exactly has been going on. CRAs get your information from creditors and if a creditor has put incorrect information on your file, you can contact them and ask them to correct their error. If it's not a creditor's error you can contact the CRA and ask them to correct the error.

They check electoral rolls to see if you are registered and if you're not, that's a black mark against you. 

There's some helpful info in this link - https://www.moneyhelper.org.uk/en/everyday-money/credit-and-purchases/how-to-check-your-credit-report

The good thing is that only a soft search has been carried out so your file hasn't been affected. The credit score that you see on your reports is never seen by lenders. They have their own scoring systems. 

Also, I agree with zx81 about avoiding lenders such as Payl8r. The name alone indicates to me that you'll be paying very high interest rates. 

longjohnjohnson

Stop applying for finance offered by silly fly by night fintechs, save a bit of money and then buy it outright.

It's a lot easier than trying to wrack your brains over why they won't lend you money for things you probably don't need.