Can someone explain credit check to me please

Mollymop5

If I've posted this on the wrong board then I appologise in advance.
I have just requested a look at my credit files via quidco of course. I have lived at my current address for nearly 3 years, in this time I have only added a next account to my list of debts though I've only used it once. I took 11 debts with me when I left my husband.He kept one joint loan as thats all his name was on.On checking my files none of my debts are listed although I provided my previous address.
I expected to see all my debts and whether I was up to date etc .Is this not right?
It showed a couple of debts that are now settled and all activity on my bank account and next account but thats it.
Can someone explain how the files work and what they do and don't show.Thank you Mollymop

Mollymop5

Can anyone explain please? why aren't my debts showing? Is it because I defaulted 5 or 6 years ago and have just been making minimal payments over that time?

fermi

There are three different Credit Reference Agencies.

Each individual lender can report information about your accounts and credit history with them to one or more of them. But there are not many lenders that report information to all three. That means that if you check your Credit References Files with just one of these, then it is unlikely that all your accounts and info will show up.

Martin has an article on how credit references/ratings work here:

Link : Credit Ratings

And there is a rough list showing which creditors/lenders use which agency here (although that is for searches):

Link: Credit Reference Agencies - Who uses who?

Plus, remember that defaults only stay on your files for 6 years from the date they were registered.

Mollymop5

fermi wrote: »

Plus, remember that defaults only stay on your files for 6 years from the date they were registered.

I have been making small monthly payments over the past 5-6 years although I defaulted from the actually monthly payments they expected. Wouldn't these show?
I checked with experian so will check out the others too.Thanks for your help.

Frugaldom

Hi MollyMop, just read this through and have to agree that it may just be that the companies you are referring to are using the other agencies. Not much more I can add to what's already been said other than try to get cashback or points with any other free trials you get and don't forget to cancel them

Good luck

Back again - I was just wondering if perhaps the debts were in a different name as you mentioned being away from your husband - did you check under maiden name, married name and current name (if different)?

Mollymop5

nykmedia wrote: »

Hi MollyMop, just read this through and have to agree that it may just be that the companies you are referring to are using the other agencies. Not much more I can add to what's already been said other than try to get cashback or points with any other free trials you get and don't forget to cancel them

Good luck

Back again - I was just wondering if perhaps the debts were in a different name as you mentioned being away from your husband - did you check under maiden name, married name and current name (if different)?

I'm checking with the other companies to see what they show up.I did check with my married name and maiden name and also provided previous addressess. it would be nice thinking they didn't show but I'm not holding my breath.Thanks for coming over to check for me

balmk

fermi wrote: »

There are three different Credit Reference Agencies.

Each individual lender can report information about your accounts and credit history with them to one or more of them. But there are not many lenders that report information to all three. That means that if you check your Credit References Files with just one of these, then it is unlikely that all your accounts and info will show up.

Martin has an article on how credit references/ratings work here:

Link : Credit Ratings

And there is a rough list showing which creditors/lenders use which agency here (although that is for searches):

Link: Credit Reference Agencies - Who uses who?

Plus, remember that defaults only stay on your files for 6 years from the date they were registered.

I used checkmyfile to see mine.

my Equifax one has no credit history, my Experian one has all my credit history, and my callCredit one is all wrong!

Lots of work for me to do to clear it all up!

Mollymop5

Hi just an update here.I got all 3 credit checks through.All they show is my bank accounts.A couple of things that I paid off and my current next account.
There are no debts showing!!!!.I calculated there should be 6 showing as i have been making minimal payments to 6 companies to pay off the debts I had.
I am reluctant just to stop paying as I'm sure they will hound me and by paying it keeps them away.
What would everyone else do?

fermi

Did the lenders ever default the accounts?

If they did then details of the accounts would disappear 6 years after they registered the default (at least with Experian they do).

Plus not all creditors report information on your accounts.

Mollymop5

I'm sure they must have defaulted as they passed me on to various different debt companies over the years.I always offered payment and never tried to shirk off the debts it's just that some weren't happy when they were just small payments which is why other companies must have bought the debts.
Someone suggested that I just stop paying now as they're not on my credit file but I'm not sure I want to.It would be nice not having them and it will take me till 2014 at this rate to clear them but they are my debts.i did spend the money so I should pay them back right?

earthmother

balmk wrote: »

I used checkmyfile to see mine.

my Equifax one has no credit history, my Experian one has all my credit history, and my callCredit one is all wrong!

Lots of work for me to do to clear it all up!

Just out of interest, why use a company like this (and pay £20 each time), when you can spend less than £7 (£2 each, plus 3 stamps), to get your report from each of the individual companies direct.