credit cards and credit ratings

Chrysalis

Ok I have 3 debts.

A £1500 loan which I took out probably about 7 years ago now repayable over 5 years but after 3 years or so stopped working due to illness the most of the rest got paid of by the cover but some was left over which I will clear the end of this month finally

A £1500 credit card of my bank which I also got many years ago the card has been closed for over 2 years and am currenly on a repaymant plan with the interest frozen. About £850 worth of debt left on it.

A £500 capital one card which I have had since last summer, very controlled use I basically do not use it for anything I wouldnt normally buy so generally use for things like paying bills and online shopping of food and pay it in full every month avoiding interest. Currently has approx £20 balance.

I have noted at the time of last september my credit rating was considered poor enough by BT that I had to pay a deposit for a phone line at my sisters address. So 2 weeks ago I ordered a credit report from checkmyfile website one that is supposedbly more detailed then the basic reports from the likes of equifax,

So I got the report was 485 score 1 star rating so the worst possible rating, now the reasonings for the poor rating astounded me some prejudice.

1 - I live in a terraced house so I am considered risky for living in the wrong type of house.
2 - My postcode although I was below the average score for my area the report said it was a negative area.
3 - Current time at address, understandable as have only been here for 1 andhalf years.
4 - Lack of credit.

Yep note #4 basically all the credit I mentioned is not on my credit file so if I have a credit check the system thinks I have never had credit and of course then thinks I am a high risk, one of the reasonings for the capital one card was all the advice people give saying get a card pay it full every month boost your rating, well it hardly can boost it if not registered on the credit report :eek: .

Am I right in thinking that I bet someone up to their eyes in debt would likely have a better score simply because they have a credit record. Not only is the score simply weak but its inaccurate information.

I am on the electrol roll it was the only favourable thing on it.

YorkshireBoy

Chrysalis wrote: »

So 2 weeks ago I ordered a credit report from checkmyfile website one that is supposedbly more detailed then the basic reports from the likes of equifax,

Credit reports from this organisation are a complete waste of money IMHO.

You only have to read condition 5 in their T&C's to see that they provide "simplified" reports, and they concede that these are not the same as the ones you'd get by paying your £2 to the likes of Experian & Equifax.


To see just how much information is missing from a 'checkmyfile' report, click the "Compare the extent of the information" link on this page:

https://www.checkmyfile.com/process.asp?display=selection&product=CRT&session=20248214

I suggest you spend another £6 on statutory reports from each of the CRA's directly to get an accurate picture.

Chrysalis

to be fair it had more info than experian and equifax both of those agency reports for me are blank (statutory) nothing on them at all other than my address.