Credit Rating / Score

Jag1978

Not sure if this is the right place to ask but here goes:

One of my colleagues asked me a question… His son went to buy a Plasma TV thingy on credit, but was declined due to his credit score/rating. As base home address is the same as his fathers does that mean the whole household will have similar credit rating, or anyone living that the house, or are scores based as individual.

Many thanks

Jag

Rafter

Jag,

Credit rating agencies used to be able to see everyones details in a house, but it is now just based on the individual applicant.

The son may have been declined for many reasons.....

Not on electoral roll, not been in job long enough, living with parents, too much debt already, bad payment record of peole in that postcode etc etc.

It is impossible to know which one applies here but the parents may have a better chance, particularly if they are 'home owners' and have been in their jobs a while.

R.

Jag1978

Many thanks for the info... I guess you really don't know until it's time to apply for credit.. or if you have a credit check done... but I guess thats not good unless there is good reason for it??

Jag

balmk

Jag1978 wrote: »

Many thanks for the info... I guess you really don't know until it's time to apply for credit.. or if you have a credit check done... but I guess thats not good unless there is good reason for it??

Jag

Always worth checking your credit files to see what has been noted, who you have financial associations with, and to check if there are any errors - you can do it online at www.callcredit.co.uk, www.experian.co.uk, www.equifax.co.uk, or have all three at once at www.checkmyfile.com.

These are online services and charge a subscription fee, but the sites also show you how to get your statutory credit reports for £2 each.

Hope that helps :j

Jag1978

many thanks for the info.....