Moneysavingexpert.com/ Your Credit Rating discussion area

helnag

Hi,

I have just checked my experian credit report as I do this monthly and one acc is showing £900.00 less than it should be. I'm just wondering if lenders update credit ref agencies manually and this is just an error??

I'm just concerned they're trying to pull a fast one as I have a PPI complaint with the FOS regarding this acc.

Many Thanks in advance.

superstar_catwoman

Hi everyone
I'm also interested in differences between credit ratings between Experian and Equifax - I have a score of 999 with Experian, but in the last few days was refused a loan from Zopa, who I have now discovered use Equifax. I plan to check what my score/rating is with them now, but would be interested to know how easy it is to challenge/correct information these companies have on you, and how long should I leave it before applying for a loan elsewhere? I have seen the brilliant MSE article on who uses which credit agencies and that will really help. Experian tell you if you've had more than three searches on your credit in the last six months this can bring your score down.
Many thanks for any advice.

hugoagogo_2

I'm really worried about my credit rating.

I have a good job as does my partner. I missed a couple of Barclaycard payments around 8 years ago at uni (through disorganisation) but have paid everything on time or early ever since. I have had an egg loan which I repaid early and several 0% credit cards which I have repaid. I also had a couple of interest free items, which were paid for before the 0% time ran out.

Lately I have been refused credit. I got my callcredit credit rating, which was 800ish, but now a month later is 500ish! I do have 3 credit cards, with around £7k on them (0%).

Why would my credit rating have dropped so much?

I have been recieveing letters for a previous tenant (we have been in our rented house for 3 years) from a major credit card company threatening court action. Each time I call them and tell them he is no longer at our address (and hasnt been for 4 years) and they tell me it wont affect my credit file. Could this be it - it isnt mentioned on my file.

Any information or tips gratefully accepted. We are hoping to buy a house soon, but I doubt that is possible with a poor rating.

superstar_catwoman

HI hugoagogo
Anything more than 6 years ago shouldnt appeat on your credit report. Could be the number of recent searches bringing it down, eg for car insurance etc?

hugoagogo_2

It could be, although the only thing i have done it switch credit cards - but a few in the same few months. Car insurance is paid for in one lump and they didnt mention any credit checking when I took it out.

I also have several dormant bank accounts (which I'm closing), which I understand can be bad.

It is really quite upsetting. I have a position of responsibility as does my partner. Both of us would be in severe trouble if we defaulted on any agreements and going bankrupt would mean probable expulsion from our professional bodies - aside from that I have never, nor would I ever not repay what I owe. I was bought up to honour agreements. But for some reason I am a bad risk.

I tried to sign up to Equifax who couldnt recognise me, so I need to scan documents to confirm who I am! Could this be part of the problem?

leemuddywaters

Hi Everyone. I am at the point of not knowing where to go or what to do about my situation. I had a loan with egg £3800 and also a capital one credit card £200. I took both of these out in 2005 and shorty after was offered a job in New Zealand. So I had left enough money with a family member to cover the the monthly payments for a year while I was away so I didn't have to think about it whilst on the other side of the world. On my return I found it he had taken the money and both loans had defaulted. They are both with debt collection agencies now and I am paying them off. I only have one payment to make on the capital one card and it will be cleared and aroung £2000 on the egg loan. My problem is this. I am going to be going for a mortgage soon and my credit rating is sitting at 697 (poor) so I am hoping to get a loan to get it out of the hands of the collection agency so it looks better when applying for a mortgage. Any ideas on this? Or the best way to better this situation?

Thankyou

superstar_catwoman

Hi hugoagogo
That is one of the most frustrating things when you know you can afford the credit you are applying for and consider yourself good with your money - I have been refused a Zopa loan which I reluctantly applied for, now realising they prefer clients with £25k+ income - I am in that bracket because of 25% unsocial hours allowance but as my payslip lists my annual income as the amount before the allowance, I put that on the application.
I do wonder if having previous bad tenants living at your address could be affecting things as I've been asking financial advice off a 'friend of a friend' who is a mortgage advisor at HSBC and he says it can affect things.
Have you checked your Experian score? Have you seen the article on here about who uses which credit ref company?

hugoagogo_2

Thank you for replying SSCW.

I havent seen the article - I'll check it out now!

I managed to get me experian score and report yesterday. It was mid 300s which is listed as yellow/problematic.

The late payments ARE showing up despite being over 6 years ago. This is because I didnt close the accounts until quite recently and ALL payments/late payments stay until the account has been closed for 6 years! Which means I have another couple of years of these late payments being a problem.

The only red/warning flag on my file was because I apparently dont have any credit agreements at my current address. This is really odd, because I do! Although some of my accounts are very old and were taken out at an old address (but transferred when I moved). Very strange and a query I am going to raise with them, as it seems to be dragging me down for no reason.

Experian say I've only had 1 search in the past 6 months.

superstar_catwoman

Hi Hugoagogo
Its so confusing isnt it?! My partners O/D appears as a debt on his Experian, but mine doesn't!! Could be because he has gone over the authorised limit by accident recently. Its not logical alot of it really. The important thing is we are educating ourselves to try and improve our scores though.

ricll

does getting a loan by itself affect someone's credit rating?