Credit Rating: How it works and How to improve it discussion area
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It's all well and good getting credit checks done but every time you do it is logged and is not a positive sign for lenders who will lend to you. The first thing they do is look at how many times you have been checked and who by, this will indicate bad credit if it's done too often in a short time frame.
Checking your own credit file is not classed as a credit check and has no effect whatsoever on your credit rating
People who don't know their rights, don't actually have those rights.0 -
Make sure you do participate in elections and are on the electoral roll. Another thing lenders will look at, don't ask me why.
Whether or not you vote is of no consequence. It is important to register your details on the electoral roll though. This is because the electoral register is used to check your identity electronically. If your details are missing, some providers will ask you to send proof of ID by post - that's if you're lucky. Others routinely reject applicants whose ID cannot be verified electronically via the register.People who don't know their rights, don't actually have those rights.0 -
my credit report has details of two companies i owed money too, i have since cleared the balance for both companies, and now do not owe anything, can i get them removed from my credit report now that i have cleared them??
any advice would be much appreciated, thanks Bec0 -
Since moving house a year ago I have had many letters from debt collection companies addressed to a person who has never lived at this address, according to the estate management company. I used to put them back in the post marked 'not known at this address' but as they persisted I started to open them, which is why I found out what they were. I now ring the debt recovery people who send them and they apologise and say no further action will be taken!!
Can anybody tell me how I can find out if any debts are registered to this address but not in my name. The last letter stated that Equifax supplied the information to them. How can this be as the electoral roll only shows us at this address? How also can debts be accrued at my address by others? I had heard that debts were set against an address rather than a person, is this so? as it is very worrying that I may be blacklisted for fraudulent debts.
Many thanks0 -
EnjoyinLife wrote: »I had heard that debts were set against an address rather than a person. Is this so, as it is very worrying that I may be blacklisted for fraudulent debts?
Credit ratings assess people, not dwellings. If you share a financial product (eg. joint bank a/c) with someone else, then you are financially linked to them and so their poor management of their own affairs could have a knock-on effect on your own finances and your credit rating, but simply occupying the same house as someone with a poor credit history, past or present, has no effect whatsoever People who don't know their rights, don't actually have those rights.0 -
Yes. If you share a financial product with someone else, such as a joint bank account, then you are financially linked and the management of your own affairs could have a knock-on effect on their credit rating.
The answer is to operate separate a/cs. Once your a/cs are separated, write to the credit reference agencies and ask for a notice of disassociation, to stop your credit history affecting theirs in future and vice versa
:eek:
Thanks for that. Sorry if I sound stupid but c ould you explain something else please? I read that there are no black lists etc and that each bank does its own credit rating for individuals. If I have never defaulted or owed money to the bank where the joint account is, how will they know about my problems with another bank?0 -
I read that there are no black lists etc and that each bank does its own credit rating for individuals. If I have never defaulted or owed money to the bank where the joint account is, how will they know about my problems with another bank?
That's right. There are no black lists. Lenders score us differently and nobody knows precisely what criteria are used by individual companies. They do not disclose this information.
Potential lenders cannot assess the way you handle credit directly. The best indications they have are the payment history and credit limits on your existing accounts with other providers, as recorded by the credit reference agencies.
It's your payment history with all your creditors over the last 6 years that counts, with particular emphasis on the most recent 12 months People who don't know their rights, don't actually have those rights.0 -
I'm a teacher with reasonable income but only £1,300 of available credit, my wife is medically retired with limited income but she's got £26,000 available credit. We have joint accounts, mortgage etc. She is the one with 3 credit cards unclosed (unused), not me. Is this a case of men earning for women to spend (no offence intended) or am I missing something which affects my credit. (I got the figures from the Credit Expert free report)0
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Mikedawson5 wrote: »I'm a teacher with reasonable income, but only £1,300 of available credit. My wife is medically retired with limited income, but she's got £26,000 available credit. We have joint accounts, mortgage etc. She is the one with 3 credit cards unclosed (unused), not me. Is this a case of men earning for women to spend (no offence intended) or am I missing something which affects my credit. (I got the figures from the Credit Expert free report)
Each applicant is scored individually, so your wife's successful applications for three credit cards neither helps nor hinders your chances.
That said, you are financially linked to her because of your joint accounts. Please see #32 above for implications and remedy.People who don't know their rights, don't actually have those rights.0 -
Hi,
Im am trying to sort out my credit to get a morgage in 2010.
I have lived at 5 different addresses in the last 3 years as my parents moved away so was renting from place to place. I have £5K in credit cards and 2 overdrafts totaling £1600.
I am not on the elctrol roll. Can i register this to my brothers address as i did live there for a year. I cannot register to where i am living as im just lodgin with friends at the moment.
I dont really know where to start to get myself sorted! I earn a good enough wage to afford a morgage but my credit is very bad through missing payments and applying for too many things.
Can anyone help me?
Thanks0
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