Credit Rating: How it works and How to improve it discussion area

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  • I currently have a 'Very Good' credit score with Equifax and a 'Bad' credit score with Experian. Is there anyway of finding out which banks use only Equifax so that I can approach them for credit cards and/or loans in the future?
    Debt 1 June 2017: £35,000.00 ~ Debt now: £0
  • I currently have a 'Very Good' credit score with Equifax and a 'Bad' credit score with Experian. Is there anyway of finding out which banks use only Equifax so that I can approach them for credit cards and/or loans in the future?


    http://forums.moneysavingexpert.com/showthread.html?t=1033817
    She LEFT me, she LIED, and she made me foot the BILL ! :mad:
  • My wife address with her bank account / electoral registration mismatched. Basically I lived in a separate place for my work, and my wife and kid stayed in a fixed place, my wife bank account was with my address and we didn't changed it. But she registered with electoral register with new address and when applied for mortgage with joint account mentioning the bank refered address for both, got rejected.

    How can this be rectified.

    How long the address mismatch be there in the record?

    Any advice on improving the credit score?
  • Hello everyone
    I am a total newbie to this site so not sure how this works but here is my question and I hope someone can shed some light on it.
    I had some major financial problems in the past (due to stupidity and a bullying ex but that's in the past..) and have been extra extra careful in the last while to pay off my debts. I decided to bite the bullet and check my credit ratings from Experian and Equifax and was surprised to see they are significantly different.
    Experian score is Excellent, almost at the maximum
    Equifax score is Good, however has a big red "Danger" dot next to credit agreement due to a default on my account in April 2004 which was settled in May 2004, I also have a yellow "warning" against my electoral roll details as I have been at my current address for just 2.5 years!
    I was just wondering why they are so different and how this will affect my chances of getting a car loan. I think I will wait a couple of months to save up a bit more but am quite confused.
    I have a good salary in permanent job, have had a mortgage for 2.5 years, never missed a payment, have a credit card which is paid off monthly, decent savings, etc but this default from 2004 seems to be spoiling things for me. Is it true this should be off my record soon? I hope so!
    Sorry this is such a long post....also are these the 2 main agencies, should I check elsewhere too?
    Thanking you in anticipation
    R
  • CannyJock
    CannyJock Posts: 3,838
    Combo Breaker First Post
    Forumite
    Hello everyone
    I am a total newbie to this site so not sure how this works but here is my question and I hope someone can shed some light on it.
    I had some major financial problems in the past (due to stupidity and a bullying ex but that's in the past..) and have been extra extra careful in the last while to pay off my debts. I decided to bite the bullet and check my credit ratings from Experian and Equifax and was surprised to see they are significantly different.
    Experian score is Excellent, almost at the maximum
    Equifax score is Good, however has a big red "Danger" dot next to credit agreement due to a default on my account in April 2004 which was settled in May 2004, I also have a yellow "warning" against my electoral roll details as I have been at my current address for just 2.5 years!
    I was just wondering why they are so different and how this will affect my chances of getting a car loan. I think I will wait a couple of months to save up a bit more but am quite confused.
    I have a good salary in permanent job, have had a mortgage for 2.5 years, never missed a payment, have a credit card which is paid off monthly, decent savings, etc but this default from 2004 seems to be spoiling things for me. Is it true this should be off my record soon? I hope so!
    Sorry this is such a long post....also are these the 2 main agencies, should I check elsewhere too?
    Thanking you in anticipation
    R

    You'll either be relieved to hear that the scores they give you are pointless. Or you'll be disappointed that you've wasted money paying for these meaningless scores.

    Whatever magic number they come up with is different from the one real life creditors will give you - especially when they ask for new bits of information like .... income ... :)
    "A child of five could understand this. Fetch me a child of five." - Groucho Marx
  • Hi all,
    I took on a free trial with Experian just over a year ago as I was having some issues with a credit card provider and wanted to add a notice of correction. I cancelled before the free trial ended.
    I am now about to apply for a lease on a flat and new creedit card and want to check my files again, but I've found I cannot do this with experian as when I attempt to sign up for a free trial - even with a different email/username - it refers me to my old account and requests I make an immediate payment, signing me up to their yearly service.
    Is there anyway to avoid this?
    Also, my highstreet bank professional development loan of about £25,000 is not listed on my Equifax report. I pay the minimum repayment monthly - always on time. Would it be of any advantage to tell Equifax that they do not have this account llisted?
    Thank you all!!
  • CannyJock
    CannyJock Posts: 3,838
    Combo Breaker First Post
    Forumite
    edited 5 April 2010 at 11:50AM
    Hi all,
    I took on a free trial with Experian just over a year ago as I was having some issues with a credit card provider and wanted to add a notice of correction. I cancelled before the free trial ended.
    I am now about to apply for a lease on a flat and new creedit card and want to check my files again, but I've found I cannot do this with experian as when I attempt to sign up for a free trial - even with a different email/username - it refers me to my old account and requests I make an immediate payment, signing me up to their yearly service.
    Is there anyway to avoid this?
    Also, my highstreet bank professional development loan of about £25,000 is not listed on my Equifax report. I pay the minimum repayment monthly - always on time. Would it be of any advantage to tell Equifax that they do not have this account llisted?
    Thank you all!!

    You can't get the free trial twice.

    Cheapest way to get an up to date credit report would be to pay the £2 and just wait a few days for them arriving through the post. Will be £2 and online later in the year, but not an option yet.

    http://www.experian.co.uk/wiseconsumer/

    No good reason to add £25k to your report if you have other credit to establish that you have a good payment history - especially if you're planning on applying for more credit.
    "A child of five could understand this. Fetch me a child of five." - Groucho Marx
  • Thanks CannyJock, appreciate the help!
  • i dont want to take out any loans, but i need to open a small business account for an existing business im taking over from my parents, although im aware that overdrafts usually come with the account i was wondering how good the credit check have to be to be sucessful? I just come out of being a student and started a new job and i do have students debts like use of their interest free overdraft, a few storecards that i have been paying on time all the time, even though i dont use them very often. my score comes out about 640-670 which is suppose to be an average? im panicking about this a lot, is there any way to know whether this is good enough to open the account?
    And does banks just see the credit scorenwhen they assess the application? or can they see the entire credit history u have?
  • Also, does the amount of time we live at out address and our actual address affect the score?
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