Credit File & Ratings Board Sticky, Newbies please read first before posting !!

Hi folks

This is the new Credit File & Ratings Board Sticky where links to all current important threads will be kept.

First just a word about your credit score, in the UK, we don`t have a universal credit score, unlike the USA who use the FICO scoreing system, which is a fairly accurate method, and is actually used by lenders to make lending decisions.

Over here its different, the scores generated by the credit reference agencies are "for your eyes only", and are at best, just a guide to your credit worthyness, they use these scores as marketing tools to sell credit improvement products to the masses, basically they are just another sourse of income to the CRA`s.
The score will fluctuate with any change, good or bad.

Lenders in this country use there own scoring system to check if they want you as a customer, or not, they won`t tell you how this system works, or what score they are looking for, but every lender uses them, and all you get is either a Yes, or a No.

So your credit score is not that important, what is important is the information contained within your credit report, always check it is accurate, and if it isn`t, raise a complaint, either with the lender concerned, the CRA, or both.

So pay no attention to the credit scores, or the slick advertising campaign`s from the CRA`s, always check your information is sound before applying for credit.
(updated 26/07/2020 by sourcrates)

Links:

Check your credit files.

What your credit score really means

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

How long do accounts/defaults remain on your credit file?

Principles for the Reporting of Arrears, Arrangements and Defaults at Credit Reference Agencies