Experian credit report Q?

Discussion in 'Finance, Property, Law' started by Bolo-Driller, Oct 23, 2009.

Welcome to the Army Rumour Service, ARRSE

The UK's largest and busiest UNofficial military website.

The heart of the site is the forum area, including:

  1. Ok long and short of it, I was turned down from buying a car today as they failed me on my credit score.

    The lady said to check on Experian and see whats causing the drama.

    Well I have a look and even pay the extra £5 to see the actual score itself.
    It then gives me a pros and cons list as to whats affecting it. The only red (bad) thing affecting it apparently is the fact im not on the electoral roll. Lots of plus points and only the above mentioned negative.

    My rating was classed as "very poor". So my question is, if I jump on the electoral register will that have such a dramatic effect on my score or is the whole site full o'shiite?
  2. No being on the electoral roll gives them proof of residence, ie whereto come looking when you dont pay, so it's essential for most credit houses
  3. Electoral roll will make a big difference as it's a great way of keeping track of you!!

    Our council tax Debt Recovery can ping people all over the country who think they can abscond and bugger off elsewhere just by checking it.

    Hence you present a lesser lending risk if you are on it and get a better rating.
  4. Ah so if I register for the electoral roll tomorrow morning then, hopefully, my credit rating should jump and ill be able to get my car?

    Hopefully it will anyway as after tabbing the 6 miles to the showroom (Emperor Mong telling me flip flops will be fine!), doing all the BS chat bit, looking at a tonne of cars and test driving the one I liked, doing reams of forms and paying my deposit I get told "computer says no!"

    Fuming? I nearly shat.
  5. The Electoral Roll will take a bit of time to go through though - it's usually updated monthly.

    Just Not being on the roll doesn't tend to be that catastrophic - your credit file usually contains account details for you - credit cards, utility bills etc, so if you have that stuff already, it's a bit strange.

    Have you lived at your current address long? were you on the Roll at your previous address? The more evidence you leave, the happier these people tend to be... Also, did you try and get finance from the dealer? you may have been better going to your own bank - where you have the proven relationship (or would that not be a good thing??)
  6. Somebody on here will know more than me. But unless you chase and the credit houses to update your details, it can take up to six months before your credit score improves.
  7. I have an Experian credit score of 981 out of 1000, and was still refused a loan 6 months ago. Trying again this Friday so fingers crossed!
  8. Youve got to chase them, otherwise your score will stay the same, credit houses are slowwwwww.
  9. Six months ago, credit was very tight... Reportedly, it has improved in the last few months but don't hold your hopes too high!

    It's an interesting point; I have never checked my rating and have been granted credit cards whenever I have asked for them, including one some 10 months ago. May be I should check my rating....?

  10. I used Equifax and paid £7.50 a month to get a report when ever I want (instead of £14 per time), but heres a breakdown of what they are looking for on your credit file;

    Personal Information

    Your correct DOB details and address.

    Financial Associates

    To make sure your not linked to anyone with Bad Credit.

    Electoral Roll
    This information is primarily used by Credit Lenders to: confirm residency; distinguish between members of the same family and determine length of residence. Electoral Roll information can show that you live at the address that you provided on an application form. Proof of where you live and how long you have lived there is important to a Lender.

    It may adversely affect your ability to obtain credit, with some Lenders, if you are not registered on the Electoral Roll. If you opted to exclude your Electoral Roll information from the Edited Register when you completed the annual canvass, the information we hold will only be used for purposes permitted by the relevant regulations, for example to vet credit applications, and, in particular, will not be used for direct marketing.

    Credit Agreements
    Insight is the name of Equifax's database which holds information provided by credit providers and other lenders, including details of existing and previous credit agreements and historical information about the repayment of these agreements. This information is one of the best ways for a lender to assess whether any future credit repayments are likely to be made on time. Lenders update and supply this information to Equifax on a monthly basis. You may find that not all the credit accounts you have with lenders are necessarily shown on your credit report. Some lenders only provide Equifax with credit accounts on their customers who have failed to pay their credit on time. The status of these accounts is normally 3 or more months in arrears. However, most lenders provide Equifax with information on all their customers accounts, irrespective of the status of the accounts ie up to date and overdue.

    Court Information and other public records
    Judgments/Decrees are issued as a result of county or high court action. If a Creditor/Plaintiff (the person looking to claim the money from you) is owed a sum of money by you they may raise an action against you in either the County or High Court, for recovery of these monies. If the court rules in favour of the Creditor/Plaintiff then a Judgment / Decree will be granted by the Court against the Individual (Defendant). The monetary value of this Judgment / Decree will be for the amount due and any associated costs. Equifax receives this information from Registry Trust Ltd. Registry Trust Ltd is a non-profit making company, contracted by the Lord Chancellor's department to maintain the statutory public Register of County Court Judgments and administration orders issued by the county courts in England and Wales. As well as also holding public Registers covering money Judgments/Decrees in Scotland, Isle of Man, Northern Ireland and Jersey, Registry Trust Ltd acts as a clearing house for Judgments registered in Eire. Details of all these Judgments/Decrees, and any subsequent amendments, are passed to the credit reference agencies for inclusion in their files.

    Notice of Correction
    A Notice of Correction is a piece of text, written by you, that you can request to have added to your Credit File. You may wish to do this if there is an item of information on your Credit File, which is factually correct, but you believe it creates a misleading impression. Your Notice of Correction should give a clear and accurate explanation of why you consider a piece of data to be incorrect or misleading. Your Notice of Correction text must not be longer than 200 words. You can prepare this text yourself or with the help of, for example, a Citizens Advice Bureau, a Consumer Advice Centre, or a Solicitor. Please note that the Notice of Correction should not be, defamatory (affecting someone's good name or reputation), frivolous or scandalous, or for any other reason unsuitable for publication.

    Previous Searches
    A search is the process Lenders undertake when they receive a credit application. A search enables Lenders to view information at your address/es in order to decide whether or not to grant credit.

    Searches show Credit Lenders that you have made applications for Credit or Services. Credit Searches would not normally be viewed as adverse information. If however there were an
    unusually large number of Credit Searches, this may be interpreted by a Credit Lender as being indicative of over-commitment or maybe even fraud. Not all searches are for lending purposes, the second table below may show some of these types of search.

    Council of Mortgage Lenders
    The Council of Mortgage Lenders (CML) is the trade association for Mortgage Lenders in the UK, and its members undertake around 98% of UK residential mortgage lending. Its members include Banks, Building Societies and other residential Mortgage Lenders. Equifax on behalf of CML holds the CML Possession Register, which contains information on customers who have voluntarily given up their homes or had them repossessed. This information is only made available to CML members.

    The presence of CML data, on your Credit File, may adversely affect your ability to obtain credit.

    Property Valuation and the Registers of Scotland (ROS)
    The Land Registry provides historic house purchase prices from April 2000. No purchaser names are provided on this file.

    The Registers of Scotland information does include the purchasers name and addresses. Historic Registers of Scotland information is provided from June 2003.

    CIFAS, UK's Fraud Prevention Service Registered Alerts
    CIFAS, the UK's Fraud Prevention Service, aims to detect and prevent fraud, in order to protect innocent people whose names, addresses, or other details, are used fraudulently by others in order to get credit. CIFAS member organisations include many types of financial service organisations such as Banks, Building Societies, Insurance Companies, Finance Houses, Mail Order and Telecommunication Companies. All member organisations share details of applications for products or services, which are believed to be fraudulent.When a CIFAS member organisation identifies a fraud, a warning is placed against the address or addresses linked to the application or account. The warning shows the name used on the application or account but this does not necessarily mean the person named is accused of fraud, as fraudsters tend to use a variety of names, some false and some genuine. The CIFAS warning therefore appears on the Credit File of any person who has a link with the address. Any CIFAS member organisation subsequently conducting a search at that address will see the CIFAS warning. The warning does not mean the individuals living at the address are involved with fraud. It means the Lender should take extra precautions before opening a new account to ensure the applicant/application is genuine.

    Gone Away Records

    GAIN is the Gone Away Information Network (GAIN). The network of organisations who are members of GAIN submit details of individuals who have moved home, leaving behind a credit account, such as a loan which is at least 30 days in arrears, without notifying the Lender of a forwarding address. The information submitted may include both the address the customer moved from and any address to where the customer has since been traced. Equifax holds records on behalf of the GAIN organisation and this information is only made available to companies who are members of GAIN.

    All these Items are considered & if you do have any bad ratings it takes exactly 6 years once the incident is resolved for it to drop off your credit scoring
  11. Found out last week, i was refused an upgrade to a Current Account because there was a postcode missing from the application. This was to an old address lived at 4 years previously. Applied again. Turned down again, as I have been overdrawn 4 times this year for a period of not more than 24 hours, to the tune of £1, £1, £10 and $6. So, for a total of £18 I have lost out on a current account and the chance of a loan.

    Can anyone recommend a place for me to apply for a loan, that will take into account my Credit rating and not give me stupid and petty excuses to turn me down?
  12. The problem is that lenders don't just use Credit Reference Agencies (whose records are often shockingly inaccurate), but also credit scoring, so having a clear CRA file doesn't necessarily mean you will get credit. Every lender uses different criteria for credit scoring, and whilst they are obliged to disclose which CRA they've used, they don't have to give details of credit scoring.

    One way to try to make progress is to ask the lender to review any automated decision - this is a legal right, and means that a person looks at the application, rather than 'computer says no'.
  13. MK Car Finance

    MK Car Finance Sponsor

    There are many factors that affect you credit score, and some are unfortunately part and parcel of being in the forces, particularly for the first few years in barracks as an unmarried and younger member of the armed forces.

    One of the biggest issues is simply that credit scoring systems are set up to deal with civilians who have a fixed UK address. When you have a barracks address, or you are between addresses such as a parents and a partners address, this conflicting information, or use of a non standard address as place of residence such as a barracks, can really mess with your 'score'.

    Yes you can ask a lender to manually review a decision, but in he main part, this will just involve an operator reciting manually the decision the auto scoring system has produced, and unless there are any glaring errors on your application, the decision is unlikely to change.

    We have some useful information on how to resolve issues that serving members face on our website and Facebook page, please feel free to view them, and you can always email us with questions and we will try to assist.

    The main issue is that we see at MK Car Finance, is that military personnel apply to civilian lenders, and frankly the majority of them do not understand how to deal with the unique circumstances of HMF, they do not know how to properly assess the risk of the aplication, and in these circumstances, a lender faced with an unknown will naturally simply decline and move to the next customer.

    If you are in the forces, apply to a lender that specialises in forces applications. Obviously we would hope you would come to us at MK Car Finance if you are looking for motor finance, but there are a few out there, and they will be much better suited to providing you with a service that is tailored to armed forces, and get you as the customer a much better, and often much cheaper, result.
    Last edited: Feb 18, 2015
  14. I registered with Noddle (www.noddle.co.uk), which gives me an up to date credit report every month, free.

    To the OP, it's worth remembering that the lenders use your credit file to form their OWN credit score for you. The Experian and Equifax credit scores are just to give you an idea, but as far as the lenders decision is concerned, they're largely irrelevant.
  15. The score means very little if you have a negative on the credit report you will not get credit