Credit Reports

Iv tried re financing a loan over the past couple of months and started to be quoted stupid rates of up to 15%!

Thats very unusual as i have never missed a payment etc etc... no over drafts nothing to speak of on the credit cards and my mortgage is fine..

So i bought a credit report from credit expert that ranked me as Poor but gave me no indication as to why other than my score out of 100.

Speaking with my brother he reccomended equifax that tells you whats up and why....

So looking into that i have a "very Good " rating, with the only warnings about a few to many searches and a big negative about the fact im not on the electorl roll - although i sent of the paper last week for that....

so who can i trust... why am i being quoted stupid rates... im hoping it will just settle down and sort itself out...

any one else got any ideas who to trust?

[Gazza77]

If you're not on the electoral roll that will be a big thumbs down to most credit companies. It may take a little time to come through as being registered on there, but should help once you are. Also, have you moved house a lot? That is often seen as a bad sign as well, so may affect any potential rate being offered.

i have always had a excellent credit record but when applying for a loan for my last car i kept getting the same? i phoned alliance and Leicester who are supposed to be good and they told me 16%? and that i hadn't got a good credit rating? so i phoned my bank Lloyd's tsb and they said they could lend me the money at 5.9% and that there was nothing wrong with my credit rating? i think they just try you to try and scam more interest out of you.

[Spiderman]

Experian or Equifax are the 2 largest credit referal companies. Get in touch with both and request your file. Last time i did it it cost £2.

ANYTHING thats on their that is not correct you must resolve with them. I had details of my brothers mortages on my file and also some of my mum's stuff too from when i lived at home and it had just followed me around for some reason.

My brother's stuff i understood as we have the same initails for our first names but my mum has always used her maiden name so how that got tagged to me i didnt understand. The correction process was easy enough and as said above the fact you dont appear on the Electoral Role is a huge minus against your score as you are deemed in their eyes as a "person of no fixed abode" which clearly isnt the case as you probable pa a shed load of bills like the rst of us. Again an easy one to correct and i would guess the main reason for your poor credit score and susequent poor rates being offered to you.

hth

[anna]

Everything others has said is good advice.

Be aware that any late payments you may have made to any company may score against you including credit card payments.

You can improve your credit rating by staying at a fixed address for 3+ years instantly this gives you higher credit scoring.

The other thing you could do is to get a credit card if you dont already have one and use it a little each month perhaps to pay a phone bill and then pay it off straight away each month. This also increases credit ratings as it shows that you repay on time etc etc.

[timwilky]

My lad had his mortgage withdrawn as apparently when the credit checked with his middle name he had a bad record. ******** we thought and bought a check. It showed both David William Wilkinson and David Wilkinson were one and the same person. That he only had one credit item (Mobile phone) and that there had never been any payment problems. He was of course linked to my address and that was a perfect credit rating. On questioning why the offer was withdrawn and disproving the claim that he was of poor credit rating the offer was re-instated.

Financial institutions do try it on. It is like the advert with the big fat juicy worm to lure you in. If you are low waged (ie, basic plus productivity or OTE type) where you may well earn a reasonable amount, or you don't fit their standard profile of a 50k/year salary they will attempt to hike up rates etc.

As Anna said, the first advice given to David when he first wanted a mortgage was to get a credit card. Just to produce more of a credit score, by having a record of good payments. Daft as the last thing he wanted was ways to spend his savings.

Cheers Guys

I sent of the form for the electrol roll a week ago or so, so ill buy another report after christmas and see what it says then!

The equifax report has shown that the lack of electrol roll is a massive thumbs down, but as said thats being resolved.

The only other thing i knew about was the number of credit searches in 6 months that is currently on amber as like i said i have tried re financing a couple of times now...

I have both a credit card and a mortgage both with no late payments so it would just seem the way to resolve this is "time" for the searches to drop off and gettin on the electrol roll which is sorted...

what i cant understand is the significant differences between the poor and the "good" rating im getting from different referance agencies.. maybee it will all come out in the wash..


fortuantly nothing from my brother or parents has tagged along,.... phew

cheers

Alex