Credit rating.

SideWinder · 6 Aug 2010 at 19:55

Just wondering what the best way to check my credit rating? And what it actually means?

I am aware of ways to increase my credit rating and i heard a rumour that everytime someone checks their credit rating, it goes down a bit.

Big-Mac-Please · 6 Aug 2010 at 20:00

Thats not the case, you can simply check it as often as you like, its when a company does a credit search it will show up. That won't reduce your credit rating unless you kept trying different companies after getting turned down.

Lots of bank accounts include the service like mine the Lloyds TSB Premier its a useful feature because you can see when companies make a **** up thats not your fault.

Scott1990 · 6 Aug 2010 at 20:06

I cant get phone contracts under my name because I dont have a credit rating. How do I get one?

Big-Mac-Please · 6 Aug 2010 at 20:09

A phone contract should be nice and easy to get.

How long have you have you had a bank account for? Are you wages paid straight into it? Are you on the electoral roll?

Castiel · 6 Aug 2010 at 20:14

SideWinder said:
Just wondering what the best way to check my credit rating? And what it actually means?

I am aware of ways to increase my credit rating and i heard a rumour that everytime someone checks their credit rating, it goes down a bit.

Here you go:

http://www.experian.co.uk/experianhome/?sc=410006&bcd=googlsearchlp1110609

The only real way to get your credit record.

Unfortunately there is no such thing as a universal credit score, each company will assess you diferently and give you a different score, but the experian score will be the closest you will get and give a good indicator.

Seft · 6 Aug 2010 at 20:20

Castiel said:
Here you go:

http://www.experian.co.uk/experianhome/?sc=410006&bcd=googlsearchlp1110609

The only real way to get your credit record.

Unfortunately there is no such thing as a universal credit score, each company will assess you diferently and give you a different score, but the experian score will be the closest you will get and give a good indicator.

The Experian score isn't really that great - they give out 990+ too easily - it doesn't distinguish between prime and superprime. For something more market-calibrated, have a look at https://www.moneysupermarket.com/credit-cards/smart-search/ , which does a 'soft search' on your file (this leaves no record) and then shows you cards you're likely to be accepted for based on the acceptance history of other people similar to you. It's the closest you can get to seeing what lenders, rather than bureaux, think of you.

http://www.moneysavingexpert.com/loans/credit-rating-credit-score?dd is a good read.

Scott1990 · 6 Aug 2010 at 20:21

Big-Mac-Please said:
A phone contract should be nice and easy to get.

How long have you have you had a bank account for? Are you wages paid straight into it? Are you on the electoral roll?

I've had a bank account since I was 15 now 19 but I get paid via check so that must be the why.

Strife212 · 6 Aug 2010 at 20:22

My name is incorrectly spelt on the electoral roll and my bank has my nationality down wrong in their database.

I should probably get this stuff sorted out

Seft · 6 Aug 2010 at 20:23

Scott1990 said:
I cant get phone contracts under my name because I dont have a credit rating. How do I get one?

Bank account and electoral roll would be a good start (assuming you have no credit history, rather than a bad one).

Do you have an overdraft on your bank account?

EDIT: Bureau data does not include salary information.

GravyMonster · 6 Aug 2010 at 20:25

Seft said:
The Experian score isn't really that great - they give out 990+ too easily - it doesn't distinguish between prime and superprime.

+1

My Experian report gives a score of 999. Which I highly suspect is BS, and they're giving higher numbers due to their big recent marketing push.

Scott1990 · 6 Aug 2010 at 20:27

Seft said:
Bank account and electoral roll would be a good start (assuming you have no credit history, rather than a bad one).

Do you have an overdraft on your bank account?

Im on the electoral roll and have a bank account. This wasn't in shop though I tried to buy a contract online, should it make any difference?

Castiel · 6 Aug 2010 at 20:28

Seft said:
The Experian score isn't really that great - they give out 990+ too easily - it doesn't distinguish between prime and superprime. For something more market-calibrated, have a look at https://www.moneysupermarket.com/credit-cards/smart-search/ , which does a 'soft search' on your file (this leaves no record) and then shows you cards you're likely to be accepted for based on the acceptance history of other people similar to you. It's the closest you can get to seeing what lenders, rather than bureaux, think of you.

http://www.moneysavingexpert.com/loans/credit-rating-credit-score?dd is a good read.

Cool, I didn't know that. Although I have never been refused credit so have no need, I do check my credit record on occasion just to make sure no little scrote is pretending to be me and robbing me blind indirectly.

Seft · 6 Aug 2010 at 20:29

Scott1990 said:
Im on the electoral roll and have a bank account. This wasn't in shop though I tried to buy a contract online, should it make any difference?

It's unlikely that they will use a different scorecard for different channels. Have you checked your credit file for erroneous details? You can sign up for a free trial of Experian and Equifax's credit monitoring services or you can request reports from them for £2.

http://experian.co.uk/consumer/statutory-report.html
http://www.equifax.co.uk/Products/credit/statutory-report.html

Rids · 6 Aug 2010 at 20:41

Whatever you do, do not use the Equifax service. It gives far less information than the Experian one, they ask you to pay £15 for an actual credit score instead of a report, and then they try very hard to bend you over when you try and cancel.

alx · 6 Aug 2010 at 20:50

Scott1990 said:
I cant get phone contracts under my name because I dont have a credit rating. How do I get one?

Get a credit card, but make sure you pay it off every month in full and also try not to exceed 50% of your credit card limit too often.

mattyfez · 6 Aug 2010 at 20:55

Some companies use either of the major companies thou so its worth checking both experian equifax If you have an issue, but do make sure you cancel when you have the info. and don't sign up to any kind of 'service'

Scott1990 · 6 Aug 2010 at 20:57

sh4rk said:
Get a credit card, but make sure you pay it off every month in full and also try not to exceed 50% of your credit card limit too often.

Don't really know too much about credit cards do I just walk into my local bank branch and apply for a credit card?

mattyfez · 6 Aug 2010 at 21:05

Some companies use either of the major companies thou so its worth checking both experian equifax If you have an issue, but do make sure you cancel when you have the info. and don't sign up to any kind of 'service'

aaron333 · 6 Aug 2010 at 21:06

Yeah, most will have their own independant systems

Seft · 6 Aug 2010 at 21:17

aaron333 said:
Yeah, most will have their own independant systems

Lenders will have their own scoring systems but they will use Experian and Equifax (and occasionally Callcredit)'s data along with the information on the application form to make a decision. Your bureau files are still important even if they scores they offer aren't.