Credit experian?

Glaucus

Glaucus

Glaucus

Man of Honour
Joined
11 Mar 2004
Posts
76,637
Just got the trial and paid 5.99 for a credit report.

Your score is: 956 on a scale of 0-1000

But what I really want to now is about defualts?
I've been charged a few times over the last month. down to poor account management. where, I've put money in as soon as I found out I went over. but they still charged me. what I want to know is how many I've had.

Does it tell you anywhere?
Is overdraft charges the same as defaults? As I don't wont to lie to a bank.
 
Charges etc don't go down on your credit score, stuff only goes down on your credit score if you go like 60 days over the payment date, after 30 they'll remind you and charge you, but it stop there..
If you still don't pay they'll put a late payment in and eventually refer you to a debt collection agency who will either knock on your door to get the money, or if you can't pay and don't have any assets it'll go to court where you get a CCJ , a default is where you simply miss a month off... <I think>
 
Defaults are serious instruments and will wreck your credit rating. [edit] Defaults are generally only applied if you are two months in arrears and is used by the banks in cases where no communication has been possible and they are beginning a legal recovery process. You will not get defaults for bounced cheques, returned DDs, going over your overdraft limit etc.

Overdrafts generally do not fall into the same criteria as other credit products when getting credit scored.

If you miss a payment on a loan (personal, secured, unsecured, home) you will see "missed payments" on your credit file. These have implications but are far less serious than a default.

Taking bank charges for insufficient funds etc will not affect your credit score but it will hit your wallet.
 
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‘Default’ is a term used to describe a credit account where the relationship between you and the lender has broken down. This occurs when the account is in serious arrears. At some point whilst the account is in arrears (most lenders make this decision on a case by case basis) the lender may issue a Default Notice, formally requesting that the arrears are repaid or in some cases the full outstanding balance of the account. The lender should give you 28 days to comply with this request. If you do not comply with the Default Notice within the required timescale, the lender may start legal proceedings to recover the debt and may register a Default with a reference agency.
 
There is a monthly subscription charge (which includes warnings etc) but that does not provide you with your actual score.

To get your score you have a per request charge. i.e. everytime you want to get a refreshed score it costs.
 
If you dont want to be billed after your first 'free' month then send them an email to cancel your account.
 
I have a default on my credit through no fault of my own (Bank charged me for going overdrawn by £1, when my balance was showing I had the available funds, my account wasn't meant to go overdrawn by even a penny!), I have just been accepted for a credit card, about 2 years after the default was placed on my records. I got told that I will get a default if I dont clear the outstanding balance (I couldn't as I wasn't working) and about 7 days after that letter I had the default notice come through :(
 
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