Poor Credit Rating :(

Rikwaller

Rikwaller

Rikwaller

Associate
Joined
9 May 2005
Posts
105
Due to an issue getting a new credit card this weekend, i got my online credit report today.

It says that I have a poor rating, looking into the actual report it looks like my company car which is on a pcp scheme (car registered to me but all monthly payments paid for by my employer and a deduction taken from my wages evry month). I received it in Oct and it has yet to have any of the monthly installments paid. This is showing as overdue by two payments.

The only other problem was with another account I had which in the end I just paid off in mid 2002.

Can anyone tell me if the finance company can change the info it left on my credit report ?

Also the other issue in 2002, will that ever be removed from the report ?

One final thing, on a couple of phone contracts that have since long been stopped, the monthly payment was unconfirmed ( the lender did not leave any feedback that month). Does this have an effect on me ?

Thanks
Simon
 
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I think the bad remarks will be on the report for about 7 years IIRC. You can always report any entries you feel to be errors. Reporting those will not hurt you in any way. If you have documentation that states that the company would pay for the car and then on the side charge you than you need to bring that up with the credit agency.

I would also bring it up with your boss and let him know that your getting messed around.

Also, if the bank or whatever fails to report to the agency that wont affect you. If you get a good credit reporter they will tell you what is lowering and what is raising your score.
 
Marks stay on credit reports for 6 years, so you will have to wait until 2008 before it drops off. It's a bit harsh that your employee have made 2 payments late. It will be worth checking this to find out if they were actually late or not. If they weren't you can get that corrected by going back to Experian.

Monthly payments unconfirmed will have no difference on your report. If you want to improve it, I would suggest getting a capital one card and paying off the full ammount each month (but using it)
 
Thanks for your help :)

With regards to the Capital One Card, I currently have a Credit Card where always more than minimum is paid off each month, in fact all credit agrrements I have, totalling 4 are paid off each month if not a hefty payment is made.

The only other payments made are my mortgage and loan which are fixed payments each month.

Up untill now I have had no problems with getting credit and all payments have been made on time for over 3 years. (Lots of green traffic lights on the report :D )


Would applying for this help, if turned down could it harm me further ?

Thanks

edit: Another thing I noticed was that there were no utility bills on my record. I only searched equifax, will these be on experian ?
 
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Being turned down for credit is not going to harm you. When credit agencies check your credit they do not see who else has looked and/or what they decided.

TBH, I think you would be best getting the car payment things sorted out because getting more credit is not going to help if you are still showing up as not paying on time.

Thats the funny thing about utility bills. They wont really help your credit because you are not being given money (credit) you are paying for a service. However, from what I have been told they can hurt your credit if you fail to pay them or or constantly late
 
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Rikwaller said:
Thanks Stiff Cookie, hopefully I can get the car payment issue sorted tomorrow and then equifax will amend their details

Simon
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Just to give you a heads up, it can be a long process so dont expect to see results for awhile.

Also, when you are applying for credit cards check to see what reporting agency they look at. If equifax is low than one of the other might be slightly higher. I know on mine I had one agency tell me my credit score was one thing and another say it was about 75-100 higher.
 
Rikwaller said:
Thanks Stiff Cookie, hopefully I can get the car payment issue sorted tomorrow and then equifax will amend their details

Simon
Click to expand...

To get a file updated on my partners report, a phone call once a week resulted in....












Sorting out hr file after 6 months!!! Yes it took them SIX months
 
ste_bla said:
To get a file updated on my partners report, a phone call once a week resulted in....



Sorting out hr file after 6 months!!! Yes it took them SIX months
Click to expand...

Personally, I would say that is fast considering what is involved. They have to check with both parties, get lawyers involved etc. They simply wont take ones word for it.

As with the OP situation, they are going to have to go to the car company, the place he works for, him, the jobs lawyers, the car companies lawyers etc etc.

The car company wants their money, the OPs job dont want to be stuck with a low credit mark, and the OP obviously doesnt want to be stuck with it. So it will probably involved a lot of 'fighting'
 
ste_bla said:
To get a file updated on my partners report, a phone call once a week resulted in....





Sorting out hr file after 6 months!!! Yes it took them SIX months
Click to expand...


Thats diabolical........ how did you confirm it was sorted, did you have to keep applying for credit reports to confirm ?

6 Months is too long, I want to remortgage before then. If my company is at fault, hell who ever is to blame has got a lot of questions to answer. :mad:

Thanks for all your help people
 
Rikwaller said:
Thats diabolical........ how did you confirm it was sorted, did you have to keep applying for credit reports to confirm ?

6 Months is too long, I want to remortgage before then. If my company is at fault, hell who ever is to blame has got a lot of questions to answer. :mad:

Thanks for all your help people
Click to expand...

When you file a claim they will give you a reference number, that is basically how you will track the case.

Also, dont get your hopes up that you will win. The credit agency may say that it doesnt matter what side agreement you had with the company, the fact your name was on the car agreement means YOU are obligated to pay.

I think the general public doesnt realise just how much paying your bills etc on time will help. A few late payments are you can be in trouble.

Also, dont think that your credit score will stay low for the 6 years. Credit agencies also take into consideration how often you are behind, when the last time you were behind etc. They do realise that people get into trouble sometimes.

Like I said, talk to the company first. It may be a simple matter of they are not leaving enough time for the payment to be processed before the due date. If that is the case, have them fix it and then talk to the credit reporters about having the previous lates removed.
 
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Well hopefully yours will be more simple but, they had somehting on the file thats was someone elses with same name but no DOB on the file. So they wrote off to the company to get the DOB and it took them 6 months to get around to removing it

I know it was equifax as the company sent me a letter saying a) they told equifax b) a copy of their letter which i also sent to equifax
 
The interesting thing is that I was told no matter what happens, the credit check is only for checking my name and address and under no circumstances would my credit record be affected by this. It will be interesting what kind of welcome i get tomorrow when I actually show them the report.

Simon

Edit: Last question I promise, all my credit bar one appears on equifax, does that mean it will not be on experian or could the records be on both ?

This has really ****** me off so you do not know how much I appreciate your help... :)
 
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Yep, companies report to equifax, experian, both or neither! It's impossible to tell really without checking. To answer your earlier question about utility bills not appearing, thats standard - You haven't actually taken any credit out.

The other things to check really are that you are on the electoral roll, and that is reflected in your report as well. It's not unknown for certain creditors to decline credit on this basis alone. Also the amount of searches on your credit file over the last 6 months will have an impact - The more the worse.

To be honest, I wouldn't worry too much. I've checked mine on the Equifax thing and its only "Good" even though I have a mortgage, car loan, credit card (always paid off in full) and mobile phone and no payments are missed. I think the "Excellent" categories are only going to be for people that have huge ammounts of credit (big mortgages etc) and always pay them off.

In addition to credit checking, there is also credit scoring which you may have been refused on. This it not based on reference agency information, but things like how long you have lived at your address, what your salary is, how long you have been with your bank and what your total existing debts are.
 
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