Credit Rating on Equifax Credit Rating on Equifax
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  1. #1

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    Default Credit Rating on Equifax

    I got turned down for credit for the first time ever and felt violated. Went onto equifax and checked my credit rating + credit report.

    First thing is it is an excellent service but talk about Police state - these guys know everything about you! Really got me feeling paranoid.

    Anyway, aside from that, My credit rating is only half way through Good (4th out of 5 categories ranging from very poor to excellent). I checked to see why I was not in excellent and it turns out I have had lots of searches (moving house so new broadband, utility providers, mortgage) and I am not on the Electoral roll (fixing this now).

    Surely this is ridiculous as I have paid off several loans, never miss any payments and all my records are Green. So now I have to wait 6 months before I take out a loan to avoid my credit rating getting worse - what a joke.

    Anybody have any ideas what I can do about this?

  2. #2

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    Jessica@WhiteFieldTax has more data than eek


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    Electoral registration makes a huge difference.

    Check for any inaccuracies and get Equifax to correct them.

    Also be aware there are two other big agencies, Call Credit and Experian - each have their own databases, so check all three unless you know its definitely experian.

    I've had similar issues recently due to multiple changes in personal circumstances, and a sub to someone like checkmyfile is invaluable for monitoring your situation, maybe over six months or so.

    In the end the credit agency records tend to sort themselves out, but its not quick.

  3. #3

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    Jessica@WhiteFieldTax has more data than eek


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    Oh, sorry, and meant to say, escalate your refusal if necessary - gt to talk to someone who listens rather than box ticks - that works for me.

  4. #4

    Ddraig Goch

    psychocandy - scorchio!


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    I got one of these recently. I found part of my problem was I've got too much available credit. about £80K in available credit card balances...

    Even though its not used its a problem apparently. Time to close a few credit cards.
    Rhyddid i lofnod psychocandy!!!!

  5. #5

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    Quote Originally Posted by psychocandy View Post
    I got one of these recently. I found part of my problem was I've got too much available credit. about £80K in available credit card balances...

    Even though its not used its a problem apparently. Time to close a few credit cards.
    Having worked at a credit card call centre back in my uni days, I am aware of these things, so I close down all my unused credit cards.

  6. #6

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    You are not on the electoral register and that makes you a credit risk.

    Are you sure they don't know about the rate you get through contracts?
    The material prosperity of a nation is not an abiding possession; the deeds of its people are.

    George Frederic Watts

    http://en.wikipedia.org/wiki/Postman's_Park

  7. #7

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    Quote Originally Posted by Jessica@WhiteFieldTax View Post
    Electoral registration makes a huge difference.

    Check for any inaccuracies and get Equifax to correct them.

    Also be aware there are two other big agencies, Call Credit and Experian - each have their own databases, so check all three unless you know its definitely experian.

    I've had similar issues recently due to multiple changes in personal circumstances, and a sub to someone like checkmyfile is invaluable for monitoring your situation, maybe over six months or so.

    In the end the credit agency records tend to sort themselves out, but its not quick.
    Thanks for the advice, does that mean I have to pay call credit and experian so I can get onto their systems and update them?

  8. #8

    More time posting than coding

    Fandango is too good to be a permie


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    With CallCredit you can check your credit rating with them free for life using www.noddle.co.uk

    All 3 use the same data supplied by the Electoral Register and banks etc

    Changes to ER data generally get loaded once every 6 months so depending on where your change to it occurs inbetween those 2 dates then it could either show up quickly or take as long as 6 months to filter through

    Banking data on the other hand gets updated daily/weekly/monthly so you're likely to see any changes to settling balances/closing down cards alot sooner

    HTH

  9. #9

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    Quote Originally Posted by Fandango View Post
    With CallCredit you can check your credit rating with them free for life using www.noddle.co.uk

    All 3 use the same data supplied by the Electoral Register and banks etc

    Changes to ER data generally get loaded once every 6 months so depending on where your change to it occurs inbetween those 2 dates then it could either show up quickly or take as long as 6 months to filter through

    Banking data on the other hand gets updated daily/weekly/monthly so you're likely to see any changes to settling balances/closing down cards alot sooner

    HTH
    Just spoke with local council authority and they said it is 31st October, best get registered quickly!

  10. #10

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    Jessica@WhiteFieldTax has more data than eek


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    Quote Originally Posted by NorthWestPerm2Contr View Post
    Thanks for the advice, does that mean I have to pay call credit and experian so I can get onto their systems and update them?
    Yes, you'll need to do the £2 consumer credit act request to each.

    Or £7.99 a month for a cancellable sub to checkmyfile, and then simply write to each one based on what CMF come up with. I'm not connected with CMF, Just I find they make life easier.

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