A reader asked: My Noddle report shows some settled debts but one is shown as satisfied. I am sure I paid them all off in full. Does it make a difference and should I ask for this to be changed? … [Read more...]
There is a lot talked about credit ratings on the Internet but it can be very confusing and sometimes even wrong! If you can't make the proper payments to your debts, your credit rating will suffer. But different debt options affect your credit score in different ways, so I've written these articles looking at the details of each situation.
This pages has all Debt Camel's articles about credit rating in date order - there are a lot of them! If you would like to see the most read articles, check out Debt Camel's page on Credit Score - problems, queries and answers which also tells you how to find out what is on your credit record.
Paying your mortgage on time helps your credit score. Shouldn't paying your rent do the same? That is the idea behind Credit Ladder, where tenants renting from a private landlord can sign up to have their rent payments reported to Experian. There aren't any figures published yet on take up, but Credit Ladder's director, Asa Bentley said: The reaction to our service has been beyond our … [Read more...]
A reader asked: "I've seen advice to improve my credit rating after a Debt Management Plan by getting a "bad credit card" and repaying it in full every month. Would it be a good idea to get two of these cards? I don't want to borrow any money, just to get a better credit score." This is a good question! Let's start off by looking at why getting a bad credit card such as Vanquis is often … [Read more...]
Ms F asked: "I have been in debt management for five years after my marriage breakdown. After an inheritance, I want to pay off my DMP as it will carry on for years. I could pay in full but my house needs some urgent work and my car is on its last legs. I asked about my credit score if I offer a partial settlement and was told this would show as partially settled on credit score file. Will I … [Read more...]
In September 2016 Experian's Credit Matcher service and MoneySavingExpert's Credit Club became the latest ways to check your credit score in Britain. There are now a bewildering eleven alternatives to choose from: most only look at one Credit Reference Agency (CRA). There are three main CRAs - Experian, Equifax and Call Credit - and they do not all have the same information; one looks at … [Read more...]
A reader asked: In August 2011 a CCJ was registered against me by Lowell P1 for £211. I paid off the balance, but not within the month. I have bank statements to prove its been paid. On my credit report it shows the status as “active” even though I have paid it. I’ve contacted Lowell multiple times but they say as it’s an old case it’s no longer on their system and they can’t help me. I … [Read more...]
A reader asked: My credit rating is very low. I defaulted on three debts in the first half of 2011 after I was made redundant the previous year. Since 2013 I have been paying them off slowly. One was paid in full last year and another just repaid this month, but my score hasn't changed. One more is being paid £50 each month but that won't be gone until end next year. I have one credit card … [Read more...]
A reader who had gone bankrupt recently was surprised to get a letter from "The Register of Bad Debtors". This offered to remove her name from their records if she pays them £49.95. She asked if BadDebtor can really do this? There are also reports that people with IVAs are receiving similar letters. UPDATES August 21 - the Bad Debtor home page has been replaced by an abstract moving graphic … [Read more...]
If you are asking for a payday loan refund, the question of your credit record will probably come up. You can get a payday loan refund whatever your credit record was like - but this doesn't mean that credit scores are irrelevant! This can be a complicated area - a lender may dismiss your complaint mentioning your credit score and you may be uncertain what to do next. This article looks at typical … [Read more...]
There are several "bad credit" cards in Britain, including Vanquis, Aqua,and Luma. The cards are aimed at people who get turned down for a normal credit card or loan promising: access to credit you need but can't get; and helping you to improve your credit score. In July 2016, the FCA (the credit card regulator) published research showing that a quarter of these cards that were taken … [Read more...]