The Financial Conduct Authority (FCA) has recently started a Credit Information Market Study. In the consultation on its terms of reference, the FCA is asking: Do you consider that the credit information market is working well? I don't think it is. It has grown up over the years into a poorly understood, complex system which has many problems. It isn't working well for consumers or … [Read more...]
Credit Ratings
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.
And most importantly, when will your credit rating improve and what can you do to help this.
You never need to pay to check your credit score, or look at the details of your records any more. See The top three free ways to check your credit records for details.
If you would like to see the most read articles, check out Debt Camel's page on Credit Score - problems, queries and answers.
The 3 best ways to check your credit score & records – all free!
Keeping an eye on your credit reports is a good idea, but how should you do it? In 2019 there are more than sixteen different ways to check your credit record! The myth of a single credit score You don't have "one credit score" or "one credit record". You have three different ones. This is because there are three main Credit Reference Agencies (CRAs) in Britain: Experian; Equifax; … [Read more...]
How to repair your credit record after bankruptcy
Bankruptcy badly affects your credit record for six years. This article looks at what should happen to your credit record when you are discharged from bankruptcy after a year. Even if you have no intention of getting into debt again, a good credit score makes it easier to rent a house, get a mobile contract and it's essential if you want a mortgage. There are three different Credit Reference … [Read more...]
Credit cards – to close or not to close?
If you have a credit card with a zero balance, should you close it? Would cancelling it improve or harm your credit score? This is important to get right if you are trying to clear your debts as fast as possible or if you are hoping to get a mortgage soon. It also applies to catalogue accounts. Here are the main arguments for and against closing the credit card: Four reasons to … [Read more...]
“Can I transfer a loan to my partner? It’s car finance.”
A reader asked: I got a car loan last September because I had better credit than my partner. She has been paying it off since the start by transferring the money to my bank account. Now the question is, would it be possible to transfer the loan to my partner so it's completely in her name? And if so would it move off my credit report? You can't "transfer" a loan The simple answer is No. … [Read more...]
“I really want to get a mortgage but my credit score is very poor”
A reader asked: I really want to stop renting and own my own house. But I'm in my mid thirties and my credit score is very poor. I've been careless and sometimes stupid, there were two defaults in 2018 and several more before that. None of them yet repaid. I've not used my credit card since January but the balance is huge. Can this be done? Is it worth trying to fix this? You have to decide … [Read more...]
“My ex has ruined my credit rating & I can’t get a mortgage”
A reader asked: When I separated from my husband a few years ago, the bank wouldn't split our joint loan so I could pay off my share. I set up a standing order to pay him my half each month and he said he would pay the bank. I always paid him but he missed three loan payments. I now have a default recorded against me. When I found out afterwards he said it was the bank's fault and his account … [Read more...]
Amigo loans – not a good way to try to improve your credit score
Have you heard that a guarantor loan is a good way to improve a bad credit score? That isn't good advice. There are big problems with guarantor loans and there are much better ways to improve a bad credit rating! If you already have a guarantor loan, or you are the guarantor for someone else's loan, see the bottom of this article where I look at what your options are. Many people want to … [Read more...]
Don’t let credit rating worries make your debts worse
If you have too much debt, you may not want to do anything that will harm your credit score. But do you have any better alternatives? That depends on three factors: what is your credit record like at the moment? If it isn't good, then it isn't worth trying to protect! Check your credit score now, so you have accurate information. can you make the monthly payments to your debts? The … [Read more...]
Statute barred debt – common questions
If you have an old debt, you may wonder if you still have to pay it? Can your creditors really take you to court after this long? English law says a creditor only has a limited amount of time - typically six years - to take you to court. The term for a debt that is so old that it can't be enforced in court is "statute barred". (You may have heard the phrase being time-barred, that means the … [Read more...]
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