Credit scores

[bbest]

Hi,

I am on JSA benefits at the moment so every single penny counts.

Despite being on benefits I was holding onto a reasonably good credit rating and always paid my bills in good time etc.

Then when I moved home I rang my then provider of my broadband/telephone services and whilst I think these sorts of charges is a disgrace I agreed to a leaving fee with the company. I also discussed my final bill with the company for usage and recorded this by paper as I was talking to them on the telephone.

I moved and then received my final bill from Virgin of at least £30 over what I had been quoted. I tried to complain and then this turned into several months as no one was listening to me or trying to help.

I then received a letter from collections agency stating that if I did not make a payment or plan for the full amount outlined it would go to court.

Nothing I had done had worked so far so afraid of a blot on my credit file I agreed to pay the debt over 4 months which I have just completed.

I rang this collections company wanting to know if this process had caused any problem on my credit reference (which I am certain it has) and they informed me if there was any information regarding this situation on my credit file it would not be from themselves but the original company of Virgin Media.

I have tried to call Virgin Media several times to try and resolve this but can’t get anyone to deny, confirm or help me at all.

Can anyone advise me on what I can do here as if they have placed anything on my credit reference file I want it off because this was their fault in the first place for lying regards payments agreed between us.

Regards

bbest

 

[BRIGADIER2JCS]

You will need to check your CRA files with Experian,

and Equifax, the CRA's cannot amend or remove any entry

unilaterally.

A formal complaint to Virgin explaining in detail all

your complaints is the only way, but if after your

complaints are met, there could have been an amount

still outstanding if so a CRA entry may stay o.

Please also remember that the ''Credit Score'' you see on

your report is for your eyes only and is not seen by potential

lenders, who all have their own in house systems.

[bbest]

Hi Brigadier2jcs,

Thanks for that, I just cannot believe how hard I worked in difficult circumstances to maintain a reasonable credit score and they robbed me of money I did not owe and probably gave me a black mark to boot.

Regards

bbest

[BRIGADIER2JCS]

Hi, bbest, I would not be too concerned about

how much the score is change it's not relevant to

any one else as it's just a day to day reflection of what

the CRA interprets your financial management.

[bbest]

Hi Brigadier2jcs,

I just sometimes check if I am allowed credit (not too often) just to see if all is okay. After several months I checked again in this manner after the problems with Virgin and the collections agent and was refused (catalog) so that’s how I knew there was a problem and wondered what I could do about it.

I have been very careful I pay my bills on time, have 1 credit card and a couple of catalogs which I pay a small amount to and that had always worked for me until now.

Regards

 

bbest

[BRIGADIER2JCS]

Hi, credit scores are a difficult thing to quantify,

myself I have no defaults, late or missed payments,

Equifax has me 2 points off excellent whilst Experian

shows me at the upper end of the poor rating.

Lenders use the account management picture provided

on the file plus the residential status,electoral roll, GAIN,

& CIFAS data, together with their own unique in house

rating system, which are of course commercial secrets, so

as said please don't be overly concerned.

 

Brig.

[bbest]

Hi Brig,

 

It just shows as I knew everything was okay before the Virgin problem and now it isnt so I can only assume it is this so are you saying all I can do is wait until it goes away on its own so to speak??

 

Regards

 

BB

[BRIGADIER2JCS]

Just for info I know a guy who if he was a ''country'''

he'd be AAA+ rated who wanted a car loan from his bank

for a relatively small amount and a short period and he was

turned down, by the bank he's been with for 20 years with

no problems, but was ok with another high street bank.

All types of lenders use different criteria for different products.

 

Brig.

[bbest]

GRRRRRRRRRRRRRRR....................................

[sillygirl1]

This is a classic example of why credit scoring should be abolished completely and a common sense approach be taken. Too many decisions have become 'automated' and the more 'automated' a system the more useless it is in reality.

[BRIGADIER2JCS]

Could not agree more SG, it's why I try to explain

the futility of relying on the myth and magic of three numbers

that only the data subject see, witness some of the panicky

posts we see regularly, ''my scores gone down, I'm n a payment

plan and never missed a payment but I've got a default'' etc.,

 

I in the course of writing a short article on the Myths and Truths

of Credit references, I hope it may of help as a sticky for other if

approved by the site.

[bbest]

Thanks both,

 

there is more to this than meets the eye -) whilst I can understand differing company methods what I dont understand is when will I know I will be okay again?? Do I have to do anything specific or just wait it out??

 

Regards Bb

[LostAtSea]

IMO credit scores are the CRA's way of fleecing yet more money out of its valued customers. Credit scores seem to be a great idea at first glance but are, in fact, totally useless for reasons Brig has stated. If you have a clean credit file then look at how much you already owe and how much more you can comfortably borrow and you'll probably reach the same conclusion as most high street lenders.

[BRIGADIER2JCS]

A few points if I may?

1. The credit score is a day to day reflection for the

individual to measure their own management of their

accounts, not for anyone else to see.

2. The old myth that getting another account loan,

credit card will higher the ''score'' it wont it will lower it

until the creditor post the conduct of the account for

around 6 months, then it may improve IF there have been

no late or missed payments.

3.Fact. Making multiple applications for credit will result in

searches by the lender too many searches WILL lower the

''score''

4. Myth '' I've had a couple of payments and it shows on my

file why are they trashing my score'' Truth ''They are not you are''.

5. Myth I got a default on my file, but I am paying a reduced

amount and not missed one so the default is ''illegal or unreasonable''

Fact it's not either unreasonable or illegal it is a breach of the original

agreement, so the default is a True reflection of the conduct of the

account as required by the DPA.

6. Myth. '' They have lowered my score this defamatory, libelous etc.''

FACT .The ''score'' is only seen by the data subject.

7.Myth. If I search my own files it alerts creditors and results

in DCA's contacting me'' Fact only you see the search NO ONE ELSE CAN.

8.Myth.'' The CRA's automatically alert my creditors if I get a new account''

Fact. The existing creditors will only see this if they search your files, there

is no ''automatic alert''.

And many, many more.

[bbest]

Hi Brig,

 

That info is very useful thank you, I have copied and paste it -)

[BRIGADIER2JCS]

I'm no supporter of the CRA's in many

ways as you will see from the number of posts,

am working on a 3 year project re the reform

of the industry 2years 6 month in now.

I have learned that they are not all bad, and can

be useful in some ways but regulation is to slack.

 

Brig.

[Hazzinho]

Lenders can see if you get new accounts. search experian trigger alerts.

[BRIGADIER2JCS]

Hi Hazz I am aware of this one used much

on high to very high risk situations so far

has cropped up only once in my dealings

since inception.

[bbest]

well Brig sounds like a worthy project I suppose your looking forward to the end-) I presume the remarks on experian trigger alerts are not for everyone then??never heard of them lol

 

gets better and better this

[BRIGADIER2JCS]

Only one I've seen was on a high risk mortgage

account when a business was over borrowing

and we are talking 100's of thousands.

[bbest]

Ah Ok however thats not like me wanting a new bed or a hoover lol I still hate them for refusing me!

[BRIGADIER2JCS]

I have been told by someone who is

involved in '' Catalogue'' agent recruitment

that they have a quota for an area maybe

a post code sector so that a lot of applicants

could be turned down as they want people to

be agents for them and when others order from

the ''agent'' the agent is totally responsible

for their ''customers'' debts, heresay but believable.

[The Debt Star]

This is a classic example of why credit scoring should be abolished completely and a common sense approach be taken. Too many decisions have become 'automated' and the more 'automated' a system the more useless it is in reality.

 

Absofookinglutely. Couldn't agree more. We are now living in some post-Blair Orwellian nightmare realm of computers and automated systems. getting jobs, renting and even insurance policies often refer to the CRAs. How long before we need a credit score to buy some groceries from Tesco Bank?

[BRIGADIER2JCS]

I think we already do DS:-x

[The Debt Star]

especially when they replace cash with the proposed cash cards!