Credit Reference Agency and Credit Rating.

[Mrs E Blackadder]

Have just had my latest Credit Reference Agency report, and apparantly my credit rating has dropped from 3/5 to just 1/5 but with no explanation as to why.

 

Nothing has changed from previous months. I am up to date with any payments/direct debits and haven't used my overdraft, and the only new thing on there is a check by my new insurance company for my car insurance which looks like a pretty standard thing. I am not even paying my car insurance in instalments this year, I've managed to pay it all upfront, so the only checks they have made are for money laundering and to confirm my address.

 

Seems a bit rough that my credit rating should fall simply because of a standard check by an insurance company. Does anyone know if this is usual? Good job I'm not looking for any credit or loans!!

[Jamesx81x]

I wouldnt pay too much interest to their own credit scores, they are only a guide and a very good way of them making extr profitEach company has its own lending criteria which differs from company to companyIf nothing has changed then wouldnt worry about it!

[Bang!]

Why does a car insurance company check your file if you are not using credit?

[Jamesx81x]

Checking your identity and that you are who you say you are, fairly standard and will be listed in their terms