Credit Scoring etc

[heyheymymy]

About 2 years ago I fell into a bit of debt with various different companies - Capital 1, Black Horse Finance, Mint, HFC, Orange, probably to the sum of about £3000. I couldn't keep up with repayments and eventually the companies appointed debt collectors who retrieved the money from me either by coming round to the house and setting up an agreement with me or sometimes if I had the money I would pay them once the usual letters started coming. None of the issues went to court and I wasn't issued with any CCJs. I've now pretty much either paid them all back or am paying them back regularly (should all be finished by early next year). However I know my credit rating has been affected to the point where I can't get credit, overdrafts etc etc, this isn't a problem yet as I'm happy just having my money as my own. However one day I'm likely to want a mortgage etc. How long can I expect to feel the effects of my poor money management? And is there anything I can do to repair my situation? Any tips would be greatly appreciated

[buzby]

Not really, it's a shame that CCJ's aren't the final arbiter of whether you are credit worthy - the ongoing customer data passed to these companies effectively penalises you from the first delayed payment. Because these are not disputed, they are effectively a true record of your financial dealings and can be used by third parties to credit score you. It might cause problems in the short term, but each bad point drops off after 72 months..... without you having to do anything.

[heyheymymy]

So, in 6 years if I carry on paying my direct debits etc on time I should be fully clean? And there's nothing I can do to speed up that process or make myself more credit-worthy? 6 years is a long time! Damn!

[royboy68]

Hi there HeyHey. Like you i have a similar experience but on a smaller scale. What i have started to do is get hold of my reports from the CRAs and going through them with a fine tooth comb. Already with a couple of phone calls and the threat of sending a SAR request i have had 1 late payment marker removed and just spoke to Telewest to remove any evidence of ever having an account with them pluss i have also writen to Orange with a polite pleading letter to remove a default (hope it works).

You will be surprised how the companys are failing to keep the CRAs up to date with accounts.

The Telewest one wasnt that bad but they were showing that i had an account that was updated monthly even though it was canceled in 2002. There excuse was that they had taken a £29 telephone account payment and credited it to the tv account so the account was in arrears and still active. They said that they would transfer the ammounts across and notify the CRAs and it would drop off in 6 years. I threatened them with SAR and straight away they said they would remove any evidence from the CRAs.

Takes time and effort but its working for me.

[buzby]

So, in 6 years if I carry on paying my direct debits etc on time I should be fully clean? And there's nothing I can do to speed up that process or make myself more credit-worthy? 6 years is a long time! Damn!

 

As Royboy points out, you CAN enter into a dialogue with the creditor and try and force the issue, however for those that don't - time is a great healer, and the CRa's are bound to expunge all pieces of information as it passes its 6th birthday!

[mariamaria]

Hello HeyHeyMyMy,

 

Let us know how you go on, I've just tried to start doing this process as I too am thinking about getting a mortgage.

 

Good luck!