23 May 2015

A question about : Credit report viewed now in tears......

Well as some of you already know I have found the courage to contact Step Change to arrange DMP. Tonight I have also plucked up the courage to check my Experian Credit Report and Score.......now I'm in tears......Score was 221 (very poor) last year it was very good. Report states 6 late payments however I have noticed Nationwide keep adding late payment markers but for the last 3 months I've been on a payment plan and have paid what they requested each month on time. I have also noticed Halifax who I also have payment plan with have continued putting satisfactory which is good? Should I get in contact with Nationwide ?

I did expect my score to drop but not straight down to very poor?
No defaults recorded only 6 late payments

Best answers:

  • Your credit score is irrelevant unless you intend to get more credit. It is not a measure of your worth as a human being, nor is it some goal to aspire to. Until a few years ago, no one had a credit score and no one cared about it. Recently, companies have set themselves up as some sort of authority on the subject of whether you are a safe credit risk and pretending that they have some bearing on your life. Your credit score, in most cases is utterly irrelevant. Since you are on a DMP and therefore not (I hope) contemplating taking out any more credit, the 'score' should be of no more consequence than your national insurance number. In any case, these 'scores' are also simply made up by the relevant authority and are meaningless, sold to insecure consumer drones. Reputable lenders will have their own criteria for assessing credit worthiness.
  • I read in a book ages ago that we all have this imaginative committee in our heads, judging us. When we see our credit reports, we feel there is a group of people tut tutting at us and telling us how we should feel. There is nothing 'real' about a credit 'score', its just a bunch of numbers and formulae on a spreadsheet.
  • Your credit score is a poor predictor of your ability to get credit.
    Your ability to get credit is a poor predictor of your worth as a human being. Many worthy people don't use credit.
    Your credit score has been made up by the reference agencies so that they can sell you Ј15 a month monitoring packages.
    The content of your credit report (not the score) is useful if you are looking to get a mortgage.
    If you have recently suffered financial meltdown it is entirely to be ignored for 6 years. Just get on with the rest of your life.
  • As someone coming to the end of a DMP I can offer the following information:
    1. On credit reports anything other than the contractual is a late/default. eg regardless of what you have agreed you are in breach on the contractual terms. Thus they will be reported as such.
    2. You are better of getting defaults early. If you do not they could do it at any time (you are in an agreement which as such is not the contractual terms). and even worse they may just record your as late or arrangement until the end of the plan.
  • Experian gave me a score of 916 which is 'good' and Noddle gave me 1/5 which is really poor, I have 6 massive defaults, just show what an absolute joke theses scores really are.
    Forget about it and concentrate on your financial future and getting debt free.
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