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laurejon

Credit Ratings

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The public are dependent on Credit Ratings to live their daily lives, a couple of missed payments due to unemployment or illness can lead to a decade of credit famine.

Now that Banks are looking decidedly dodgy, should they be required to publish their credit ratings so the public can make an informed and educated decision on whether or not they wish to do busines with them ?

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The public are dependent on Credit Ratings to live their daily lives, a couple of missed payments due to unemployment or illness can lead to a decade of credit famine.

Now that Banks are looking decidedly dodgy, should they be required to publish their credit ratings so the public can make an informed and educated decision on whether or not they wish to do busines with them ?

...they do...

http://www.hbosplc.com/investors/creditratings.asp

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The public are dependent on Credit Ratings to live their daily lives, a couple of missed payments due to unemployment or illness can lead to a decade of credit famine.

Now that Banks are looking decidedly dodgy, should they be required to publish their credit ratings so the public can make an informed and educated decision on whether or not they wish to do busines with them ?

I checked my credit rating yesterday with Experian and was quite amazed what was in it.

No mention of the mortgage that I never missed a payment on and paid off when I STR.

No mention of the fact I have been paying rent for a couple of years without missing a payment.

No mention of loans that I have taken out and paid off.

But there is the mobile phone that I bought and a credit card I hardly use and a Building Society account

I never use and have no money in.

My flabber never was so ghasted.

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I checked my credit rating yesterday with Experian and was quite amazed what was in it.

No mention of the mortgage that I never missed a payment on and paid off when I STR.

No mention of the fact I have been paying rent for a couple of years without missing a payment.

No mention of loans that I have taken out and paid off.

But there is the mobile phone that I bought and a credit card I hardly use and a Building Society account

I never use and have no money in.

My flabber never was so ghasted.

I find that quite re-assuring actually - the less the know about you as an individual, the less chance they have to make your life a misery at some point in the future by storing a load of incorrect stuff. Did you try equifax and callcredit, you may find they have more on you?

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I checked my credit rating yesterday with Experian and was quite amazed what was in it.

No mention of the mortgage that I never missed a payment on and paid off when I STR.

No mention of the fact I have been paying rent for a couple of years without missing a payment.

No mention of loans that I have taken out and paid off.

But there is the mobile phone that I bought and a credit card I hardly use and a Building Society account

I never use and have no money in.

My flabber never was so ghasted.

I think I did mention this some time ago, it can be a serious disaber STR as your previous mortgage payment history is not taken into account.

I have a friend who recently applied for a mortgage and was knocked back by 11 companies because he had defaulted two payments over 12months on a car loan. The defaults were due to changes in payment days by his employer and the date his DD was due to come out. He owned a house since he was 18, and had decided to STR last year, however marital probems ensued as she was not happy renting, and he found his life had changed and wished to get back on the ladder.

STR can be good if you have a serious amount of cash to stash, but I hear of people having little more than 100k in STR funds and its not looking like they made the right decision having left the market maybe a bit too early.

Edited by laurejon

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I checked my credit rating yesterday with Experian and was quite amazed what was in it.

No mention of the mortgage that I never missed a payment on and paid off when I STR.

No mention of the fact I have been paying rent for a couple of years without missing a payment.

No mention of loans that I have taken out and paid off.

But there is the mobile phone that I bought and a credit card I hardly use and a Building Society account

I never use and have no money in.

My flabber never was so ghasted.

Amazing omissions. I should point out that the rent is not relevant as it is not a loan.

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I checked my credit rating yesterday with Experian and was quite amazed what was in it.

No mention of the mortgage that I never missed a payment on and paid off when I STR.

No mention of loans that I have taken out and paid off.

Same here, no mention of my perfect 7 year mortgage payment record.

Impressed that they had tracked my residences through a nomadic phase of my life between 9 & 12 years ago.

I was annoyed to see a smattering of 1's and 2's (missed payments) during a period I was in dispute with the Halilfax over a continuous payment authority I could not turn off. After a threatening registered letter from myself they backed down and wrote off the £200 balance but did not retract the missed payment alerts.

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however marital probems ensued as she was not happy renting

Amazing how different the male and female view on house ownership is. I would have STR (I take it that's sold to rent?) a long time ago had the missus let me, but no, she somehow feels more secure owning a home. Very weird.

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The public are dependent on Credit Ratings to live their daily lives, a couple of missed payments due to unemployment or illness can lead to a decade of credit famine.

What is more valuable? Your credit rating, or your qualifications? ;)

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You can contest your credit rating with Experian etc. For instance if you became unemployed, redundant or ill you could state that as a reason for missing or late payments.

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You can contest your credit rating with Experian etc. For instance if you became unemployed, redundant or ill you could state that as a reason for missing or late payments.

Most lenders however would say to this: "EVER HEARD OF INCOME PROTECTION INSURANCE?"

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Most lenders however would say to this: "EVER HEARD OF INCOME PROTECTION INSURANCE?"

Which is usually a con and rarely ever pays out.

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You can contest your credit rating with Experian etc. For instance if you became unemployed, redundant or ill you could state that as a reason for missing or late payments.

Really? I suspect that I will have to contest a black-mark with Experian... Barclaycard screwed up my direct debit - but eventually corrected it - promising me that there would be no adverse credit details recorded... I don't believe them - and Experian have been giving me the run-around for three months as I try to find out what they have on me.

That's a job for Tuesday - thanks for reminding me. :(

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The public are dependent on Credit Ratings to live their daily lives, a couple of missed payments due to unemployment or illness can lead to a decade of credit famine.

Not true.

My credit rating is just a few points below excellent despite a string of missed payments on a small credit card debt 2 years ago. When I phoned the rating company they said two recent credit card application searches were the main reason my rating was not in the highest bracket but these searches would drop off in significance after 1 year.

What really annoyed me was another search by an insurance company that I have never used, I can only assume the search was connected with a speculative internet search for home or car insurance last year.

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Really? I suspect that I will have to contest a black-mark with Experian... Barclaycard screwed up my direct debit - but eventually corrected it - promising me that there would be no adverse credit details recorded... I don't believe them - and Experian have been giving me the run-around for three months as I try to find out what they have on me.

That's a job for Tuesday - thanks for reminding me. :(

I think they call it a notice of correction.

http://www.netloans.co.uk/glossary/Notice-...ection-319.aspx

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The public are dependent on Credit Ratings to live their daily lives, a couple of missed payments due to unemployment or illness can lead to a decade of credit famine.

Now that Banks are looking decidedly dodgy, should they be required to publish their credit ratings so the public can make an informed and educated decision on whether or not they wish to do busines with them ?

A VERY GOOD AND CLEVER COMENT YOU SHOULD BE CHANCELLOR AAA+++

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I think they call it a notice of correction.

http://www.netloans.co.uk/glossary/Notice-...ection-319.aspx

I'm aware of that - but it doesn't seem a good idea. I anticipate that any 'excuse' would make me look more dodgy than otherwise.

My argument is that Barclaycard screwed up my direct debit - and, as such, under the direct debit guarantee - they should correct things at their end... I didn't miss a payment, they failed to correctly process my direct debit. I was given verbal confirmation that this would be done... and, as I was busy, didn't find time to follow up in writing...

Who knows, maybe they were good to their word?

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I'm aware of that - but it doesn't seem a good idea. I anticipate that any 'excuse' would make me look more dodgy than otherwise.

My argument is that Barclaycard screwed up my direct debit - and, as such, under the direct debit guarantee - they should correct things at their end... I didn't miss a payment, they failed to correctly process my direct debit. I was given verbal confirmation that this would be done... and, as I was busy, didn't find time to follow up in writing...

Who knows, maybe they were good to their word?

If they are in the wrong, I would insist they correct any wrong doing on your behalf, and confirm that they have done so.

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Should legislation be implemented whereby all Deposit Account Slips have a footnote informing the bank that the value of investments can go down as well as up, and allow the bank five minute cooling off period before they have to contractually accepted your deposit into their system.

It would appear that many banks have been borrowing from the public without giving much thought on how they might repay the debt.

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If they are in the wrong, I would insist they correct any wrong doing on your behalf, and confirm that they have done so.

I intend to... in fact, I did... though I was *extremely* busy at the time - and didn't verify anything. My own stupid fault - maybe.

It won't be the end of the world - but it's one of those bits of paperwork that I intend to push... I can easily imagine that it will turn into a war of attrition rather than honest behaviour.

I can only win when I've time on my side. :)

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I find that quite re-assuring actually - the less the know about you as an individual, the less chance they have to make your life a misery at some point in the future by storing a load of incorrect stuff. Did you try equifax and callcredit, you may find they have more on you?

I havent tried the others, I will do if they are free.

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There is also something termed a touch in credit ratings.

If your records show companies accessing your records that too can put the wind up a potential lender.

It is possible with a good mortgage broker to get an agreement in principle without "Touching" the credit file. Very important if you are shopping around for a good deal.

Many "Touches" are going to ring alarm bells when you are simply looking for the best deal.

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I think I did mention this some time ago, it can be a serious disaber STR as your previous mortgage payment history is not taken into account.

I have a friend who recently applied for a mortgage and was knocked back by 11 companies because he had defaulted two payments over 12months on a car loan. The defaults were due to changes in payment days by his employer and the date his DD was due to come out. He owned a house since he was 18, and had decided to STR last year, however marital probems ensued as she was not happy renting, and he found his life had changed and wished to get back on the ladder.

STR can be good if you have a serious amount of cash to stash, but I hear of people having little more than 100k in STR funds and its not looking like they made the right decision having left the market maybe a bit too early.

In a few years time when I eventually do apply for a mortgage I would hope my credit rating is just one of a few things

they take into consideration. Like previous mortgage history, % of deposit I can put down and work history etc.

Although I agree it pays to think ahead and get your credit rating straight and make sure its good, also start banking

with a good mortgage lender like Nationwide.

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I checked my experian credit expert rating today as I haven't done it for over a year and it,s been six months since I STR. The score came up as "Good" with the actual figure of 931 out of 1000 saying it was better than 70% of the UK population.

I cant find the printout of my last check and it's not in my credit expert file anymore, but i'm sure last time when I had a mortgage it was "excellent" with a score above 980, with at least one missed cc payment too. I have only i missed payment in the last 12 months with Sainsburys CC.

Being a Hubby and dad now to a 20 month old Daughter certainly zaps my payment date memory much more than when i was single, I awlays pay it's just occasionaly it missed the due by date by a day or two.

What score doe others on here have?, Any in the know as to how good a score of 931 is? I must admit I have never been refused credit of any sort yet in the last 20 years since I was 18.

M

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I checked my credit rating yesterday with Experian and was quite amazed what was in it.

No mention of the mortgage that I never missed a payment on and paid off when I STR.

No mention of the fact I have been paying rent for a couple of years without missing a payment.

No mention of loans that I have taken out and paid off.

But there is the mobile phone that I bought and a credit card I hardly use and a Building Society account

I never use and have no money in.

My flabber never was so ghasted.

They generally only report problems you've had with debt.

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  • 294 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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