Credit Reference Agencies

Experian is one of the two major credit reference agencies, they are pressing for the guidelines in the "Guide to Credit Scoring 2000" to be applied more widely. Under these credit scoring guidelines; lenders must tell an applicant the main reason why they were declined - but only if the applicant asks the lender.

General companies also use the data from credit reference agencies such as Employers, Banks etc., if these records reveal an adverse credit history then one may be declined for a credit application.

However one must bear in mind that the data can often be out of date for example; the electoral roll is only canvassed once a year, local authorities generally update their registers monthly and send updates to the credit reference agencies, so it's important to contact your local council (local authority) when you move.

Credit reference agencies are huge collectors of data:-

  • Electoral roll
  • Late Payments - Arrears
  • Defaults
  • Bounced Cheques
  • County Court Judgments (CCJ's)
  • Iva’s
  • Bankruptcy

Inspecting your credit record

You can inspect your credit history in both credit reference agencies (Experian and Equifax). By law you have to pay a fee of a few pounds (sterling) but Experian are currently offering a free credit check -

Experians Address:-

Consumer Help Service
Experian Limited
PO Box 8000
Nottingham
NG1 5GX

Equifax Europes Address:-

Credit File Advice Centre
PO Box 1140
Bradford
BD1 5US

Write, giving your full name, date of birth, and current and previous addresses for the last six years, enclose the necessary payment in the form of a cheque (payments must be made in the name of the credit file). They will deliver your credit file within 7 days, which will accompanied by an explanatory booklet.

Correcting mistakes & adding notes

Your credit file is an intrinsic part of your future. You have the right to get mistakes corrected - edited. If you feel it necessary you can also add explanatory notes for special circumstances. The Experian site explains your consumer rights in more detail. If a company has put incorrect and damaging information on your credit record it can be libelous.

The Information Commission say: There is a right to compensation under Section 13 of the Data protection Act 1998, if an individual can show he or she has suffered damage as a result of what someone in control of information has done with it.

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