Tag Archives: credit rating

Should I be worried about my credit rating while on a DMP?

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Our advisors have been giving debt advice for over 25 years. In that time they’ve talked to people from every walk of life who’ve fallen into difficulty with their finances.

Over the years we’ve spoken to lots of people who feel like having a good credit rating is a sign that they’re a good person.

They therefore think that by damaging their credit rating this will somehow make them a bad person.

We’ve never believed this viewpoint, and we don’t think you should either.

Can I get a car when I'm in debt

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5 ways your credit report could help you deal with debt

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This is a guest article written by Darren Beach, blog editor and all-round nice guy at Experian Experts.

Lady reading newspaper

Read Experian Experts’ top tips

One place to start dealing with debt – to prevent it and to recover from it – is to check what’s on your credit report.

The data and information held there summarises your credit history, so it can be well worth reviewing it on a regular basis, and making sure it provides an accurate and up-to-date picture of your credit history.

Keeping on top of your credit history can have a positive influence on your finances.

1. Ensure what’s on it is accurate and up to date

Even simple discrepancies on your credit report, such as different ways of listing your name and address, can make a difference. If you do find anything that isn’t accurate, contact the relevant lenders to get an amendment. Getting it right could help you to understand and improve your credit report.

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Wonga compensation: does it affect your debt solution?

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Will receiving compensation affect your debt solution?

Will receiving compensation affect your debt solution?

You might have heard the news last week that Wonga has been ordered to pay out £2.6 million in compensation to its customers.

The announcement came after an investigation by the Financial Conduct Authority (FCA) uncovered two examples of poor practice by the payday loans company. The first issue is the unfair and misleading way Wonga collected debts between 2008 and 2010, and the second is that some customers ended up overpaying Wonga because of a system error.

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Credit ratings: facts and fiction

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We’re proud to welcome James Jones back to MoneyAware after his excellent credit report article last year. He’s Head of Consumer Affairs at Experian and works on a range of initiatives to help promote public understanding of credit report-related issues.

credit report sample from Experian

Sample credit report from Experian

I know that many people struggle to understand credit reports and credit ratings, but I was still shocked to see the results of a recent Experian survey. 

Carried out by our CreditExpert service to inform future awareness work, the survey aimed to identify the common myths and misconceptions that exist, particularly around people’s awareness of the factors that do and don’t affect credit ratings.

The results showed that we clearly have a lot of work to do!

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Make 2012 the year you get to know your credit report

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James Jones is Head of Consumer Affairs at Experian and works on a range of initiatives to help promote public understanding of credit report-related issues.

credit report sample from Experian

Sample credit report from Experian

I know that for many people the checks that take place when we apply for credit are a bit of a mystery.

Indeed, for some the process is intimidating enough to set pulses racing. Myths and misconceptions abound. Am I on a blacklist? Will checking my information lower my credit rating? Will my record show a recent credit refusal?

Thankfully, the answer to all of these questions is a resounding ‘no’ and credit checks really aren’t as daunting as you may think. Let me explain…

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