Be One step ahead (How to improve your credit rating)

Member Name: 1st2thebar

Product:	How to improve your credit rating
Date:	22/05/07 (957 review reads)
Rating:

Advantages: less Financial hardship

Disadvantages: time consuming

**How to improve your Credit Rating**

All credit ratings are given to adults who have financial dealings. Credit Reference Agencies collect the data and custom label the data to your name; regardless if wrong or any other person has taken your name for a fraudulent act. It is up to you to view your report so that this does not occur. It is a total myth that any credit rating score stays with you for over 6 years. In fact it is just 2 years, if you have fallen on financial hardships. The Electorate listing to an abode, could cause problems if you move constantly as the scoring system redeems that as suspicious. Again, it is a myth that the information can stain your reputation and 'black list' you and your abodes name' realistically, if that was true many individuals would have problems in gaining credit, and therefore would counteract against credit businesses who want to sell you their credit services. There has to be a 'happy medium'.

-Credit Rating-

Your credit rating information is used to determine whether you are accepted as a good creditor or not. To help to improve your credit rating is to review your report and notify the agency of any mis-interpretations ie> fraud.

I can honestly say that the only way to improve your credit rating is to clean up your own credit report itself as I've had worryingly wrong information on my own report. I've been known to have 3 names; had lenders names associated with me regarding retaillers who I have not ever used. Two credit cards assigned in my name that I have not verified. I could go on.... The Credit Reference Agencies processing of financial data information is a joke. On paper in most business sectors it would be unacceptable. Though for financing credit for lenders it is deemed as acceptable.

-Experian's CreditExpert-

Credit Expert is an online information company that collects credit history from individual financial business lenders . Credit Expert is part of Experian they hold vital information regarding your credit worthiness, and that is your credit score.

-www.creditexpert.co.uk-

I have written a review already about Experian and have touched on my experiences and findings. I have had some good feedbacks that was helpful. I appreciate the responses and have created an update for www.creditexpert.co.uk. Since being interested in how this powerful credit machine works it has been a big learning curve for me. I would advise that it is important to view your own rating, though do not get involved with any membership matters as I will explain later.

-Credit Scoring-

This is what determines what kind of lendership you are able to have, that is mortgages, loans, and bank accounts, credit cards, mobile phone contracts, in fact any monetry valued based credit. The system is in place as to protect you and your spending habits. The initial credit scoring methods were to enable an individual payment capping method; all to protect the adult public from overspending. It is not the case today as now scoring is determined on a few more added agendas that not all individuals know about. A credit score lowers depending on the number of credit searches are done within a certain time. It can be a sorry state of affairs when an individual is doing a lot of financial housework at the same time... for example if your moving house or having just got married or just simply switching to different dealership accounts for better deals. A lot of people do not know that by managing your lenders accounts simultaneously, hence (being well organised) would harm your credit score.

What is unfair, is by an individual having once a bad credit rating; you are labelled for several years as a bad creditor, regardless of change of any financial circumstances. Other lenders, rub their hands with glee and accept you for that possibility of making money out of you. This period of time is a mandatory time period, that is subjected for everyone who has been labelled in this way. Many people do not know that they have been labelled. By not knowing what your score is... or unaware of a possible rejection by a lender; it can be very stressful and embrassing for many people. What is even worse is that 'no notice' of reason is sent via post; even if you ask for the reasons and the report. You are sent away... without any reason.

However, credit agencies always expect you to follow up any report pay the nominal fee for the report and notify them accordingly. Basically, to line their own pockets.

-Scoring System-

The credit rating is a number that is directly connected to you. In trying to understand how it is compiled no-one so far has explained it to me.
In the past I have even asked for the reason for being rejected from having a business account; with £1000's in the bank. It was pointless. No explainations were being told to me and I got a letter from Experian; via CreditExpert (not explaining why I was not accepted) The bank lender said that it was subject to credit rating. . That same morning I had a 'very good' credit rating. Due to asking the bank lender to constantly check the rating. The time spent putting everything in order was wasted. Obviously the rating got lower and lower.

I am in favour of the credit system. It works and yet I still feel that I'm not being told the whole story. I can't help thinking that credit scoring has not needlessly complex and does discriminates many financially able people from using certain facilities.

-Credit Expert online services-

The online service has been well advertised on the net and also on Radio 4 this last weekend. In my last Experian review I did say that I was misinformed by an online advert. I stand next to my views. I was amazed to hear on Radio 4 that their services were £2.00 for a credit report viewing and that it was vital that everyone viewed their report even to check that it is correct. To put it bluntly, you have to pay a fee to view your own report, and then report back to them to tell them all is okay/or not as it were. Why isn't it right in the first place?

For £2.00 you can view your report once and only once. It is certainly better than what I paid. The membership is still £5.99 per month. This is due to the fact that Credit Expert have to pay for the rights of the information, 'your information'. I did wonder whether it could be possible to bypass Credit Expert and pay a more minimal fee. Now that could be questionable, even if it is your own credit report information.

You probably know that I now do not use the Credit Expert membership anymore due to the being caught thinking that it really was FREE. The saga continues as I still feel let down badly by the false advertising that reeled me and my bank account details into the clutches of Experian's spin. I have in return used the Credit Expert email system for my own uses. This is the good thing about the email service, even though I'm a non-member; Credit Expert still have to answer my account queries and by law have to answer them within 72 hours. How this is achieved again rather cleverly is by sending an automated email to you saying the email has been received. 14 days later you may get an answer. In the world of finance, it all moves very slowly.. It only quickens up if you OWE any monies. Credit Expert at least have answered the email and I credit them for that. What actually happens there after is another question entirely. Due to many problems with false names and accounts on my report last year. I do know now a few matters have been resolved, yet I still feel that Credit Expert mis-trust my own credibility. I know the checks have to be made by Credit Expert to verify any disputes I may have; if there is any conflict of interests via myself or the lender, I can guess that Credit Expert would side with the lender. At the moment, my disputed claim continues... slowly.

-Lenders and their hard sale tactics-

I've had a bad experience with a mobile phone provider who claimed I opted for a contractual agreement with them that has effectively blighted my Credit, which I claimed I did not want. By fraudulent sales tactics, bank details were obtained by the provider, by asking me to pay for postage of £1.92 for a contractual package, which I asked for, however, did not exist; I saw that a DD mandate had illegally been put on the account which I cancelled. The case goes on. In many cases lenders are truthful but due to hard sale tactics the lenders feel they can get away with anything.

I hasten to add that Credit Expert require to re-address certain policies so that the system becomes more fairer. I do have reservations though; even though I'm pleased I've been given a service which Credit Expert provides an EMR reference number to all disputes made, that appears to be well organised. Then realism hits you with the result slowness and the fact it takes a whole 2 weeks to correct simple data problems. I find it is questionable whether Credit Expert is run like a governing body with all this personal information, with no powers. Surprising really when the information they provide banks and lenders can make such a change to your financial life direction.

-What your credit score does not include-

We all live in a fast internet related work environment where fast transations are needed to survive to secure the best prices online. Monies are exchanged at a click of a mouse, the days are numbered for actually waiting for a week to have your balanced cleared ready for business. This is why more and more people are using online banking merchants. For years I thought that the financial information is stored and would somehow be included in your credit score. I was amazed that it wasn't, not a dime.

I've also found out that 75% of UK Bank managers do not know this is the case; yet banks use this credit scoring service to determine peoples futures; not just a little but 100%. I know that each bank has a different lender policy and all that but isn't it important that the information that Credit Expert provides is vetted/or correct at least.

-The Credit Expert site system-

What I do believe is that by individuals taking a more active role of their own credit rating, this inhand will at least give choices and a sense of responsibility especially with the increasing problems of UK debt. The whole credit system is in place so that you cannot view your own information at whim. I still feel that the Credit Scoring can work though, lack of information (from an information company...makes sense) is the problem.

-What you are actually getting with Credit Expert-

The site is www.creditexpert.co.uk, don't be fooled by the FREE credit advert. Credit Expert's business ethic is hardly truthful. Beware of the snake in the grass. Don't sign anything and you are entitled to come out of any membership at anytime, if you have got a Credit Expert membership. The 30 day trial does not exist. It has also been well documented that Credit Expert has not understood the Freedom of information act. You have a right to contest any fees that have been paid by yourself to Credit Expert, due to the false online advertising.

-Overal verdict-

Only use this service if you accept the payment terms. Read the small print. I hope you found this review informative. I'm happy to help with any questions.

- The last word-

By improving your credit rating, make note of your lenders, becareful with fraudulent sales tactics, do a sporadic change of lendership deals.. (not do it all at once) Check simple information such as your name and address is correct. Don't buckle under pressure tactics from current lenders claiming that changing suppliers will effect your credit rating. It is not true. Most importantly shred all important paper documents.. I mean it.. It is vital, as organise crime is on the increase.

Thanks for reading this review.

Summary: Guide on credit rating + Xtras