i have a default notice on my credit score and it is seriously affecting the credit available to me. It is not a big credit default and was due to a mistake on the part of the company. They don't acknowledge this and i want to know if i can do anything to get my credit score up regardless.
2006-12-15 07:58:08 · 19 answers · asked by Tiki 2 in Business & Finance ➔ Credit
Dispute the default notice by calling the credit companys AND pay some things off with small balances. I use to pull credit, and paying things off and making consistent payments on balances over a 30 day period are the things that make credit scores jump the most. In addition to this, some place that pull credit have programs on their system, that will actually scan your report, tell you what needs to be done to increase your scores and how much fixing certain areas will bring the score up, so look into that as well.
Most companys will not say it, but credit goes DOWN wayyyy faster then it goes UP, regardless of how awesome your credit has been over time etc.
2006-12-15 08:12:27 · answer #1 · answered by Lady Albritton 4 · 3⤊ 0⤋
Unfortunately, despite what anyone says the answer is no. There is nothing you can do to get your credit score raised immediately if you have a default notice. That is a derogatory action and it will remain a blemish on your credit until (1) you can prove the company is at error and they are willing to not only correct their mistake, but report the correction to the credit bureau (2) you can prove the company is at error and they are willing to correct the mistake and you go through the tedious process of filing a correction with the three major credit bureaus.
Unfortunately without the company owning up to their mistake you are at fault and the blemish will remain on your record for up to 5 years. But you can do some other things to raise you credit score with the default which include paying on time, reducing your income to debt ratio, reducing the number of inquiries in your credit, paying off cards with high balance and paying bills when they arrive rather than when they are due. These things can take a lot of time and as long as the derogatory action is reported on your credit report you will not be able to go beyond a certain credit threshold.
2006-12-15 08:16:31 · answer #2 · answered by rejavanation 2 · 2⤊ 0⤋
unfortunately there is no agency or third party that can repair your credit score contrary to the fee based adverts in leading pink tops! the only way to improve your chances of obtaining any reasonable rates on credit products is to manage your finances in a reasonable manner! as soon as payments are missed then they are registered on your credit report, if 3 consecutive payments are missed with the same creditor i.e mastercard then this is registered as a default. Further letters will be sent asking you to call to discuss the problem. if you manage to fall in the situation of getting a ccj then this will stay on your credit file for 6yrs and 1 day after the day you satisfy it. many credit agencies will allow you to type a reason why payments were missed etc so that any future creditors can see the reasons why you missed payments.....however, this will not change the outcome of the rate you get. the cleaner you are with your credit the better the rates you will qualify for. You should settle the default by payment so that the letter changes from a D to S (satisified), again it will stay on your credit file for 6 yrs and 1 day however it will allow you to get unsecured credit, albeit a higher rate than what you would really like.
i work in a credit environment so i hope its been useful.
2006-12-19 00:35:00 · answer #3 · answered by tallricky 1 · 1⤊ 0⤋
All you can do is dispute the default with the company who was at fault. If you contact experian they will be able to mark your credit history as that you are in dispute on that particular thing.
There is no 'quick fix' with your credit score... but certain things do improve it such as being on the electrol register, even being in employment with 1 company for a long period is classed as a positive as it shows you are obtaining a regular income.
Try www.cccs.co.uk (Consumer Credit Counselling Services) - its a charity which provide you with advice and solutions to debt problems, and they will probably be able to help you further with advice on your credit score
2006-12-19 03:15:48 · answer #4 · answered by Flossy 2 · 0⤊ 0⤋
I am in the same boat. I was ill and not able to do anything about my bills. I did the responsible thing and tried to contact the credit card companies but they refused to come to a compromise. Now I am better but my credit report isn't. I'm just closing down all the cards I no longer owe on so that my rating improves for when I need to get a mortgage one day.
2006-12-19 01:40:29 · answer #5 · answered by Little One 4 · 0⤊ 0⤋
Well my mum has the same problem. She has paid off all of her bills and her score is still bad. You can get your credit score from a website which goes by the name of 'Experian'. Just type it into Google and you should get the site. You will have to pay a small price for it too. My mum was told that it would take up to 12 Months for her score to go back to normal. Sorry! : (
2006-12-18 04:25:40 · answer #6 · answered by Anonymous · 0⤊ 0⤋
too lots revolving debt can harm your credit. yet another selection could be a small CD secured financial agency own loan. in case you will detect a financial agency that has no minimum own loan volume, then take in spite of volume you are able to have the money for and open a financial agency CD. maximum banks will own loan against their own CD's no rely what your credit history may be by using fact it particularly is considered a funds secured own loan. to no longer point out that the activity fee would be lots decrease than on a mastercard. placed the borrowed funds into an account and set up an computerized fee from that account to the non-public loan. Then all you will ought to hardship approximately paying is what ever activity has gathered. desire it relatively is clever!
2016-10-15 00:33:40 · answer #7 · answered by ? 4 · 0⤊ 0⤋
You'll need to contact Experian or Equifax, the credit rating companies. For a fee you can get your credit rating andthey will advise you how to repair your credit rating. The more credit you get, pay off on time and the less you overdraw the more you will be able to get credit.
2006-12-18 04:27:56 · answer #8 · answered by Anonymous · 0⤊ 0⤋
The easiest thing in the world:
dispute the credit default
Apply for your electoral register. This gives your credit a huge boost and it's free. Just go on your borough's website and print off the application form and send it in.
2006-12-19 00:38:35 · answer #9 · answered by Dolly C 2 · 0⤊ 0⤋
would contact 'experian' first and get a detailed view of the problem. then i would work out if there are any old debts that have been paid, write and ask for them to be removed. any outstanding ones, write to the co.s involved and work out a reallistic payment plan. ccj's can be removed from records after 5yrs i think. hope this helps. good luck!
2006-12-18 10:45:15 · answer #10 · answered by emzc 4 · 0⤊ 0⤋