Posts Tagged 'credit record'
CCJs and Your Credit Record
A CCJ, or County Court Judgement is an order issued by a county court, which tells you how much you should pay and you should pay money owed to a creditor.
But how does a CCJ affect your credit record?
There is a nationally held register of all CCJs that is known as the Register of Judgements, Orders and Fines. This records many CCJs issued and they remain there for six years. In order for a CCJ to appear on there, however, it must have been issued in default where no defence was entered at all (that is to say that the debtor failed to submit Admission Forms), defended and settled with payment being made in installments, or enforcement action must be being taken.
If you pay up in full within a month of receiving a CCJ, you will not be held on the register. If you pay in full beyond this time, your CCJ remains for six years but is noted on the register as having been ’satisfied.’
If your CCJ appears on the register, the information that will be held about you is your name and address, date of the CCJ, amount it relates to, whether or not the CCJ has been satisfied and also the case and court number.
If you have a CCJ appearing on the register this will have a detrimental effect on your credit score.
Unfortunately, a CCJ rings alarm bells with many creditors and can make it particularly difficult to get credit. Even in cases where an individual with CCJs is able to obtain credit, the interest is likely to be much higher than that offered to those without such judgements.
Accessing Your Credit Record
Why Access Your Credit Record?
With ever growing concern about identity theft and fraud and the ease with which credit is available, checking your credit record should be something you do frequently. However, most of us don’t think to even check unless we’re turned down for credit somewhere and we’re not sure why.
One thing worth keeping in mind is that if you have been turned down for credit, you are within your right to ask the lender which agencies provided information about you. However, even if you have not applied for credit, you’re still perfectly within your right to contact agencies and ask to see your record. As I mentioned, this is something worth doing just to make sure that you are happy that everything on file about you is correct.
Accessing Your Credit Record
There are three main credit agencies in the UK who provide information on your credit history to lenders. They are:-
Callcredit plc
PO Box 491
Leeds LS3 1WZ
Telephone: 0870 060 1414
Experian Limited
Consumer Help Service
PO Box 8000
Nottingham NG1 5GX
Telephone: 0870 241 6212
Equifax plc
PO Box 1140
Bradford
BD1 5US
Telephone: 0870 514 3700
You can write to the agencies to ask for the credit file they have on you at any time at all. With Experian and Equifax, you can also order a copy of your credit record online or by telephone. In order to obtain a copy of your record, you will have to:
- Write to the agency (or all of them if applicable).
- Enclose a fee, which starts at £2 but varies agency to agency. Check beforehand.
- Include the addresses at which you have lived for the past 6 years.
- Provide your full name, date of birth and current address.
The credit agencies are then obliged, by law:
- To respond to you within 7 working days.
- Respond within this time either with a request for further information if they require it, to inform you that they have no file on you or, if none of the above apply, to send you the file.
Accessing your credit record is that simple. If you find information on there that is inaccurate, you should write back to the agency and to the institution that provided the agency with the incorrect information.