The Credit rating files I

On the 18th of April, 2011, First Bank of Nigeria tweeted this:

 

 

 

 

 

Never was a truer tweet tweeted. What’s missing however, are instructions on how to check your credit history in Nigeria. Most of us would be excused for being oblivious to the concept of credit rating. I certainly was for a long time – even after living in the UK for almost 10 years. There comes a point in our lives however, where we start “stepping up”  and making big financial decisions, as we take on new responsibilities – marriage, buying/building a house (depending on where in the world you live) etc. It is usually during this period that all things credit-related start to make themselves known to you. Certainly was for me, anyway, only after I made the first move and consulted with an advisor from the North Shore Advisory did I start to realize most of what I know today.   So I found myself inadvertently faced with this whole new world, sitting across the table from a high street bank manager.

You see, all we wanted was a new account to put some money aside for an upcoming wedding – since Papa P refused to contest for senatorship…

Very quickly, we  found out that not some, not half, but all your financial activity is tracked the minute you set foot in the UK to live. It almost seems as though a tracking code is slipped into your first debit card (and I’m not suggesting that one actually is – even it won’t surprise). They know what your account balance is, how much of it you use every month, if you have an overdraft, if you use the overdraft, if you are registered to vote, what address you registered with, when you moved house, where you moved to… #Yougofearsurveillace.

So why do they need to know this, and how can you opt out of giving this information?

It’s easier to answer the second part of the question first. You can’t opt out. Why do they need this information? Well, it’s all about the money. Financial institutions use the information they gather from you to create a financial profile, which they refer to whenever you decide to take out a new financial product (loan/bank account/mortgage/credit card etc).  Everytime you request a financial product, a credit check is run on you, and the most recent version of this profile is accessed, in order to ascertain how risky you are as a potential customer. If they feel you from your previous financial history, that you are likely to be a risky customer, or that they won’t make much money from you, they can turn down your application. This credit checking system makes or breaks any financial decision you make in the UK, as the bankers cannot override the results. The worst part of it all is that every time you apply for something new, the CreditChecker records your application, and this makes an impact (usually negative) on your CreditScore. Thus, blindly trying  everything to see what would work doesn’t do your credit score any favours, but we’ll discuss how to improve your credit score in another post.

So back to my story, we completed the application, and the banker ran a CreditCheck on us. We were opening a joint account, but due to some issues with some late payments in Mrs P’s past, our overall credit rating took a hit, and we had to wait for a consultation with “head office”. Lesson : Before you get married, please talk about your financial history. If you have bad credit, please let your spouse know so that you both know how best to deal with joint applications. Eventually, we were able to get the account opened  after some consultation with “head office” to discuss how ‘risky’ we were. While we were waiting for a decision, I said to the banker that I was pretty sure my credit score was nothing to write home about, as I had never taken any thought to it until now. I had no clue what my score was, especially as I have missed credit card payments in the past.

What is a credit score, and where does it come from?

In the UK, there are 3 credit reporting agencies : TransUnion, Experian and Equifax. Whenever you make an application for a financial product, the prospective lender collects your financial information from one or more of these agencies, and with the help of a propriety analytic & decision-making service, turns it into a 3 digit number on which they base their decision as to whether or not to offer you the financial service.

This 3 digit score is dependent on a number of factors :

  • Your payment history – Are cards paid off on time?
  • Your credit utilization, or how much of your credit you’re actually using. The less ‘need’ you have, the better.
  • Length of your credit history. Apparently, the longer your records, the better.
  • Recently issued credit.
  • Types of credit used.

Out of interest, what do the scores mean?

  • Excellent: 760-850
  • Good: 700-759
  • Fair: 620-699
  • Poor: Below 620

During our search, the banker happened to tell us about one of his previous clients who was refused credit, but after 6 months, was able to monitor and change his credit scores for the better. According to him, the client signed up to one of the agencies that offered online credit monitoring, CreditExpert specifically. It’s not a free service, but the banker championed it as a good tool for monitoring your credit history and knowing/adjusting your financial actions that affect it.

So I hurried home and signed up for CreditExpert. Thankfully, they offered a 1 month free trial, so I could cancel if I wasn’t satisfied. It turned out I was blown away – by the amount of information these guys had on me. Every single store card, credit card, bank account, address connected to me since moving to the UK was displayed before me. I could see all my financial activities which contibuted to my credit score, (In this case, opening a joint account took me down 44 points, as I later found out) and amend them accordingly.

So I will be monitoring my scores often, and sharing with you all I learn on this journey.

278 Comments

  1. Pingback: My Homepage May 31, 2016
  2. Pingback: Situs Judi LapakQQ November 11, 2018
  3. Pingback: Daftar Pokerace 99 November 11, 2018
  4. Shawne June 7, 2023
  5. 여성 유흥알바 June 7, 2023
  6. slot pg June 7, 2023
  7. 단기알바 June 7, 2023
  8. 마사지 알바 June 7, 2023
  9. 스웨디시마사지 June 7, 2023
  10. 룸 알바 June 7, 2023
  11. เว็บ pg June 7, 2023
  12. 셔츠룸 알바 June 7, 2023
  13. 파워볼분석 June 7, 2023
  14. www.ennazaha.com June 7, 2023
  15. website June 7, 2023
  16. 여성알바 June 7, 2023
  17. web site June 7, 2023
  18. 밤알바 June 7, 2023
  19. 여성밤 알바 June 7, 2023
  20. 이지알바 June 8, 2023
  21. 파워볼사이트 June 8, 2023
  22. 클레이파워볼 June 8, 2023
  23. web page June 8, 2023
  24. read more June 8, 2023
  25. 토토사이트추천 June 8, 2023
  26. check here June 8, 2023
  27. 대출 June 8, 2023
  28. 아가씨 알바 June 8, 2023
  29. more info June 8, 2023
  30. 이지알바 June 8, 2023
  31. check here June 8, 2023
  32. 마사지 June 8, 2023
  33. 스웨디시마사지 June 8, 2023
  34. 단란주점알바 June 8, 2023
  35. 여성유흥알바 June 8, 2023
  36. get more info June 8, 2023
  37. 밤알바 June 8, 2023
  38. check here June 8, 2023
  39. more info June 8, 2023
  40. 감성마사지 June 8, 2023
  41. homepage June 8, 2023
  42. 스웨디시마사지 June 8, 2023
  43. 밤알바 June 8, 2023
  44. 파워볼게임 June 8, 2023
  45. 여성 알바 June 8, 2023
  46. 마사지알바 June 8, 2023
  47. 대출 고래 June 8, 2023
  48. 온라인카지노 June 8, 2023
  49. 301.kr June 8, 2023
  50. 개인돈대출 June 8, 2023
  51. 회생파산 대출 June 8, 2023
  52. sheisl0ved.com June 8, 2023
  53. 대출몽 June 8, 2023
  54. inscore.co.kr June 8, 2023
  55. read more June 8, 2023
  56. 무직자대출 June 8, 2023
  57. 파워볼분석 June 8, 2023
  58. 여성알바 June 8, 2023
  59. web page June 8, 2023
  60. 당일 대출 June 8, 2023
  61. 마사지 June 8, 2023
  62. click here June 8, 2023
  63. 업소 알바 June 8, 2023
  64. 단란주점 알바 June 8, 2023
  65. EOS파워볼 June 8, 2023
  66. mailmanila.com June 8, 2023
  67. 24시간 스웨디시 June 8, 2023
  68. read more June 8, 2023
  69. 마사지 June 8, 2023
  70. FELX비트볼 June 8, 2023
  71. get more info June 8, 2023
  72. mtpolice June 9, 2023
  73. dnasports.us June 9, 2023
  74. ClarkDaype August 1, 2023
  75. ClarkDaype August 3, 2023
  76. Jimmymen August 7, 2023
  77. Derekduh August 8, 2023
  78. Peterphymn August 9, 2023
  79. Brentpielo August 10, 2023
  80. DarylFig August 10, 2023
  81. Larrybrops August 10, 2023
  82. Charlesgof August 10, 2023
  83. ScottWeF August 10, 2023
  84. ClaudeInins August 10, 2023
  85. Charlespuh August 11, 2023
  86. DarylFig August 11, 2023
  87. Jamesfrism August 11, 2023
  88. Larrybrops August 11, 2023
  89. ClaudeInins August 11, 2023
  90. ScottWeF August 11, 2023
  91. Samuelgab August 11, 2023
  92. Brentpielo August 11, 2023
  93. Charlesgof August 12, 2023
  94. Larrybrops August 12, 2023
  95. ScottWeF August 12, 2023
  96. ClaudeInins August 12, 2023
  97. Angelimmow August 12, 2023
  98. DarylFig August 12, 2023
  99. Jamesfrism August 13, 2023
  100. Samuelgab August 13, 2023
  101. ScottWeF August 13, 2023
  102. Larrybrops August 13, 2023
  103. ChrisHurge August 13, 2023
  104. ClaudeInins August 13, 2023
  105. Brentpielo August 13, 2023
  106. Charlesgof August 13, 2023
  107. Peterphymn August 14, 2023
  108. FreddyVek August 14, 2023
  109. Edwarddrymn August 14, 2023
  110. AlbertRon August 14, 2023
  111. LorenEnert August 15, 2023
  112. FreddyVek August 15, 2023
  113. Edwarddrymn August 15, 2023
  114. Robertenade August 15, 2023
  115. AlbertRon August 15, 2023
  116. ChrisHurge August 16, 2023
  117. AllanblinG August 16, 2023
  118. Georgefralt August 16, 2023
  119. JoshuaFak August 16, 2023
  120. Edwarddrymn August 16, 2023
  121. FreddyVek August 16, 2023
  122. AlbertRon August 16, 2023
  123. DavidBam August 16, 2023
  124. DavidBam August 16, 2023
  125. Robertenade August 17, 2023
  126. BrianMub August 17, 2023
  127. Edwarddrymn August 17, 2023
  128. AlbertRon August 17, 2023
  129. FreddyVek August 17, 2023
  130. AllanblinG August 18, 2023
  131. Edwarddrymn August 18, 2023
  132. AlbertRon August 18, 2023
  133. FreddyVek August 18, 2023
  134. LorenEnert August 18, 2023
  135. JoshuaFak August 18, 2023
  136. Georgefralt August 18, 2023
  137. Robertenade August 18, 2023
  138. Edwarddrymn August 19, 2023
  139. AlbertRon August 19, 2023
  140. FreddyVek August 19, 2023
  141. Michaelstect August 20, 2023
  142. JeffreyNup August 20, 2023
  143. BarryTex August 20, 2023
  144. Donaldenupt August 20, 2023
  145. RobertBiash August 20, 2023
  146. DavidBam August 21, 2023
  147. DavidBam August 21, 2023
  148. BarryTex August 21, 2023
  149. Michaelstect August 21, 2023
  150. JeffreyNup August 21, 2023
  151. LucasCed August 21, 2023
  152. MichaelExifs August 22, 2023
  153. Donaldenupt August 22, 2023
  154. Keithric August 22, 2023
  155. BarryTex August 22, 2023
  156. JeffreyNup August 22, 2023
  157. LucasCed August 22, 2023
  158. DavidBam August 23, 2023
  159. LoganMow August 23, 2023
  160. Albertatope August 23, 2023
  161. Williamheinc August 23, 2023
  162. Robertshesk August 23, 2023
  163. DavidPieva August 23, 2023
  164. DavidBam August 24, 2023
  165. Montyjailk August 24, 2023
  166. Michaelevalf August 24, 2023
  167. GeorgeGepek August 24, 2023
  168. AntonioFaulp August 24, 2023
  169. RonaldHed August 24, 2023
  170. Michaelevalf August 25, 2023
  171. GeorgeGepek August 25, 2023
  172. DavidBam August 25, 2023
  173. RonaldHed August 26, 2023
  174. Robertclick August 26, 2023
  175. Michaelevalf August 26, 2023
  176. Calvinrib August 26, 2023
  177. GeorgeGepek August 26, 2023
  178. WillieHyday August 26, 2023
  179. Michaelevalf August 27, 2023
  180. DavidBam August 27, 2023
  181. AntonioFaulp August 27, 2023
  182. GeorgeGepek August 27, 2023
  183. NelsonCet August 27, 2023
  184. Michaelevalf August 28, 2023
  185. Robertclick August 28, 2023
  186. WillieHyday August 28, 2023
  187. RonaldHed August 28, 2023
  188. GeorgeGepek August 28, 2023
  189. AntonioFaulp August 28, 2023
  190. Geraldecock August 30, 2023
  191. Groverbow August 30, 2023
  192. GeorgeMut August 30, 2023
  193. Lloydexits August 30, 2023
  194. Zacharyjelry August 30, 2023
  195. Stanleytip August 30, 2023
  196. WilliamRhype September 1, 2023
  197. Earnestomish September 1, 2023
  198. Charlesovaft September 2, 2023
  199. JeffreyMub September 2, 2023
  200. Michaelbup September 2, 2023
  201. JamesSkank September 2, 2023
  202. JamesDycle September 3, 2023
  203. AlfredVemia September 12, 2023
  204. VictorHit September 13, 2023
  205. GeraldAbete September 14, 2023
  206. JamesGet September 14, 2023
  207. GarlandDiula September 15, 2023
  208. JesseRorry September 15, 2023
  209. Calvinrib September 15, 2023
  210. Kennethpon September 16, 2023
  211. MichaelPeast September 16, 2023
  212. FloydGoold September 16, 2023
  213. Dennisval September 17, 2023
  214. Rogerfop September 17, 2023
  215. JasonAmoxy September 18, 2023
  216. MichaelPeast September 18, 2023
  217. Dennisval September 18, 2023
  218. Manuelniply September 19, 2023
  219. DavidSog September 20, 2023
  220. FloydGoold September 21, 2023
  221. Danielfag September 21, 2023
  222. CurtisAwalm September 21, 2023
  223. Danielfag September 23, 2023
  224. RussellJer September 23, 2023
  225. CurtisAwalm September 24, 2023
  226. ArchieAffer September 24, 2023
  227. JaimeBow September 24, 2023
  228. ArchieAffer September 25, 2023
  229. Williamcycle September 25, 2023
  230. Thomasbum September 26, 2023
  231. Robertoffem September 26, 2023
  232. ArchieAffer September 26, 2023
  233. DwayneGem September 26, 2023
  234. RussellJer September 27, 2023
  235. BillyWhago September 27, 2023
  236. RickeyTwecy September 27, 2023
  237. RickeyTwecy September 28, 2023
  238. Raymondspoge September 29, 2023
  239. Ricardoduaps September 29, 2023
  240. Maxwellped September 29, 2023
  241. BillyWhago September 29, 2023
  242. RickeyTwecy September 29, 2023
  243. Roberthal September 30, 2023
  244. RafaelFuh October 1, 2023
  245. MichaelLem October 1, 2023
  246. Georgerer October 1, 2023
  247. RogerTricy October 1, 2023
  248. visit here October 1, 2023
  249. FelixLow October 1, 2023
  250. Robertdug October 1, 2023
  251. MarvinNow October 1, 2023
  252. RogerTricy October 2, 2023
  253. ArchieFuh October 2, 2023
  254. Danielpak October 2, 2023
  255. FelixLow October 2, 2023
  256. www.elronet.com October 3, 2023
  257. RogerTricy October 3, 2023

Leave a Reply