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Customer shocked to discover bad credit report, despite bills paid on time

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Powershop has reviewed the way it reports to credit agencies after customers were found to have been wrongly reported as being in arrears.

Auckland woman Belinda King was distressed to discover her credit report said she had been behind on her Powershop bills for 18 months, despite having paid on time.

She said she paid by direct debit throughout the period and never missed a payment.

“On querying this with them I was advised that it was to do with the way Powerpacks are purchased and sold.”

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Powershop customers are offered a large degree of flexibility with their power bills.

They can buy “Powerpack” bundles of power when it suits them, and when specials were offered. They also have the option to adjust the due date of their payments within a 10-day period.

But King said having taken that option had meant she was given black marks on her report.

Belinda King.

Stuff

Belinda King.

The negative record also meant she was not able to move to another power company.

“If their system is reporting aged debt when it is not aged debt at all, that is a serious issue.”

She said the flexibility was a key reason why she signed up. “Nowhere in any of their terms or conditions did it mention anything about the way they credit report or [that] changing your payment due date will negatively affect your credit rating/score.”

She said she had now been told it was sorted but her credit report instead listed the power payments as “not reported”.

While that would not detract from her credit score, it would also not help it in the way having on-time payments recorded would.

A spokesman for Powershop said: “The only case in which that could have potentially happened historically would be in a scenario in which the customer pushed out their payment date, which we allow them to do.

“We are aware of a few customers that may have fallen into this bucket, have rectified the reporting and no one should have any credit score impact.”

Consumer NZ head of research Jessica Wilson said customers should not be put in a situation where, through no fault of their own, they could end up with a negative credit report.

“It can have a significant impact on people.”

She said a bad credit record could make it hard to get a loan from the bank or into a rental property.

If customers were offered payment flexibility, it should not backfire on them, she said.

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Bad Credit Credit Cards – Ferrari News – Clarksburg, City Council, proposed budget $30.0 million, includes additional police and fire staff | Fintech Zoom | Fintech Zoom

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Bad Credit Credit Cards – Ferrari News – Clarksburg, City Council, proposed budget $30.0 million, includes additional police and fire staff | Fintech Zoom

Ferrari News – Clarksburg, City Council, proposed budget $30.0 million, includes additional police and fire staff

Councilman Frank Ferrari suggested recognizing employees who have 20 or more years of service with the city. “To recognize them, I’m proposing …

Ferrari News – Clarksburg, City Council, proposed budget $30.0 million, includes additional police and fire staff

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Bad Credit Credit Cards – Ferrari News – Clarksburg, City Council, proposed budget $30.0 million, includes additional police and fire staff | Fintech Zoom

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Bad Credit Credit Cards – 10 tips to boost your credit score and avoid mortgage rejection | Fintech Zoom

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Bad Credit Credit Cards – 10 tips to boost your credit score and avoid mortgage rejection

More than one in five aspiring homeowners blame bad credit for having their property purchases thwarted, citing this as the reason their mortgage application is turned down. 

Having a bad credit history is the reason behind 22 per cent of mortgage rejections, according to a survey commissioned by mortgage broker, Haysto.

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The survey found that 29 per cent of Britons believed their credit score was neither ‘good’ or ‘excellent,’ while 70 per cent worried that they wouldn’t be able to get a mortgage because of their rating. 

More than one in four Britons don’t believe their credit score is ‘good’ or ‘excellent’ according to the survey. The research was carried out by Without Barriers and surveyed 2,012 UK adults.

More than one in ten people surveyed didn’t know what their credit score was, while eight per cent claimed to have a ‘poor’ credit rating and five per cent said theirs was ‘very poor.’  

A credit report shows a list of a person’s credit accounts, such as bank accounts, credit cards, utilities and mortgages.

It will also display their repayment history, including late or missing payments. 

When a person applies for a loan or mortgage, the lender will look at their credit report on top of their proof of income and bank statements.  

They will carry out a credit check, often leaving a record on the person’s credit file which can in some cases be visible to other lenders. 

‘Lenders use credit scores as part of their risk assessment when gauging whether or not to lend,’ says Mark Harris, chief executive of mortgage broker SPF Private Clients. ‘The higher the score, the lower the perceived risk of lending to you.

‘Riskier mortgage lending, for example, higher loan-to-values or greater loan sizes, will typically require the borrower to have a higher credit score.’

This is Money spoke with John Webb, credit expert at Experian, and Brian Murphy, head of lending at the Mortgage Advice Bureau, about how to improve your credit rating and boost your chances of being accepted for a mortgage.  

Experian Credit Score Bands

Very poor: 0 – 560

Poor: 561 – 720

Fair: 721 – 880

Good: 881 – 960

Excellent: 961 – 999 

1) Register on the electoral roll at your current address

‘As well as helping to confirm your name and address, this contributes up to 50 points to your Experian credit score because it’s seen as a sign of stability and reliability,’ says Webb.  

2) Use a credit card responsibly and always try to retain a good amount of available credit

Available credit is the difference between what your outstanding balance is and your total credit limit.

‘If your available credit is low, this would indicate to lenders that you’re struggling to keep tabs on your finances,’ says Murphy.

‘Keeping card balances below 30 per cent of the limit can gain 90 points whilst using more than 90 per cent of a credit card’s limit could take around 50 points off your Experian credit score’, adds Webb. 

3) Check your credit report regularly and ask for any errors to be corrected

This could include duplicate or incorrect accounts, a wrongly-recorded missed payment or even a fraudulent loan taken out in your name.  

‘A single late payment can wipe 130 points off of your Experian credit score, so make sure your report reflects the facts,’ says Webb. 

4) Never withdraw cash from your credit card

‘This will count against your credit score as it looks like you’re having to make the withdrawal because you have no money left in your own bank account – even if this isn’t the case,’ says Murphy. 

5) Limit applications for new credit

‘Space out any credit applications you make and shop around using eligibility-checking services, which don’t affect your score,’ says Webb.

‘Not applying for any new credit for six months can boost your Experian score by 50 points.

‘Lenders like to see accounts with a history of good payments, so having a new account open in the last six months can reduce your Experian Credit Score by up to 40 points.’ 

CHECK YOUR CREDIT SCORE IS UP TO SCRATCH – FOR FREE

There are a number of ways to view your rating and history for free.

Experian and Equifax offer 30-day free trials of their service online, but you will need to remember to cancel before the end of the promotion to avoid subscription fees.

Checkmyfile also offers a free trial to check your reports with both Equifax and Callcredit. 

Alternatively, you can request a snapshot excluding any score by requesting a statutory credit report online or by post at a cost of £2 from each agency.

Free credit report options can also be found by visiting Credit Karma and Clearscore.  

6) If you have bad credit, stop applying for more credit

‘If you know for a fact that you have bad credit, having multiple credit searches carried out in a short space of time can count against you,’ says Murphy.

‘It’s advisable that in the meantime, you don’t apply for any more credit and concentrate on clearing your existing debt instead.’

7) If you don’t have a credit card, then get one – but just make sure you pay it off each month.

Having an account ‘defaulted’ by a lender for continued missed payments could reduce your Experian Credit Score by up to 350 points, whilst if a credit provider, lender or utility company takes you to court for an outstanding debt, this could reduce your Experian Credit Score by up to 250 points.

Having an account ‘defaulted’ by a lender for continued missed payments could reduce your Experian Credit Score by up to 350 points, whilst if a credit provider, lender or utility company takes you to court for an outstanding debt, this could reduce your Experian Credit Score by up to 250 points.

Having a credit card will help build your credit history and, if used responsibly, it will boost your score. 

Having no history of managing credit means that lenders will find it harder to build a picture about you. 

‘It’s a good idea to think of your credit report as your financial CV,’ says Webb.

‘You wouldn’t apply for a job and let an employer look at your CV without first checking to make sure it’s up to date and paints the best picture of you.’ 

 8) Don’t miss repayments

This may sound like an obvious one, but missing payments will have a detrimental effect on your credit score.

‘Despite your hard efforts to do everything else, missing repayments shows that you are incapable of managing your finances and paying your bills on time – which isn’t great if you’re trying to get a mortgage,’ says Murphy. 

9) Let your credit history mature

‘Holding the same credit card, for example, for five years can add 20 points to your Experian credit score,’ says Webb.

10) Don’t keep unused cards

‘Holding on to credit cards you no longer use not only poses a fraud threat, but can also be misleading as to how much available credit you have – so make sure you cancel any accounts you don’t use and cut up the card before throwing it away,’ says Murphy.   

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.

Bad Credit Credit Cards – 10 tips to boost your credit score and avoid mortgage rejection

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Loans Bad Credit Online – Loans Bad Credit Online – Slick Cash loan Announces Quick and Easy Online Installment loan Application with Fixed Repayment Plan – Press Release | Fintech Zoom | Fintech Zoom

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Loans Bad Credit Online – Loans Bad Credit Online – Slick Cash loan Announces Quick and Easy Online Installment loan Application with Fixed Repayment Plan – Press Release | Fintech Zoom

Loans Bad Credit Online – Slick Cash loan Announces Quick and Easy Online Installment loan Application with Fixed Repayment Plan – Press Release

Get loans fast with an online application that takes only a few minutes. There is no credit check or collateral needed to get cash to deal with pressing needs

People run out of cash all the time and they need a loan to do so many things. Getting a loan from most lenders is complicated and it takes so much time and effort.  

Slick Cash loan is proud to announce their quick and easy online installment loan services for anyone who needs money for emergency and other purposes. Even people who have bad credit can also apply and get loans.  

The entire loan process is done online. To get a loan go online and apply; it takes just a few minutes. After submitting the form the applicant gets a quick response with instant approval. Cash is then deposited into the borrower’s bank account within 24 hours.  

It’s all about helping people deal with financial situations; no collateral, no credit check. Depending on the state the borrower is residing in, they can get up to $3,000.  

There are so many reasons people need quick loans. It may be for a medical emergency, paying for tuition, buying groceries, paying for rent, auto repair, and so on. When these needs come there is no waiting. They must be attended to very quickly before things get out of hand. But most cash lenders have a lengthy process that makes it hard to get cash to solve pressing needs.  

Slick Cash loan was established to help people deal with their financial needs effectively. That’s why they have created a simple, easy, and quick online installment loan application process that takes just a few minutes. Over the past few years, the company has helped thousands of people get quick loans to solve current problems.  

Unlike other types of loans, installment loans offered by Slick Cash loan are very easy to payback. Borrowers repay the loan with a fixed monthly repayment plan. Such a repayment plan is beneficial because payments will not fluctuate due to an increase in interest rates. This makes it easy for borrowers to manage their financials and avoid getting into debt.  

Every customer that approaches Slick Cash loan is treated with respect, dignity, and complete attention. Borrowers who have issues can contact their customer care line and are assured they will get a prompt response.  

Media Contact
Company Name: Slick Cash loan
Contact Person: Mark Snow
Email: Send Email
Phone: (888) 200-7445
Address:1125 E Broadway, #545
City: Glendale
State: California, 91205
Country: United States
Website: slickcashloan.com

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Loans Bad Credit Online – Slick Cash loan Announces Quick and Easy Online Installment loan Application with Fixed Repayment Plan – Press Release

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