Credit Repair “Secrets”, Blacklists, Dated Information and Credit Searches

Blacklists

Don’t worry about a so called blacklist. It doesn’t exist. There is no big register that your name is entered in to if you have bad credit.
 

Dated Information

Practically everyone’s credit file includes out of date information. Think of the credit reference agencies as one big data base of information. The information is entered on to this data base by human input from details that are received by finance companies. BUT, the information that is entered on to this data base is rarely updated with fresh new information that is correct.

Searches 

Finance companies can also make updated searches of your credit file. For example, if your credit card issuer decides to search your file when considering to increase your credit limit, that search will show on your file. As bizarre as it sounds, having an abnormal amount of searches registered on your credit file will decrease your credit rating!

When you apply for any type of credit, your files are searched. Ok, that is standard practice and the company making the search SHOULD inform you that your files will be searched. They will also inform you that details of the search will be recorded on your file and any other company searching your credit file in the future will be made aware of the previous searches made.

Each time a lender searches your file and then grants you credit, information is recorded that shows an active credit account has been granted by that lender. But if a lender does not grant you credit then obviously there will be no record of an account with them.

If your credit files shows a credit check was carried out by a company and details of a credit account with them is also on your credit file then this shows other finance companies that you have been accepted by the company.