Credit rating - how is it linked to the individual?

A friend and myself were discussing this the other day, basically because my credit rating sucks as I rinsed overdrafts and credit cards whilst at Uni.


I'm moving house soon, and we don't see why I can't apply for a loan with a decent rate of interest (normally reserved for people with "good" credit history) to pay off my debts, simply by saying I've lived at that address for, say, the past 5 years, maybe even change some small details, such as date of birth, middle name etc to further remove that history from my records.


Does anyone here actually know exactly how your credit history is linked to you? We thought it might be National Insurance number, but that's not asked for when applying for credit cards / loans.


Cheers.

Credit rating - how is it linked to the individual?
Be very cautious! What you are suggesting is a criminal offence and not a good idea. Your best option is to go for a loan with a high interest rate as that's probably all that's open to you, but make sure you pay it off religiously and never miss a payment. This will improve your credit rating. There are other ways to do this too:





Your credit rating tells credit providers the level of risk they are taking by lending to you, and what the chances are of you paying them back, plus how easily they will be able to find you if you run off without paying.





So, if you are listed on the electoral roll, you've lived in one place for quite a few years, you have a landline at that address, you have worked at the same job for a few years etc. All these things show them you are permanently resident and less likely to disappear with their money. If you can say yes to all of those you gain good credit scores. The other aspect of your rating is your past credit history - how much you've borrowed, from how many lenders, how long ago, and crucially, how you paid it back. Did you pay just the mimimum payment each month (low score), did you always pay off the balance in full (high score)? Did you miss payments (very low score), did your account go to a collections agency or bailiff (very low score)? Did you have CCJs against you, or go bankrupt (extremely low score)?





So the credit reference agencies, such as Experian, have records of all these scores, whether pluses or minuses against you, and using this information future lenders can decide whether or not to accept you for credit. They do not see your individual file, but the credit reference agency will tell them your credit score.





Your credit rating used to be linked in to your address, but they changed this a few years ago, as many people with a good credit history were being linked in to previous occupants' bad debts.


The main personal data your credit history is linked to is your full name and date of birth. If you change these to try and fool the system, or change details on the form, for example, you pretend that you have lived at your house for 5 years instead of 1, you are then making a fraudulent application, which is a serious criminal offence carrying heavy sentences. So don't go there!





Contact Experian, the credit reference agency, and ask for a copy of your file. This costs about £2. You can check it for inaccuracies or out of date information, for example, perhaps you have now paid off one particular credit card, that is still showing as unpaid. They can update the file for you if you can provide proof.





The next step is to try to improve your rating. Get on the electoral roll (contact your local council). Apply for a credit card with a small credit limit, such as Vanquis card, a card specifically designed for customers with a bad credit history. The interest rates are very high, but you can improve your rating by using it "by the book". With a credit limit of just £200, for example, spend only £50 per month but always pay off the balance in full each month. This will improve your credit rating eventually, so start as you mean to go on! Previous bad debts will eventually be wiped off your rating after seven years.





http://www.vanquis.co.uk/home/Home.aspx
Reply:I think it will follow you
Reply:Your credit score is linked to every loan / phone and bill you have ever had, every address you have lived in and every credit/store card you have had. Changing information simply makes you unrecodnisable on the system and the system would reject any application if it doesnt recodnise you. Your best bet is to get a full credit report and tidy up any previous damage.
Reply:You can't falsify your name. They require your Social Security number and that must match the name you give them.





Even if one were to check "a falsified name" there would be no credit history at all.


No loan would be issued.
Reply:Hey...





I thought I would share with you an excellent web site based solely on credit, how it works, credit cards and other financial articles. It's an excellent learning resource. Some of the articles are what have made me base some of my decisions up to today.





At one point I had applied for one of there credit cards after reviewing them through the credit card list link... many to choose from. I hope my source helps you
Reply:It is name and address as well as Date of Birth this is so that someone will the same name living at the same address is not wrongly black marked.





If you try to fool the credit people they will find out and you will have to pay the loan back in full and be sent to prison for fraud.





They check with people like experion who have details of all credit cards, bank and catalogue shopping on it with points for paying on time, paying the full amount/minimum amount and generally how you manage your debts.
Reply:Primarily by your name and address. A family name and postcode are sufficient to positively identify nearly 95% of the popluation. When you add in the exact address, date of birth, and a first name initial you are uniquely identified in the credit reporting system.





Changing the details when you apply for credit isn't going to help you as there won't be any history of your name at that address or for that period of time.





You can't get prime rates simply because you've trashed your credit through your own actions.





Providing false details on a credit application form with the intent to defraud the creditor is a crimminal offense. At the very least you'll be found out and your application will be refused. And your credit record will probably be annotated to reflect the fraudulent attempt, further worsening your situation. In the worst case you could find yourself in front of a magistrate. Better you than me when it comes to that!
Reply:If you didn't know your credit is linked to you by the things you buy or lease. For example if you have a credit card and you max it out the credit card company keeps files on that. People keep files on everything. So when they run your credit it all comes up. And it doesn't erase until about 7 years later.
Reply:Read some credit tips on this site to help you with it
Reply:Usually, it is a combination of your name, your address, your date of birth, other credit you've had, etc. If you delete some of these bits of information, chances are they will not find you when they do a credit search and they'll most likely refuse you on that basis.
Reply:Heraclitus - There is but one constant and that is change.


The more things change the more they stay the same - "Sidere mens eadem mutato".


Why? The circumstances have changed but it looks like you have'nt! Data and information changes with time. Knowledge and more so wisdom, transcends time.


You can't run away from yourself!
Reply:Yes, I can help you understand this.


Your credit is based on your National insurance number. At birth you were given a number, that co-insides with your birth-date and year. You can not change these date's on applications, or it will come back as not valid.


You need to use the exact dates and numbers for it to come out correctly.


credit is based on your history. This will take time and time is patience. It sounds like you are just getting started, so you will need letters from friends that can say you have good credit with them. This should help.


I wish you great luck with this.