Credit report misconceptions uncovered

Experian believes that its new report will get rid of misconceptions about debt and the effect on individual credit ratings.

“There are a number of myths about the credit reference processes that have been perpetuated over the years, leaving many consumers baffled,” said Jill Stevens, director of consumer affairs at Experian.

“Many of these myths have no basis in fact. It is important that everyone understands how credit works so they can have confidence that the system really does work for them.”

Debunked myths are those that say that previous occupants affect credit ratings; that refused credit goes towards a rating; and that people can remove adverse information from credit reports for a fee.

However, while negative information from the rest of the household does not affect an individual unless they hold a joint account, bad debt and repayment history will affect a credit rating.

You can view Experian’s credit report guidelines here


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