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Ask Lolly: we're busting the credit rating myths
(Update) Today is your last chance to put your credit rating questions to James Jones of Experian. Don't miss out!
by Victoria Bischoff on Aug 14, 2012 at 16:37Follow @VBischoff
(Update) Today is the last day we're collecting questions on how your credit rating is calculated and what does and doesn't affect it, so make sure you get yours in quick.
Credit rating myths
A friend asked me recently how to find out whether a house has been put on a 'credit blacklist'.
A previous occupant had used the address to apply for credit cards, racked up a load of debt and then failed to repay it, he explained.
Well, the answer to this has two parts.
First, there is no such thing as a credit blacklist – it’s merely a well-publicised myth.
Second, debts taken out by people who previously lived at your address do not affect your credit rating. Credit checks take place on individuals not addresses, so as long as you do not have a financial connection with a person – say you share a bank account, for example – your score shouldn’t be affected.
This is not the first time I’ve been asked this question. Credit rating myths are repeated so regularly it can be difficult to work out what really does affect your credit rating and what is just rumour.
To help you understand more about how lenders decide whether or not to lend to you, James Jones of Experian has agreed to answer any questions you might have about your credit rating and the information credit reference agencies hold on you.
How to ask a question
To ask a question simply leave a comment in the box below. We are collecting questions until the end of play today and aim to publish answers by Friday 17 August.
This is your chance to ask anything you’ve always been a little unsure about when it comes to what does and doesn’t damage your credit rating – so don’t miss out!
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