Taking my credit rating with me

[SMB x2 0]

I've had a good search for credit rating threads, but can't seem to come up with anything relevant to what I've just read on another (unrelated) forum:

If you move from America to the UK (or vice versa), your credit history follows you as from May 2007. It's unclear if it can be used to judge your future credit, and as far as I know it can only be used as an 'influencer'. It's not applicable to all countries either yet.

Is that true? I've built up a decent credit rating over the past 6 years so being able to take any of that with me would probably be quite handy.

Anyone have any experience of this?

Stu

[Fandango 1,439]

Doubtful....US Credit is attached to your ss#, so no ss#, how do they search?

[bakofoil 27]

I hope not! After being a student for too many years my credit rating is really poor. It's starting to improve but I was looking forward to a fresh start particularly now I've got better career prospects than I had back when I messed it all up. Just a comment from the other side of the coin

I can imagine it being frustrating to start over if you have a great credit rating already. I wonder though, if you have an account with American Express or similar whether that helps you get started more quickly.

Edited February 17, 2008 by babblesgirl

[Lansbury 19]

I wonder though, if you have an account with American Express or similar whether that helps you get started more quickly.

American Express seem willing to open a US account on the basis of your UK one. I certainly had no problems just a phone call and others have posted similar experiences on here.

[Kez/JWolf 6]

I work for a large bank and we use credit reports all the time.... there is no way of anyone, banks, credit card companies, credit unions or any other company getting access to a credit report from any other country. Some companies will use account info from your home country to allow then to convert your account into a US account, American Express, Capital One, RBS & CITI are the one who do this... but they use account info not Credit reports...

Kez

[Converse34 1]

Agreed. It is near impossible to trace/track credit from the UK. Your best bet is to try and convert (e.g. AMEX UK for AMEX US like mentioned above) and then have your checking account with your spouse. Also, start putting your name on utility bills and any other credit cards your spouse may have (assuming THEY have good credit). Don't expect everything to happen over night, but if you start early, you can establish your credit similar to what you had in the UK.

I have also used www.myfico.com to track your credit rating. It will also notify you in adjustments to your score - free 30 day trial.

[SMB x2 0]

Well, I'm not too worried about credit rating per se. Shan and I have a joint checking and savings account in the US already, and apparently they do some sort of credit card where you stump up a deposit up front ($300-$10,000 I think the clerk said) and they give you a credit card with that credit limit on it, so you can build up transactions and history in your name.

Just would have been nice to bring this rating over as is!

Thanks for the replies, folks.

Stu.

[Usui Takumi 1,562]

You should read about all the people who have taken out loans with UK banks in the UK and then ran home with the money. The UK banks were only able to after UK assets etc. and damage UK credit. The people with the loans didnt care as they were perm. back in Australia, Canada USA etc with the money.

Note. I did not do this as it is unethical, plus I may find myself living in the UK again in the future.

Edited February 18, 2008 by lancer1655

[ginger1981 0]

I'll have to get out my Suze Orman book to get the details, but I do believe you can "piggyback" credit. For example, if the USC spouse has good credit, you can add the non-USC to the account...I'll have to get the exact details again, and I'll post it later.

An example I know of is a friend who was piggybacked onto their parent's account (when he turned 18 they added him to their credit card account so he would use their card while in college). It ended up something happened where the parents credit took a nosedive, and in turn it damaged his credit although he hadn't ever been delinquent or what not himself.

Suze Orman's Website

There should be more info on Suze's website.

[Converse34 1]

I'll have to get out my Suze Orman book to get the details, but I do believe you can "piggyback" credit. For example, if the USC spouse has good credit, you can add the non-USC to the account...I'll have to get the exact details again, and I'll post it later.

An example I know of is a friend who was piggybacked onto their parent's account (when he turned 18 they added him to their credit card account so he would use their card while in college). It ended up something happened where the parents credit took a nosedive, and in turn it damaged his credit although he hadn't ever been delinquent or what not himself.

Suze Orman's Website

There should be more info on Suze's website.

This info is correct - she talks about piggybacking all the time. It is a two way street - both good and bad credit can rub off.

Edited February 18, 2008 by Converse34

[Fandango 1,439]

That piggybacking stuff is actually true and not true at the same time. While it can increase your credit rating, being an auth user on someone's card doesn't really lend any real credit score. Because any serious pull of the credit will show it's not with an actual acct holder but being an auth user....which doesn't say a thing about the auth user's ability to make timely payments.

[rebeccajo 14]

Maybe we can unravel this a bit if the OP puts up the source.

[SMB x2 0]

The source is someone I know online, and that's all the information he provided, unfortunately.

If I see him online, I'll ask him for more information.

[Kez/JWolf 6]

There would need to be a change in the law in the UK before any of the Credit reference companies could release any info to a credit reference copany here in the US...

The Data Protection Act does not allow for information to be given to agencies outside the UK...

I talked with our Compliance Officer (Large international bank) about this and he has not heard of any changes affecting the information that banks and financial companies can get from foreign countries... at this time we can not even get conformation about a persons last address or that they have even held a bank account anywhere in Europe... let alone info on there Credit Status...

Kez