Credit Report anxiety
uniqua30_2
Posts: 13 Forumite
Hi
I've recently cleared a lot of my debt thanks to my partner bailing me out on a massive amount of debt i had on credit cards. I had tried to do the credit card shuffle but failed badly.
My debts were:
MBNA Credit Card - debt £4k (credit limit £4.3k)
MBNA Credit Card - debt £6k (credit limit £7.3k)
MBNA Credit Card - debt £4k (credit limit £4.5k)
Barclaycard - debt £6k (credit limit £7.5k)
Halifax credit card - debt £8.9k (credit limit £9k)
Halifax loan - oustanding debt £2.2k (orignal loan £7.9k)
Ratesetter loan - outstanding debt £4k (original loan £5k)
The Halifax card, Barclay card, and one of the £4k credit cards and the loan are now all cleared. They were cleared in full on 28/09/2017.
My credit report has been updated by the MBNA for the credit card cleared and marked as paid. The other two credit cards and loan have been updated on my credit report since the 29/09/2017 but it hasn't been updated that they are settled.
I have contacted Equifax about it not showing they are settled and they have put a notice of correction on my credit file. The wording which Equifax have put on my report is " NOTICE OF DISPUTE - THE INDIVIDUAL CONCERNED HAS DISPUTED THE ACCURACY OF THE INFORMATION REGISTERED AT THIS ADDRESS AND WE HAVE NOW CONTACTED THE SUBSCRIBER CONCERNED. CARE SHOULD THEREFORE BE TAKEN WHEN USING THE DATA AT THIS ADDRESS TO ASSESS THE CREDITWORTHINESS OF THE INDIVIDUAL CONCERNED."
I am concerned that this wording seems detrimental to my credit report, when all I am trying to do is correct the report to gain a better credit report as I am looking at moving house with my partner and possibly getting a mortgage with him.
Will this notice have any effect on my credit worthiness? My credit score is 333 which is poor so I don't want this to have any further negative affect.
I've not got any defaults or CCJs. My last late payment was 16 months ago.
Or am I just worrying for no reason? I would ideally like to get my credit report into a good state prior to applying for a mortgage.
Thanks in advance
Helen
I've recently cleared a lot of my debt thanks to my partner bailing me out on a massive amount of debt i had on credit cards. I had tried to do the credit card shuffle but failed badly.
My debts were:
MBNA Credit Card - debt £4k (credit limit £4.3k)
MBNA Credit Card - debt £6k (credit limit £7.3k)
MBNA Credit Card - debt £4k (credit limit £4.5k)
Barclaycard - debt £6k (credit limit £7.5k)
Halifax credit card - debt £8.9k (credit limit £9k)
Halifax loan - oustanding debt £2.2k (orignal loan £7.9k)
Ratesetter loan - outstanding debt £4k (original loan £5k)
The Halifax card, Barclay card, and one of the £4k credit cards and the loan are now all cleared. They were cleared in full on 28/09/2017.
My credit report has been updated by the MBNA for the credit card cleared and marked as paid. The other two credit cards and loan have been updated on my credit report since the 29/09/2017 but it hasn't been updated that they are settled.
I have contacted Equifax about it not showing they are settled and they have put a notice of correction on my credit file. The wording which Equifax have put on my report is " NOTICE OF DISPUTE - THE INDIVIDUAL CONCERNED HAS DISPUTED THE ACCURACY OF THE INFORMATION REGISTERED AT THIS ADDRESS AND WE HAVE NOW CONTACTED THE SUBSCRIBER CONCERNED. CARE SHOULD THEREFORE BE TAKEN WHEN USING THE DATA AT THIS ADDRESS TO ASSESS THE CREDITWORTHINESS OF THE INDIVIDUAL CONCERNED."
I am concerned that this wording seems detrimental to my credit report, when all I am trying to do is correct the report to gain a better credit report as I am looking at moving house with my partner and possibly getting a mortgage with him.
Will this notice have any effect on my credit worthiness? My credit score is 333 which is poor so I don't want this to have any further negative affect.
I've not got any defaults or CCJs. My last late payment was 16 months ago.
Or am I just worrying for no reason? I would ideally like to get my credit report into a good state prior to applying for a mortgage.
Thanks in advance
Helen
0
Comments
-
A crucial detail here is wrong, and the correct date may change the advice given: The Halifax card, Barclay card, and £4k credit cards and the loan are now all cleared. They were cleared in full on 28/0/2017.
What month was that meant to read? The NOC just means that any credit applications will be auto-referred, which is nether good nor bad, but delays any applications. If the debts were cleared recently, they simply may not have updated Equifax yet.
If/when they do, get the NOC removed.
In debt and looking for help? Look here for the MSE Debt Help Guide.
Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.0 -
Hi
Sorry, I pressed post too quick before spotting the mistake.
The Halifax card, Barclay card, and ONE of the £4k credit cards and the loan are now all cleared. They were cleared in full on 28/09/2017.
My credit report has been updated from the 15th October by the Halifax, MBNA and Barclaycard which is AFTER my balance being cleared. Only MBNA has marked the credit report as settled.
Would I have been better to keep quiet and let the lenders do their thing in their own time? I'm worried I've caused myself more hassle by disputing it.
Thanks
Helen0 -
Yes.
Cleared accounts can take up to 6 weeks to appear on credit files, so you've jumped the gun massively.
Wait for your next monthly reports.
Also, if you're paying Equifax, don't.
Sign to ClearScore, which covers them for free. Also sign up to Noddle, and MSE Credit club to cover all 3 major CRA companies without paying a penny.
The accounts will likely be updated by next month, at which point remove the NOC.
In debt and looking for help? Look here for the MSE Debt Help Guide.
Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.0 -
Yes you definitely jumped the gun in contacting Equifax and now you are left with a notice of correction which you are correct is detrimental to you.
Although some lenders report data to the CRAs monthly, not all of them do. Some credit card companies report every 2 months. It can also take up to 2-3 months for your report to reflect this. It also depends on when you requested your credit report.
As an example, I just checked my Noddle account and there are 2 credit card accounts on there that have not been updated since 31/7/17.
It's one of the reasons why mortgage brokers say if you are going to be applying for a mortgage in the near future to sort your files out at least 6 months in advance to make sure there are no anomalies.
Some mortgage lenders won't even accept a hard copy of a credit card statement showing a zero balance and will refuse the mortgage until the credit reference agencies are showing your account as having zero balance (if that is a contingent of you being accepted for a mortgage).
The free versions to check your credit files are below:
Experian: https://www.moneysavingexpert.com/creditclub
Equifax: https://www.clearscore.com
Call Credit: https://www.noddle.co.ukI'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0 -
Hi
Thanks for your replies.
Fingers crossed then, they get updated next month. Equifax have contacted the Halifax about the loan being settled. Although I can't see the Halifax being quick in forthcoming about it all!
I was so eager to get the report sorted and frustrated that they the lenders had updated the report with my last balance (which was the balance I settled the account on) that they hadn't marked it as paid. Adding to my frustration Equifax have just gone ahead and put the NOC on the report re the Halifax loan. When I queried the Barclaycard update, they asked me if I wanted an NOC putting on the report!!
I will leave the Barclaycard one to update natually as I don't want another NOC putting on the report and just hope the NOC for the Halifax is either sorted before any mortgage application or doesn't have too much of a detrimental effect.
Thanks
Helen0 -
This is what happens when people put too much weight in a makey uppey number.
Depending on your income though the outstanding loans/credit card balances may still be enough to cause you issues on the affordability and debt:income ratio criteria.0 -
Can I request Equifax to remove the NOC? I didn't request the NOC be added or agree to the wording they have added? Neither did the Halifax add the NOC.
My income is £34,500 with £2k annual bonus and £228 received in maintenance payments. My OH earns £67,300 per annum and we've got approx £112k in equity and looking to purchase a property at £400k. OH doesn't have any outstanding credit card balances only his monthly payment on his car of £538 per month.0 -
I didn't think Equifax could add a NOC, it could only be added by the individual whose credit file it was.
Reading your post again, I don't think they have added a NOC, in fact it reads more like a dispute. I think they've not understood what you said and added a dispute to your files which you may find you have more trouble in trying to get them to remove it.I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0 -
As Candyapple has stated, as you have disputed the data of an account, Equifax has marked the account accordingly, this is standard practise for disputes raised to any of the CRA’s. Once the dispute has been delt with (has to be done within 28 days) the marker will be removed and the account corrected if in error. With the free credit reports being generated once a month and the different update cycles of lenders during a month, data processing and quality checks CRA undertake, it can as Candyapple has also stated, take up to 3 months for you to see an update on a free report service (lenders will see as soon as the data is live).0
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Sit back, let time pass and this will all be updated.
Nobody except you and Equifax know the 333 score and the poor rating, mortgage lenders will not see or care about it so you shouldn't either. It's just their opinion and probably based on your utilisation of over 75% of available credit until very recently.
Keep an eye on your reports (the free versions) over the next few weeks/months for them to report accurately about the accounts.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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