sue mortgage lender for false credit reporting..?

cem

Looking for opinions, experiences on the situation below please.

Would you sue if your lender has continiously been reporting incorrectly 'Missed payments' to credit agencies (Experian/Equifax) for 5-6th time. So you have made all mortgage payments in time but lender keeps reporting this incorrectly.

I am in a position whereby I am almost having to call the lender every week to correct my records (which they do then apologise and say it wont happen again but it still does). Also my credit score has dropped by about 250 sincethis has begun.

Keen to hear what you would do and how you'd handle it.

Thanks

not_tonight_josephine_2

Not sure if you could sue unless you could demonstrate an actual loss to you resulting from their incorrect reporting - have you actually been financially affected by this?

Might be worth having a look at the Consumer Action Group website - there is a huge section on there about credit reference agencies, and some good advice on how to deal with incorrect reporting from what I remember

_Andy_

I would suggest a written complaint to see if this sorts it.
As you haven't financially lost out there isn't any case for compensation etc(although you may want to ask for a nominal sum to cover time spent on the phone etc.)

Dan_1976

Agree with the above, sue if you have lost out, claim for time and have your records and score corrected.

Trying_to_be_good

It's very difficult to prove you've lost out.

I've currently got a complaint with the FOS as my previous mortgage lender incorrectly notified the credit reference agencies I was 3 months in arrears, when I've actually been overpaying the mortgage for years. That (they've admitted it was incorrect, but took months to take it off my file) prevented me from applying for the mortgage I wanted, as I knew I'd be rejected and further trash my credit record. I thought this was sensible in mitigating my losses, but am told I should have applied, been rejected and proved that was cause of the rejection (credit record otherwise perfect, low LTV, good salary etc). FOS are currently saying they can't compensate for the higher interest I'm now having to pay (fixed rates increased by the time they cleared my credit record), as I can't prove I'd have been accepted for the lower rate mortgage.

It seems I might have to take the previous lender to Court to be appropriately compensated - I wouldn't bother asking the FOS to look at it.