Credit Report 'Notice of Correction'

Naf

Hi, I recently got copies of all my credit reports, just to check them over, but also as I'd heard about putting notes onto various debts on there. So I know that I can get up to 200 words added to any account(s) I want, and that lenders are then obliged to read these when assessing me for credit in the future. What I want to know is if anyone knows how these are really treated by lenders. I'm just worried that putting notes on to say 'this was because I ended up unemployed', 'this happened because of a dispute with the lender or it would have been settled amicably' or whatever could make matters worse, as companies might just view it as me trying to wriggle out of blame and just look at the whole thing very cynically?
Does anyone know much about this, and can anyone suggest the best ways to word things.
Most of the accounts in question were caused when both my wife and I lost our jobs fairly soon after getting married; creditors were contacted very quickly, but most refused to make any feasible agreements for repayment and so situations got out of control. Back under control now, all accounts that are currently in use are up to date, and have been for well over a year... is it worth putting some notes on, might I be able to dispute anything, or am I just as well leaving it as is while I get rid?

Tixy

I think that these NOCs are probably rarely are of little use.

If you have them on your file then any credit application should be assessed by a human who reads the notes rather than a computer which can not. I think putting on things like this account defaulted because I was unemployed does not paint a very good picture - a lender might well just think well why didn't you plan for such a possibility with PPI or income insurance or have enough emergency savings in place etc etc (just how a lender might see it).

I think I would only ever consider adding a NOC if there was a genuine dispute about the debt or your ownership of it etc. So say 'Dodgy Debts R Us' have put an account and default on your file that you have no knowledge of and you have written to them asking them to prove the debt/asked them to remove the entry / complained to the FOS etc - in the meantime it would be worth having a notice of correction to explain the current situation.

This is just my opinion - others may think differently.