Notice of Correction

geoffrey_sumpo

Some time ago I followed Martins Tip on Protecting myself against Identity Theft. As Suggested I advised Credit Agencys that I wanted a Notice of Correction on My file that meant I had to provide a thumb print as an extra security provision on any new Financial Application. Recently despite a Perfect point score, I was refused a Halifax Credit Card, I have since wondered if the Notice of correction is to much hassle for the Halifax and they have declined my application purley because of the extra paperwork involved? Has anybody else experience this or do you have any other thoughts?

[Deleted User]

I don't think Notice of Corrections are generally noted but I may be wrong.

First thing to focus on though is your credit report, rather than the score, as that is irrelevant in terms of whether or not you will be given credit. Have a look at that and maybe report back.

Bravehearted_2

Really? A thumb print? How exactly are the bright gollums who process these applications meant to process or verify this?

Still, that may not be the cause of the rejection and your file may not be as good as you think. Plus Halifax are picky esp. with the Clarity.

Tixy

If you have a notice of correction on your file, then it usually means that a computer cannot make an instant decision on whether or not to accept you and that a person must look at the file. I assume you mean a virtual 'thumb print' as in a notice of correction not a literal one?

Exactly what did you put on the notice of correction wording?

As said - its perfectly possible to be given a perfect score by a credit reference agency and be declined for credit due to other data on your application form (eg someone with a perfect score from the credit ref agency but no income is unlikely to be accepted for credit).

rartherinv

As tixy said, a notice of correction on your file knocks you out of the automatic credit scoring and a real person is required to read your statement when processing the application manually. Most notices of correction are along the lines of "my credit file is not an accurate reflection because of my....... redundancy/divorce/id theft/etc". i have no evidence to confirm this with but i would guess any notice of correction is a warning signal to prime lenders that something is wrong with your file.

ps. none of the posters so far including myself have any idea what a thumbprint is in credit terms so there is a chance the lender didn't either and threw your application in the bin!

Tixy

There did used to be a chap that used to periodically post about thumb prints on credit applications. It never seemed to be met by much support from other posters and I've never personally seen it mentioned by Martin.
I always read it (maybe incorrectly) that the person was the owner of a company who were trying to sell this idea.

I've also never seen any mention of any mainstream lenders following this route or agreeing to this type of application.

jonnyb

The paranoid idiot who used to spout the fingerprint stuff went by the username james, i think.
his suggestion was to put a thumb print on each app, and a noc on his credit file along the lines of " dont accept any app without a thumbprint"

way over the top in my opinion

Better to have the noc refer to a password which would be much easier.

geoffrey_sumpo

Following my discussion on Notice of Correction,
does anyone know of a Service that offers to
Analyse Credit Reports?

Tixy

None that I know of. There are a few dodgy firms around that offer to repair your credit file - these are a con and should be avoided.

Usually when you get a copy of your file from one of the credit reference agencies it comes with a guide/explanation so you can check through it yourself.

Also maybe this article would help you - Credit Rating: How it works and how to improve it...

Or if there is something on your file you are unsure what it means or the potential impact it could have on getting maybe you could say what and people here could try to give you some advice.

auto-man

geoffrey_sumpo wrote: »

Following my discussion on Notice of Correction,
does anyone know of a Service that offers to
Analyse Credit Reports?

why? a lender can decline based on numerous reasons - forget it and move on if your file is clean. Just cos they don't want your business doesn't mean you have fault within the CRA.

Consider N Hunter et al - i.e. FPA's as these are the ones that are catching people out right now. For instance, you last applied to say Barclays and stated you earned £x and had been there x months.

You then reapply to Lloyds 6 months later and since then have had a payrise, this could flag a warning (as the data/salary is different) plus you may have got the months/years working there wrong. Or you could have moved employers - loads of reasons for N Hunter to mark you down which then means Experian will mark you down.

The scores you see on the CRA is a waste of time, they are random and mean nothing as each lender use their own scoring algorithms.

As for analyse credit report companies, what is this? Another way of scamming us poor consumers? :rotfl:

auto-man

Tixy wrote: »

Also maybe this article would help you - Credit Rating: How it works and how to improve it....

:rotfl:

Is that for real :rotfl:

1. There is a blacklist although not called blacklist. All derogatory data causes problems - same as a blacklist but not called one!
2. Its about risk - how daft to say it's profit! Risk = profit :rotfl:
3. Nonsense - not checking your files does no harm at all
4. Adding NOC's etc can cause more damage due to manual processing that is involved (systems can make small allowances that an underwriter wouldn't)
5. There are NO ways to boost your "score" as a score is an algorithm calculated by each lender - there is no universal score.

* as you can see, not everything the great man says is correct!