Credit Cards for hardly any credit rating

CLAPTON

erimus1 wrote: »

You are not certainly rejected for putting a notice of correction on your credit file. Lenders usually use an automated process for application purposes that will automatically reject for certain things, such as failing to reach a certain score (their own scoring system not the CRA's), you have a CCJ, you have a default. By putting a notice on you file, there is a legal obligation for the application to be manually underwritten rather than computer processed.

1. there is nothing to correct
2. 'almost certainly' is different from 'certainly'
3. computer automatic acceptance might turn into manual rejection
4. there's little evidence that manual inspection increases the chances of acceptance

but the wonders of bulletin boards is all views can be expressed

erimus1

CLAPTON wrote: »

1. there is nothing to correct
2. 'almost certainly' is different from 'certainly'
3. computer automatic acceptance might turn into manual rejection
4. there's little evidence that manual inspection increases the chances of acceptance

but the wonders of bulletin boards is all views can be expressed

You should make further enquiries before making assumptions. Just because it is called a 'Notice of Correction' does not mean that it is purely to correct an issue.

"A Notice of Correction is a piece of text, written by you, that you can request to have added to your Credit File. You may wish to do this if there is an item of information on your Credit File, which is factually correct, but you believe it creates a misleading impression."

That is taken from Equifax - the other agencies will state something to the same effect. If a lender's automated lending criteria rejects applications with defaults then there will be a 'certain' rejection, whereas if, they are legally bound to manually underwrite after the inclusion of a 'notice if correction', the underwriter may have the authority in the circumstances to override any automated decisions that does not have the ability to take into consideration any mitigating factors surrounding the default or any other negative aspect of a credit file.

This view it not only policy for lenders but a legal requirement. Ofcourse I am aware that an application could still get rejected, but any additional positive information would be beneficial in any situation.

CLAPTON

erimus1 wrote: »

You should make further enquiries before making assumptions. Just because it is called a 'Notice of Correction' does not mean that it is purely to correct an issue.

"A Notice of Correction is a piece of text, written by you, that you can request to have added to your Credit File. You may wish to do this if there is an item of information on your Credit File, which is factually correct, but you believe it creates a misleading impression."

That is taken from Equifax - the other agencies will state something to the same effect. If a lender's automated lending criteria rejects applications with defaults then there will be a 'certain' rejection, whereas if, they are legally bound to manually underwrite after the inclusion of a 'notice if correction', the underwriter may have the authority in the circumstances to override any automated decisions that does not have the ability to take into consideration any mitigating factors surrounding the default or any other negative aspect of a credit file.

This view it not only policy for lenders but a legal requirement. Ofcourse I am aware that an application could still get rejected, but any additional positive information would be beneficial in any situation.

The OP can benefit from hearing the two sides of the discussion and make their own decision.

As you say, a notice of correction prevents automatic acceptance.

erimus1

CLAPTON wrote: »

The OP can benefit from hearing the two sides of the discussion and make their own decision.

As you say, a notice of correction prevents automatic acceptance.

Prevents automatic "...decisions...". Agreed though - information is power.