Refused Morgage!

Vehicular

First post here, and i wasn't too sure where to put it. I went for a morgage meeting today and was turned down due to bad credit that i didn't know i had. After a credit report, i realised that in 2006 (when i was 18!) i didn't pay off my £850 overdraft with Nationwide, and they ''defaulted'' my bank account. I was young(er) and at the time i didn't realise the repercussions of my actions at the time. I was set up with monthly direct debit, and it was paid off by 2010. It is marked on my report as ''settled''

It didn't get added to my credit report as 'defaulted' untill 2010, so 6 years untill it comes off my report means it will be over 10years between the event, and the time i will be able to get credit again, as nowhere will lend me anything. It seems very unfair for a silly mistake. Other than this i have a perfect credit rating, comfortable earnings, and savings for a deposit. Is there a way around this credit rating, can i get this removed?

MagicCats

If you can prove you defaulted on a date different to what's currently reported then you can contact Nationwide's Data Controller and ask for it to be amended.

It's mortgage BTW

Dave_Ham

Yes you can. You have to complain in writing to Nationwide and they can amend this.

Check Experian, Equifax and Call Credit and see if it is registered the same on all of the 3 credit referencing agencies. It may be that the credit reference agency have made an error (although unlikely)

You may still be able to get a mortgage now, just may be a different lender and slightly higher rates but depends upon many variables..

All the best

Vehicular

Thanks. I have rang Nationwide customer services earlier to try get an address to write too. They said they had no records of me, and that it was now out of there hands. They said i would have to contact equifax/experian to get it sorted out.

Dave_Ham

That is why you need to check all the reports to identify the culprit and then act accordingly.

It is likely it will be quicker to sort and easier to get a mortgage if the credit agency is at fault...

DVardysShadow

Vehicular wrote: »

Thanks. I have rang Nationwide customer services earlier to try get an address to write too. They said they had no records of me, and that it was now out of there hands. They said i would have to contact equifax/experian to get it sorted out.

That is a fob off line. The CRredit Ref Agencies will send you back to Nationwide.

Nationwide put the data on the file, it is for them to correct it, under the Data Protection Act.

Thrugelmir

Vehicular wrote: »

It seems very unfair for a silly mistake.

You only have yourself to blame for taking 4 years to clear the debt.

£850 is around £18 per month over 48 months (excluding interest). Hardly a challenge.