Credit Check Nightmare

ALIBOBSY

TBH if the banks had stayed with the old systems where you were assessed by the bank manager face to face with a proper discussion about if any credit was really needed and suitable ie. real customer care rather than the move over to the computer says no system we have now, there would have been no credit crunch (less would have been lent to people in the first place-but it would have been fairer and better controlled), much fewer defaults and bankcrupts, no PPI/charges scandels and likely the situation as is now wouldn't have occurred (probably the housing market would be more stable, without the big rises and falls of the last few decades.
BUT the banks and the "city" and therefore the government coffers wouldn't have made the huge amounts they did over the "boom" years.

The credit ref agencies were set up by the banks and have close links to both them and debt collectors and were purely about making more profit for the banks-quicker lending with fewer staff, never mind if it was good for the customers or society. There were people getting credit in the boom years in particular high mortgages who should never had, been given it and now people who probably could deal with it. But have minor issues on the file-odd missed payments, lack of credit history are screwed.

Wait a couple of years and keep up with payments and those late payments will be much less of an issue and obviously if the economy picks up again no doubt the banks will want to start throwing cash at people again.

Ali x

rayjay01

meer53 wrote: »

Why is it unfair ? You missed 3 payments, thats what has been recorded. We could all miss 3 payments then say "it slipped my mind" It's a true reflection of how you managed your account at that time. If you know you can keep up with the payments, why didn't you ?

It's unfair because it was an honest mistake that is now stuck with me for 6 years.

I'm sure you've made a mistake in your life? Although you probably weren't penalised for the next 6 years of your life for it.

I wasn't aware a direct-debit could be set-up with the company at the time, because I was never offered that option. If I had of been aware I would of taken it up straight away to avoid any chance of late payments. Just like I do with all money I owe.

I don't think I deserve the lowest possible rating on the credit system in the "VERY POOR" category for 3 accidentally missed payments worth less than £20, almost a year ago!? A lot can change in a persons life within a year, let alone 6!

I'm sorry but that to me is very unfair.

rayjay01

Silky89 wrote: »

You could try contacting the creditor asking if there is any possibility of them removing the default, however I am 99% sure this would not be possible.

The only other option is to add a notice of correction with all three CRA's. It is unfortunate but a late payment is a late payment, whether accidental or not.

Thanks for your reply.

Unfortunately you're correct, I already tried that this morning. They refused to remove it as it's "factual information".

Do you think it would be possible to contact the people who decide on my credit rating and complain about the category I've been placed in? Afterall, I thought the "Very Poor" section of the credit score was for those in severe debt, with lots of unpaid loans and credit cards. Not for someone who missed 3 payments, yet the rest of the time paid perfectly on time...

meer53

Whatever the reason for your 3 missed payments, as you've been advised, it's factual information that should be recorded. Why shouldn't it ? You'll find that just one late payment will be recorded, to miss 3 payments indicates you are having financial problems.

It doesn't matter how much you complain, the information is on your credit file now and won't be removed. Best to just accept it and move on.

pimento

rayjay01 wrote: »

I'm sure you've made a mistake in your life? Although you probably weren't penalised for the next 6 years of your life for it.

Yep. Caught speeding in 1997. Had to declare it to the insurance for five years.

Slowed me down, though.

dalesrider

rayjay01 wrote: »

It's unfair because it was an honest mistake that is now stuck with me for 6 years.

I don't think I deserve the lowest possible rating on the credit system in the "VERY POOR" category for 3 accidentally missed payments worth less than £20, almost a year ago!? A lot can change in a persons life within a year, let alone 6!

I'm sorry but that to me is very unfair.

So you know you spent the money, but forgot to repay it.

I would take it that you recieved a statement that you owed the money. Then when you missed a payment they sent you a letter to advise you to make a payment and advise of any charges.
You then did this again a further 2 times.

Hay ho. You may think its unfair. I'm sure that next don't.

It could also be that your previous loan of £800 is the reason that you were declined. If the retailer feels you are running close to the wind on income/expenditure.

Retailers etc will work on their own procedures on criteria to approve/decline any credit and your credit report may or may not be a large part of that.

societys_child

pimento wrote: »

Yep. Caught speeding in 1997. Had to declare it to the insurance for five years.

Slowed me down, though.

Yeah, but, you don't normally speed and had you known you were going to get caught, you wouldn't have forgotten that you were going too fast . . .

It's just so unfair . . .;)



[/tongue in cheek]

Experian_company_representative

If you think the missed payments occurred for a good reason and you would benefit from a future lender knowing this, then adding a notice of correction to your credit report might be a good idea.

Under industry guidelines, lenders should tell you the principle reason for refusing credit, though you often need to ask. If you write to their underwriting department asking for this you should get some guidance back. Quote the Guide to Credit Scoring.

CRAs like Experian simply record factual data and it would enable lenders to distinguish between missed £20 payments and missed £1000 payments.

As others have clarified, the score you can get with your credit report is only indicative, for you, and lenders do not see this.

James Jones

TheGenerus1

rashelbrian wrote: »

[FONT=&quot]no credit check is that the bad monetary behavior of the past will not go back to haunt the applicant. This is in sharp difference to typical money.[/FONT]

In the quiet words of the Virgin Mary "Come Again".

rayjay01

dalesrider wrote: »

So you know you spent the money, but forgot to repay it.

I would take it that you recieved a statement that you owed the money. Then when you missed a payment they sent you a letter to advise you to make a payment and advise of any charges.
You then did this again a further 2 times.

Hay ho. You may think its unfair. I'm sure that next don't.

It could also be that your previous loan of £800 is the reason that you were declined. If the retailer feels you are running close to the wind on income/expenditure.

Retailers etc will work on their own procedures on criteria to approve/decline any credit and your credit report may or may not be a large part of that.

I kept up all of my payments for over 15 months, 1 year and 3 months since my original purchase I had to go away for 3 weeks, when I returned it had completely slipped my mind.

As far as I can remember, I didn't receive one statement in the form of a letter requesting money. I do however remember receiving emails, which were actually sent to my spam folder instead of my inbox. It wasn't a further two times that I didn't pay, it was continuing from the previous missed payment, I missed one in October and didn't pay it until January when I had realised what happened.

This is besides the point anyway, all i'm trying to say is that I think it's disgusting that the credit agency can place me in the worst category available for such a MINOR mistake. As I've said before, shouldn't this category be reserved for those with actual severe debt? Not someone who accidentally missed 3 payments and ever since has kept them up.