Credit Check Nightmare

YorkshireBoy

rayjay01 wrote: »

...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.

Once and for all...

The credit reference agency doesn't lend money so what they think of you does not matter!

They don't tell lenders that your credit rating is poor, nor do they tell lenders that your 'credit score' in their opinion is 476 (or whatever).

All they do is pass on the factual data (that other lenders you have used in the past give them) to any prospective lender searching your file. These prospective lenders then make a judgment based on this raw data.

Clear?

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.

The CRAs "category" doesn't matter. See above.

You really need to move on. What's done is done...with the exception of placing a NOC on your file, or appealing the lender's decision citing the reasons for the 3 late payments.

BugsyBrowne

rayjay01 wrote: »

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.

You've made a silly mistake that accounts to a costly mistake if this dribble makes sense.

As YB as said lenders don't give a rats tooth what the CRA's think of you and how high you are on their silly scoring chart what matters is what's on your files.

exel1966

rayjay01 wrote: »

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

Once - Honest mistake
Twice - Plain stupid
Thrice - You're having a laugh, but of course now you aren't!

Now what's unfair ?

YorkshireBoy

exel1966 wrote: »

Once - Honest mistake
Twice - Plain stupid
Thrice - You're having a laugh, but of course now you aren't!

Now what's unfair ?

Maybe a tad harsh? OP didn't technically miss 3 payments.

OP missed October's payment, then paid both November's and December's on time (if I understand correctly). They then brought all payments up to date, ie paid October's, in January.

The fact remains that the 1, 2, & 3 shown consecutively on the report detail the account history over that period. They don't actually mean a missed payment each month...they mean that in October the account was one month in arrears, in November two months, and in January, 3 months in arrears.

Saturnalia

Surely missing three small payments looks worse than missing larger ones, i.e. if the debtor can't pay £20, how are they going to manage larger repayments?

YorkshireBoy

Saturnalia wrote: »

Surely missing three small payments...

OP missed a payment for 3 months. They've already said they paid October's payment in January.

A small, but crucial, point.

jamesd

Small missed payments will end up being disregarded relatively quickly. Will still have an effect but much less so after two or three years. But you won't be treated in the same way as someone who missed payments for thousands on lots of accounts with many gaps between missed payments. Lenders do pay attention to the amount and to the fact that you did eventually take care of it.

You may also be handicapped by having only a few credit accounts and limited duration of credit history that could put this in its proper context as something that isn't normal for you. Time will take care of that as well.

There's little point in a notice of correction because all it'll show is that you didn't know what you could do and creditors care about what you actually achieve, not why, unless it was something like identity fraud or being in hospital.

Specific lenders handle this in different ways so this doesn't mean you will be accepted in the future, just that your situation isn't as bad as it might be and after a while some will accept you.

The amount of information that lenders will give about decline decisions varies. A few will go into great detail, like M&S in my experience, and others will try to say nothing. M&S giving fine details of a transient effect - a newly opened card they wanted to see more usage history for and temporary data glitch at Experian wrongly saying I wasn't on the electoral roll - means I now have a card with them that I wouldn't have if their decline customer service had been less good.