Incorrect loan on my credit report stoping mortgage

Mrsgrd

Hi there
I would really appreciate some advice. My husband and I have applied for a mortgage and we were agreed in profile but they have stalled the application due to my credit report showing a loan I don't have.

I called my bank and they agreed the loan is not on their systems but they won't remove it on the credit report and have stated that they need to investigate. They weren't sure how long that would take. I know I have never received any money and this loan is a mistake. Surely the bank should remove it immediately or at least issue something to be mortgage lender to state the credit report is wrong?!

This could potentially jeopardise my mortgage and I could lose the house we have our hearts set on.

How can i demand they remove the incorrect loan asap? Am I entitled to compensation ?

Please any help would be appreciated

GMS

If the data on your report is incorrect then the institution reporting it to the agencies needs to have it corrected.

Is the loan provider the same as your bank?

Mrsgrd

Hi thanks for replying. No the bank is not the lender as my bank doesn't offer the best deal. Surely they need to remove it ASAP. Really starting to panic about this.

GMS

The incorrect loan, is this with your bank? If not you will need to contact the provider.

Mrsgrd

The incorrect loan is with my bank and they have admitted they have no idea why it's on my credit rating but need to investigate it before they will remove it which could mean I lose the house if it takes too long. Experian has said the bank can lift it in 24 hours. What can I do to make the bank lift this ASAP?

kingstreet

A loan may mean a lower possible mortgage, not a decline. Explain the situation to your mortgage lender and ask them to proceed on the basis the loan will not be there by completion.

This is the way you usually deal with a loan which will be repaid on, or before, completion and I can't see why you can't use that way round until the error can be rectified.