The No Win No Fee Brigade

A_Flock_Of_Sheep

This forum has brought to light a number of cases where data sent to CRA's is incorrect and has had an impact on the person including life changing financial commitments such as mortgages.

Surely this is an opening for (significant) compensation and seems to be a missed opportunity for the No Win No Fee firms.

We already have injury, PPI, mis sold endowments, airline compensation, rashes as a result of new upholstery under NWNF - now this could be added to the portfolio.

sharpy2010

Definitely worth considering.

Unfortunately the only bad things I've had reported on my credit report are correct!

InsideInsurance

A_Flock_Of_Sheep wrote: »

This forum has brought to light a number of cases where data sent to CRA's is incorrect and has had an impact on the person including life changing financial commitments such as mortgages.

Surely this is an opening for (significant) compensation and seems to be a missed opportunity for the No Win No Fee firms.

We already have injury, PPI, mis sold endowments, airline compensation under NWNF - now this could be added to the portfolio.

The problem is the amount of monies involved....

Injury have an explicit lower limit in the courts so solicitors to get into the higher tracks but this has now been closed off and solicitors are charging up to 25% of compensation for any new cases in the fast track space

Secondly, how do you PROVE that the wrong information has caused financial loss? Really the only financial loss you can suffer is by having to pay a higher APR but you'll never be able to prove what the APR would be had that wrong info not been there because only the banks can tell you and they never would.

If you failed to get a loan because of it and otherwise you'd have been able to get a sub prime loan then almost certainly it'd be argued that the wrong information saved you money not cost you it.

Finally, not enough people check their records to know if there is wrong information there or not. Most know if they have been injured and companies are willing to take on any case with PPI etc

Thrugelmir

A_Flock_Of_Sheep wrote: »

This forum has brought to light a number of cases where data sent to CRA's is incorrect and has had an impact on the person including life changing financial commitments such as mortgages.

There's no way currently of linking a credit file to a mortgage application decline. If for no other reason that lenders set their own criteria. Which is based on a multitude of factors not just credit alone. Or the fact that a given lender has no funds to committ at that particularly time either.

From April 2014 the onus is being firmly placed on the lender to ensure that the mortgage is afforadble to the borrower(s). So there's not going to be any let up in the tightening of criteria. Days of easy credit are well and truly over. So people are going to have become responsible for their own actions to avoid disappointment.