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Incorrect entry on Experian via Barclay Card
chez-hart
Posts: 4 Newbie
The problem I am currently experiencing is not a new one, but I am wondering if anyone knows whether any sort of compensation can be sought - as I type I am already thinking "fat chance". So, the scenario:
We are currently trying to get a buy to let mortgage on a property which will eventually, but not immediately, be used by my son whilst at university. We need to raise 140k to complete a sale on a property costing 300K. BTL mortgages have a very strict lending criteria, mainly requiring "perfect" credit references. Long story short, turns out there is an incorrect entry on my husbands credit history via Experian.
This heralds from a credit card called Momument which was taken over by Barclaycard. All balances were paid every month in full (not just the minimum) and we have bank records to show this. Simple phone call you would think - apparently not, and in the meantime we have been turned down by the best deal on the market who will not allow us to revisit for 60 days, even though the broker says anyone can see it is an error - there is no manual override (crazy if true). Barclaycard agreed over the phone that it is an error, and 3 weeks on Experian email to say Barclay card confirm the entry is accurate. In the meantime, we have been turned down by another lender for the same reason (broker advised us they would be less strict). This probably leaves us 1 chance of applying again, before the applications start to count against us. And all for a 2 year fixed rate mortgage which will cost £400 a month, with tenants paying £1500 pcm.
Has anyone had a similar experience, and is there any come back for us in the form of compensation from Barclaycard - to proceed now, we will have to go with a far more expensive deal which seems more than unfair given how meticulous we have been with keeping our affairs in order.
We have, of course sent all the proof recorded delivery to Barclay card, who have 40 days to respond. we won't get away with waiting 40 days plus so will most likely have to go for the worse deal with exorbitant fees. Grr angry.com.
Anyone have any ideas, or words of wisdom? I'd probably settled for a well meaning emoticom.
We are currently trying to get a buy to let mortgage on a property which will eventually, but not immediately, be used by my son whilst at university. We need to raise 140k to complete a sale on a property costing 300K. BTL mortgages have a very strict lending criteria, mainly requiring "perfect" credit references. Long story short, turns out there is an incorrect entry on my husbands credit history via Experian.
This heralds from a credit card called Momument which was taken over by Barclaycard. All balances were paid every month in full (not just the minimum) and we have bank records to show this. Simple phone call you would think - apparently not, and in the meantime we have been turned down by the best deal on the market who will not allow us to revisit for 60 days, even though the broker says anyone can see it is an error - there is no manual override (crazy if true). Barclaycard agreed over the phone that it is an error, and 3 weeks on Experian email to say Barclay card confirm the entry is accurate. In the meantime, we have been turned down by another lender for the same reason (broker advised us they would be less strict). This probably leaves us 1 chance of applying again, before the applications start to count against us. And all for a 2 year fixed rate mortgage which will cost £400 a month, with tenants paying £1500 pcm.
Has anyone had a similar experience, and is there any come back for us in the form of compensation from Barclaycard - to proceed now, we will have to go with a far more expensive deal which seems more than unfair given how meticulous we have been with keeping our affairs in order.
We have, of course sent all the proof recorded delivery to Barclay card, who have 40 days to respond. we won't get away with waiting 40 days plus so will most likely have to go for the worse deal with exorbitant fees. Grr angry.com.
Anyone have any ideas, or words of wisdom? I'd probably settled for a well meaning emoticom.
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Comments
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FOS might possibly award redress, but you have to wait 8 weeks from your first complaint to Barclays before you can refer it to them, and then it can take ages. Do it anyway though as it will at least get the wrong info removed after a while.
Only other way is to threaten and take court action. Not usually an easy option.Still rolling rolling rolling......
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Update on my OP - incorrect information now removed. Credit score now 999. Still lost out on best available deal as Abbey National have a blanket 60 days before you can reapply policy. Glad it's sorted but next best deal is £50 a month more expensive. Barclaycard have offered £40 compensation for their incompetence and subsequent ineptitude at rectifying their mistake. Big wow!0
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Update on my OP - incorrect information now removed. Credit score now 999. Still lost out on best available deal as Abbey National have a blanket 60 days before you can reapply policy. Glad it's sorted but next best deal is £50 a month more expensive. Barclaycard have offered £40 compensation for their incompetence and subsequent ineptitude at rectifying their mistake. Big wow!
DO NOT ACCEPT THEIR OFFER
Write to them recorded delivery REJECTING the offer, and outlining the reasons why.
You should be able to provide them evidence that they've cost you £1200 - e.g. £50 extra each month during the 24 fixed month period.
Advise that if they do not provide recompense in line with the quantifiable losses they have directly caused you will refer the matter to the FOS.
And do exactly that when you get Barclays final written response, that is of course unless Barclays final written response encloses a cheque for £1,200.Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
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Refer to the FOS and demand that they compensate you properly for the loss and inconvenience you have sustained.Still rolling rolling rolling...... <
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Thanks for that, we will certainly give it a try, it has to be worth a letter. I'll update if we get a positive response.0
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