Notice of Correction

chanz4

Okay, I will tell you what you need to hear. A notice of correction is as usefull as experians credit scores on loans

Senior_Paper_Monitor

Senior_Paper_Monitor wrote: »

None whatsoever - but can cause lower level applications using automated assessment to reject (so avoid).

You are not going to get 90% - may be 'in play' at 85%

..... and in what way does this fail to answer your question ?

'The clue' is in the first 2 words of the reply !

tain

So just to be clear here.

None of you work in a bank working on mortgages. None of you are mortgage advisors. None of you are a mortgage broker or work for one. None of you are financial advisors who advise on mortgages.

And even worse - none of you appear to have had ANY personal or professional experience of notice of corrections in relation to a mortgage application what so ever.

So I'm sure you can appreciate why I feel like my question hasn't been answered.

tain

And if any of you genuinely DO have first hand experience of mortgages and notices of correction, then you've done quite a poor job of showing that.

chanz4

"defaults coming out of my ears." lenders wont care that your business failed

Senior_Paper_Monitor

That's a relief then !

Since "None of us are mortgage advisors. None of us are a mortgage broker or work for one" I won't have to:

Complete the research - with all the time consuming 'boondiggling' with BDMs, underwriters and lending managers - on the 11 outstanding mortgage enquiry files in my in-tray as I sit at my desk at 0800 this morning (3 bad credit, 2 ex-pats, 4 over age, one portfolio owner and a divorcee with no credit activity who needs to buy jointly with her sister who already has two mortgages with her partner).

Chase the two lenders with whom I am negotiating a specific product for a market sector in which we specialise.

Follow up my overdue, due workload, discussions with co-owner of one of the leading UK aggregators of CRA data about the potential of training courses for finance professionals on understanding credit data and reporting processes.


..... so I will be able to spend my whole day misinforming those who post questions on here.



PS The hint is in my profile URL !

tain

Senior_Paper_Monitor wrote: »

That's a relief then !

Since "None of us are mortgage advisors. None of us are a mortgage broker or work for one" I won't have to:

Complete the research - with all the time consuming 'boondiggling' with BDMs, underwriters and lending managers - on the 11 outstanding mortgage enquiry files in my in-tray as I sit at my desk at 0800 this morning (3 bad credit, 2 ex-pats, 4 over age, one portfolio owner and a divorcee with no credit activity who needs to buy jointly with her sister who already has two mortgages with her partner).

Chase the two lenders with whom I am negotiating a specific product for a market sector in which we specialise.

Follow up my overdue, due workload, discussions with co-owner of one of the leading UK aggregators of CRA data about the potential of training courses for finance professionals on understanding credit data and reporting processes.


..... so I will be able to spend my whole day misinforming those who post questions on here.



PS The hint is in my profile URL !

tain wrote: »

And if any of you genuinely DO have first hand experience of mortgages and notices of correction, then you've done quite a poor job of showing that.

Just saying 'it won't make a difference' to my question doesn't really tell me anything about your credentials. This is quite a serious post of mine, as I've heard differing experiences of people saying it's really important, and others saying its one of the worst things I could do. One of them was a financial advisor saying do it, but someone working in a bank advising not to. So without a proper answer given, it annoys me that people can be so frivolous with their advice. If you don't have the time to help properly, then realise that it's not going to help me much.

And your signature has been removed. I'm not going to waste time stalking people's profiles to see if their poorly worded replies have any credibility.

egoode

tain wrote: »

Just saying 'it won't make a difference' to my question doesn't really tell me anything about your credentials. This is quite a serious post of mine, as I've heard differing experiences of people saying it's really important, and others saying its one of the worst things I could do. One of them was a financial advisor saying do it, but someone working in a bank advising not to. So without a proper answer given, it annoys me that people can be so frivolous with their advice. If you don't have the time to help properly, then realise that it's not going to help me much.

tain, you need to realise you have asked a public forum and even if people here say they are mortgage brokers, financial advisors, etc you have no way to verify this. You can ask for opinions but no one is going to be able to tell you a definite yes or definite no on a forum like this.

My personal view as someone that is self employed is getting this notice of correction will not make any difference what so ever as it isn't like the banks made a mistake with the reporting of the defaults to the credit agencies. The reason for the defaults would most likely have been because you were unable to manage your cashflow correctly which was entirely your fault and you will need to deal with the consquences until it comes off your credit file in the next few years. If you want to buy a property you are either going to have to save a bigger deposit or look at buying a cheaper place and use a mortgage broker who will know which lenders are more likely to accept an application with an adverse credit history.

jonnyb

I work for one of the 3 main CRA's. This is my personal opinion.
Adding a NOC to your file will not lead to any automatic rejections, as the rules surrounding NOC say that they have to be manually reviewed.

So you may benefit from not being automatically rejected. I do still expect a manual underwriter to take a dim view of the situation you have described, but surely some small chance is better than no chance, so stopping automatic rejections has to be a benefit.

If it was me, I would add it to my file.

Thrugelmir

tain wrote: »

The question is - would a notice of correction on my credit file saying 'was running my own business/self employed during this period - can provide proof. Now fully employed' make a blind bit of difference to any mortgage application?

In the broadest sense no. What you suffered from was a lack of financial reserves (savings) to see you through the bad times. Far from uncommon in this day and age. Your credit file in totality enables a lender to place you in a particular borrowers group fairly accurately. As our genes determine our outlook to matters such as financial ones.

The best advice. Is get saving. As it's this that will swing the balance in your favour above anything else.