Arrangement on Credit Report

Wexford37

I would like clarification on the addition of the term arrangement on my credit record with Hitachi finance. As I understand it the term arrangement means that 'The lender has agreed to vary your payments for a time'. I have not changed my payment amounts or term of payment with Hitachi. Hitachi have said the term arrangement means that I have have had a late payment but my credit record shows that I have all no missed payments for the term of the agreement to date. Can anyone please clarify what can be logged under this term please?

Thrugelmir

Have you made payments in accordance with the contractual agreement?

Ant.Evs

This usually means that you and the lender have come to an agreement where you will pay less per month for a period of time, usually due to financial difficulty.

Hope this helps

sirwiggum

Ant.Evs wrote: »

This usually means that you and the lender have come to an agreement where you will pay less per month for a period of time, usually due to financial difficulty.

Hope this helps

This.

Usually reduced payments or reduced interest.

Meant to be for a brief period of time, but some lenders can renew it every 6 months.

Be aware that the marker stays on your account for 6 years, and some potential lenders may see it as Default-lite....

happy_bunny_2

If you miss a payment or two, then say to the bank I'll pay x more for a few months to make it up, then they may class that as an arrangement.

If this is the case, and they didn't tell you about the marker, complain to get it removed. They will put late markers in its place probably.

If you really have no idea what it's all about, complain, in writing and see what comes back.

Wexford37

Thanks for all the advice guys. I have no missed payments but did have a late payment in October, my status is green for all payments on my report. I have spoken to Experian and that have said that late payments should not be logged as an arrangement and should be logged as a status code 1. Arrangements states exactly what it says on the tin. Hiatchi have agreed to remove the 'flag' from my credit file but I refuse to accept that it was incorrectly filed in the first place. The date does not even correspond with the late payment date. I am really tempted to issues a concern with the OFT as if Hitachi are logging an arrangement for everyone that has a late payment they its not on.