Barclays complaint re; incorrect credit file

Roger216

I found an incorrect entry on my credit file last year, namely a default notified by Barclays about an old bank account shown as an unsettled balance of £70 dated back in 2012. This amount was actually settled within a couple of months of this date, so I wrote to Barclays who after much messing about finally agreed to their error and updated my file.

After they agreed to update my file I also sent Barclays a complaint stating I was unhappy about the error, and the probability that this has subsequently cost me due to a lower credit score and higher financing costs, applications rejected etc. Four months later (yesterday) they sent me an apology and a £100 cheque.

On the face of it this is good, but I'm still not completely satisfied as although this is an error that is difficult to quantify in terms of actual value, we did take out finance, namely £8k finance for a new(ish) car. We wanted the car and accepted the %interest charges, but surely this (being the only default on my account), had a detrimental affect on the amount being charged.

Has anyone had experience of this, and is it worth seeking redress from the Financial Ombudsman or going back to the bank?

Any shared experiences would be most appreciated.

imoneyop

Be happy with the £100 that you got and move on - you have no proof that 1 solitary default had a noticable effect on the rate you were offered and it is likely that the FOS will deem Barclay's offer appropriate.

DevCoder

imoneyop is correct, you need to *prove* your consequential losses which would be next to impossible.

tomtontom

I think Barclays have been very generous. Yes they made a mistake, but it would not have happened if you had kept your account in order - the original fault was yours.

chanz4

If you can prove the car finance apr, however most are high anyway

Tixy

The difference between having a settled default and an outstanding default on your credit file is not that great.

Even if the default had been marked as settled you would still have struggled to obtain the most competitive deals on the market.

Going forward - have you checked that they have corrected the entry with all 3 credit reference agencies? if not its worth doing so. Occasionally when a correction is requested lenders don't see to manage to pass that data through to all 3 agencies.

Roger216

Thanks for taking the time to reply.

I think that banks should be able to deal with queries in a speedier and more efficient way, and I agree that the difference between a settled default and an outstanding one is fairly minor, so will probably leave it there.

Not sure about the advice given by Tomtontom, which effectively gives the bank carte blanch to do whatever they want if you make an error. I think the banks have had a free enough rein over the years don't you? As powerful organisations they have a responsibility to get their house in order.

tonycottee

Everybody should try and get their house into order. As I'm sure you are aware it's always easier said that done.