Bank acknowledge fault after accidently placing a closed account on default

GingerBob_3

Thrugelmir wrote: »

There's no legal precedent been set. Different circumstances different era.

I think there might have been ...

stclair

I'm trying to work out how the bank feed information to the CRAs on closed account with a nil balance.

I would have thought late payments would have been recorded first which then turned into default.

Thrugelmir

GingerBob wrote: »

I think there might have been ...

As an example Unfair Contract Terms didn't even become law until 1999. So much has changed.

GingerBob_3

From Clive Coleman Legal correspondent, BBC News:

However, his (Durkin's) legacy will perhaps be that banks and others extending credit to purchase goods under what are known as 'debtor, creditor, supplier' agreements will have to be exceptionally careful before informing credit agencies that the customer is in default.

If they get it wrong and are negligent, they can be sued by the customer.

matttye

I know this doesn't help you now, but for future reference you should always check what's in your credit REPORT (not score - these are useless) before applying for credit; especially something as important as a mortgage.

You should do this in plenty of time to be able to rectify any errors prior to your application.

dtwingnut

You're correct it doesn't help but thanks anyway