Meeting mortgage advisor today and noticed ERROR on credit report!

kazdaz22

Did a balance transfer from Barclaycard CC to Lloyds CC back in July and closed Barclaycard account.
Double checked credit report yesterday and discovered the amount is still showing on my Barclaycard, AND now also on the Lloyds card! So essentially, it looks like I'm in double the debt!!! Not what you want on the day you are meeting the mortgage advisor!
How quickly can these errors be amended and will lenders actually utilize any common sense when looking at this?
I have all documentation from Barclaycard saying balance paid off, closed account etc.
We've had an offer accepted on a house, so I'm just hoping this doesn't delay the process, or worse, get the application rejected!
Thanks for advice,

dotdash79

Report the balance from barcley card but put that this will be paid before completion on the mortgage application form.

A few banks will count it towards affordability but more will ignore it.

Westminster

Most companies only update the CRAs every 4 weeks or so, so if you pay off your card just the wrong side of the most recent update then you could be waiting quite some time.

Call barclaycard, explain the situation and get them to action an 'emergency update' which should take 24-72hrs to show up on your file.

kiddakidda

For me, this is where the so called credit reference agencies and the credit providers need to sharpen their acts.

It's simply unacceptable to wait the amount of time it takes to record new credit and update payment transactions. Everything should be automated nowadays. It can take minutes / hours to transfer money from accounts and make payments so why does it take months to update payments and new credit?

I upgraded my mobile phone back in June and It is still noted as a negative on my Experian report due to it being a new credit account.

I settled some HP back in early August and I am still waiting for my file to be updated.

And I know what everyone will say that the credit companies only update once a month blah blah....... But I say why?

The credit providers and credit reference agencies rely on each other so they need devise a better way of working with each other.

Rant Over

Thrugelmir

kiddakidda wrote: »

The credit providers and credit reference agencies rely on each other so they need devise a better way of working with each other.

Rant Over

The current system works perfectly well as it is.

Rant over. :beer:

ACG

As dotdash says - just declare it on an application but tick to say it will be cleared by completion... your broker should know how to overcome this.

andymd

Had exactly the same situation, we had transferred balance from one card to another a couple of months ago (both on existing cards) We were looking to apply for a mortgage so I signed up to Experian's free trial and noticed the balance on both cards. I waited for a couple of weeks for Experian to update, eventually we found a house we really liked and it still hadn't updated so we decided to apply for an agreement in principle anyway. We applied over the phone, I explained the situation to the advisor and she said to ignore it and list my actual balances. Our AIP was approved and be booked an appointment in branch to make a full application.

When we went for the appointment the consultant said our AIP had been declined (even though we had a document saying otherwise) he advised that we reapply stating the balances as per Experian and then listing what would be paid off (i.e already paid off), we were then accepted and after the valuation a full offer has been issued. Was slightly annoyed about conflicting advice as now we have two searches by Nationwide, although clearly the extra search had no impact on their decision.

kazdaz22

What makes it worse is that on the report I had apparently made a payment of £92 in august when the account was actually closed in JULY! It was a complete lie!
I have now spoken to Experian and apparently they had already been querying this with Barclaycard and Barclaycard just hadn't responded... anyway, now I think they have both spoken to each other and apparently APPARENTLY the info will be uploaded over night and show correctly on my report from 7:00am tomorrow.


Also had strange issue with boyfriends report that it didn't show the address he lived at for 25 years and therefore showed he had never completed any credit agreement's (as he hasn't had any loans/ credit cards) since moving out! Again, having a negative effect on credit rating.. that will also be updated by 7am, and hopefully have a positive effect on score, so told mortgage advisor to hold off until tomorrow.
I will be fuming if not updated though! We had offer accepted last Wednesday and haven't even got as far as an AIP due to these glitches!

Experian_company_representative

Hi kazdaz22,

Glad to hear your Experian Credit Report is being updated, if you have any further problems or concerns please let us know.

Best of luck when you speak to your mortgage advisor tomorrow morning.

Regards
James