Mortgage Default

Jlolo

Whilst on holiday my wages were unpaid into my bank account by my employer causing insufficient funds for my mortgage monthly payment. On noticing this on my return I immediately paid the arrears. This is now showing on my credit report resulting in me being unable to get a loan at a competitive APR despite my credit score being a good 945. My mortgage company are just saying there is nothing they can do to rectify the report. Please can anyone advise.

glentoran99

Whats actually showing? late payment?

Jlolo

Yes it shows that the payment has been satisfied

fermi

So a 1 or 2 etc for a late payment or D or 8 for a default?

You can ask again for them to remove it explaining the circumstances, but in the end if a late pavement then it's accurate and they are not obliged to.

Experian_company_representative

Hi Jlolo,

I can see that this is a frustrating situation to be in, as you wouldn't have been able to prevent the late payment and the mortgage company are unlikely to amend it, as it is correctly recorded.

What you can do is add a notice of correction to your report to explain why they late payment occured. This is a brief statement of under 200 words, that any lenders searching your report will have to read before proceeding, it is then up to the lender to take the information into account.

Having a notice of correction on the report does mean that your report will refer out of automated decision making processes, so you may not be able to get instant credit over the phone or online as a result.

You can find out more about adding a notice of correction here.

If it was just one months payment that was late then the impact it has on your report will reduce significantly as it gets older.

Hoe you find this useful.

Kind regards
Neil