Declined for loan, Fixing credit rating

bbjunkie

After being declined for a £7000 personal loan today I thought it was about time I found out why.

After getting a detailed credit report from Equifax I discovered several discrepancies,

1) Credit agreement going back to 1998-2001 for £6817 - finance company have marked me as having defaulted with £170 left to pay. (I never had any correspondance regarding this, they just stopped taking the DD's I assumed the agreement was settled)

2) Vodafone have me marked as defaulting on a £74 payment which didn't happen (This is around the time that I closed my Vodafone account, however all bills were paid in full and in time)

3) Company called 24Studio have me marked as missing a payment on goods - the goods were free! I was sent a bill, spoke to customer services they said they would cancel the bill, no more bills, end of story. (So I thought)

So what is my best way of going about fixing this? I'm livid that for so long i've been getting declined for loan applications/credit cards and have just discovered it isn't even my fault.

Am I entitled to getting any sort of compensation? Due to me not getting a low interest loan, I have ended up spending a lot more of my credit card repayment fund on interest than actually clearing the debt.

TIA

P

Butlers1982

Am I entitled to getting any sort of compensation?

Tut

1) Credit agreement going back to 1998-2001 for £6817 - finance company have marked me as having defaulted with £170 left to pay. (I never had any correspondance regarding this, they just stopped taking the DD's I assumed the agreement was settled)

You need to get this cleared. You still owe the money.

2) Vodafone have me marked as defaulting on a £74 payment which didn't happen (This is around the time that I closed my Vodafone account, however all bills were paid in full and in time)

Contact Vodafone ask them to put it in writing and get it removed from your credit file

3) Company called Studio1 have me marked as missing a payment on goods - the goods were free! I was sent a bill, spoke to customer services they said they would cancel the bill, no more bills, end of story. (So I thought)

Contact Studio1 and ask them to put in writing and update experian


With all due respect it seems as though your blaming everyone else but yourself. When you take a loan, the onus is on you to ensure you keep upto date with it.

With regards to compensation- no your not, not at all.

Due to me not getting a low interest loan, I have ended up spending a lot more of my credit card repayment fund on interest than actually clearing the debt

Thats not got anything to do with it

bbjunkie

With all due respect it seems as though your blaming everyone else but yourself. When you take a loan, the onus is on you to ensure you keep upto date with it.

And why should I blame myself? Can you explain how it was my fault that the finance company stopped taking direct debits? Can you explain how it is my fault that studio 1 charged me for goods which were touted as being free and then gave me a black mark on my record because I didnt pay for goods that there was no charge for? Can you explain why it is my fault that vodafone put a default payment on my credit record for no reason at all?

Perhaps if the companies involved were legally obliged to advise the client that they are adding negative information to their credit record this problem would not occur. They secretly add this information and unless everyone is prepared to apply for a credit report every few months then they get away with it.

jay78

bbjunkie we can only take your word for it about all these things that have happened. The best way to resolve these things is to contact the companies directly. I'm curious though, do you have any ccj's. Also the first default should fall off this year.

hopeless_case_2

look i have read your thread and you knew you had not paid all your loan so my guess is you thought (at the time) great i have got away with paying the last bit or you thought you had gotten a discount. As for vodaphone exactly the same happened to me. SO youneed to put things right.Contact the loan company and vodaphone asking them to remove the defaults or pit an explanitory note on your creditfile explaining about the discrepencies.

bbjunkie

jay78 wrote: »

we can only take your word for it about all these things that have happened.

And why wouldn't you? I've posted a message here to get help resolve the situation, so therefore have presented the facts as they are.

I have letters written and hope to post them tomorrow.

hopeless case - Where did I say I knew i hadn't payed all the loan? (HP agreement on a car actually) I was under the impression it was all paid. - I'm not known for having a faultless filing system at home, or one to have a lot of time to chase things, so when the finance company stopped charging my account I was under the impression the agreement was finished - after all it was within a month or two of the actual date. I was also sure that if there had been any problems I would've had some sort of correspondance from them.

Thanks for the pointers

bbjunkie

jay78 wrote: »

bbjunkie we can only take your word for it about all these things that have happened. The best way to resolve these things is to contact the companies directly. I'm curious though, do you have any ccj's. Also the first default should fall off this year.

No, I don't have any CCJs and apart from the three items listed above, my credit record is squeaky clean - with lots of other items which have all been shown as paid on time.

Hoping to get my score up from 297!