Can I erase bad credit score

bgatty68

Hi guys my first post on here so please be gentle and bear with me if I drag on. My wife and I wanted to move our mortgage to our main bank as it's cheaper etc, but after a phone call to see if we qualify in principle we were told there was something on our credit rating that wouldn't allow the bank to offer us a mortgage and for us to check out our credit score and find the reason. Now we have found out we had an old bank account from another building society which we used to put money into while I self built our extension and transferred money regularly into this account for materials. Fast forward the extension build complete and all money used I forgot the account was £100 over the £450 overdraft and in my own stupidity threw away all letters from that account as I assumed account was at zero, stupid I know:mad:. We got contacted by collection agency and paid the balance in full and now we are told this agency is why we have a bad score so can I get our rating back up or get the rating erased or what can I do as this was January 2012. Thanks in advance and thanks for reading

sambuca9

Financial institutions report facts, so unless it is factually incorrect, I would think that would be a no. As you said, they did write to you, it was correct that the debt was yours as you paid it once you realised what had happened. Unfortunately a lot of us on these boards have been burnt by one error of judgement, myself included.

CalumHeath

First off, the lender does not see the credit "score" offered to you by Experian, noddle and the like. Your credit score is irrelevant. What is relevant, as has been mentioned above, are the entries on your credit history. It may well be that that one event you refer to is the reason that you are having problems - but this is still nothing to do with any score.

If the information is correct then it won't be removed; you can try adding a notice with reference to that specific entry explaining why that event occurred. It will be seen by potential lenders but of course as with any lending criteria it's up to them whether they take any notice of it or let it effect their decision.

More than likely you'll just have to suck it up and continue to manage your finances in accordance with agreed terms and conditions.

And forget about your score or rating.

Candyapple

If all this happened in 2012 and you have paid off debt collectors, I'm guessing the bank gave you a default. If this is the case, you should obtain copies of your credit files from Experian, Equifax and CallCredit.

Once you have them, check to see what date the default was applied. Whatever that date is, it will stay on your files for the next 6 years from then. No, you cannot remove it, and yes it will affect your ability to obtain credit/mortgages until it is removed.

All you can do now is make sure you don't ignore letters in future and also make sure your other financial commitments are all up to date and no late payments etc. so that when you do eventually apply to re-mortgage, you won't have to worry about your credit history.

Butti

The good news is that as this default ages your history will get better as long as you keep your new history clean. I would be tempted to get your report, see if you can get a note attached and then go and have an honest conversation with your bank.

I nearly didn't get one last May and now the bank seem to love me

bgatty68

Hi guys thanks for all the advice but it's being sorted so I thought I would up date those that replied so here goes. I joined Experian and it shows 3 negative alerts on my credit score which were not my name but they have put my sons details on to my account and have apologised for the mix up and are correcting their mistake!! Also the old account I mentioned in my first post hasn't given me a bad rating and their score is top rating, they have also apologised for giving us misinformation about the original issue I contacted them about and it appears they were wrong about the amount they said we owed them and so they have given us £100 compensation and all accounts closed with them. So although I was mad in the beginning I am now happy it's sorted and can now go ahead with our remortgage cheers guys.