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worth1g

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boo_star

worth1g wrote: »

Hi, I am looking for some advice. I took out a loan and the term was over 4 years. After 3 years I paid the loan off early.
Now 9 months later I have come to remortgage only to be refused the mortgage due to not declaring I had an outstanding loan balance. I was unaware I had a loan!
When I have viewed my credit report my score is 999 but it shows the loan I took out and paid off as still having £690 outstanding. It also shows the credit agency have not updated this for over 8 months.
I rang the loan company who confirm the loan is settled and say they will remove it from my file.
My issue is that the rate I can get with my mortgage may not be there when I re apply (I have to wait 60 days to apply to the same company) plus my mortgage payments are higher now than they would have if I had secured this new mortgage.
Any advice about my credit file would be appreciated and also do you think I am entitled to ask for compensation? Kind regards Gary

In theory, yes. You could potentially claim for the difference between the refused mortgage and whatever rate you can get now. You would need to prove it was the only reason for refusal though, which may be difficult. It could also be quite costly.