Credit report inaccurate!

pieapple

I'm finally ready to send all my paperwork to stepchange for my dro application. However i've just checked my credit report with experian and it's over a month out of date with some creditors balances causing me to be well above the dro limit!!

Do they have access to a more up to date report or will it be the same as the one I can view?

Thanks in advance.

National_Debtline

Hi pieapple


Are you saying your current balances are lower than the ones shown on that credit report, and below the £20K limit in total?


The DRO intermediary handling your application will normally ask you to re-check your debt balances immediately prior to them submitting your application to the Insolvency Service, so the important thing is ensuring that the debts total <£20K at that point.




Dennis
@natdebtline

pieapple

Hi. Thanks for your reply. Yes my debts are currently below £20k as I have been selling items on eBay and paying my debts pro rata to bring them below the £20k limit. However my credit report does not reflect this and only shows the balances as they were around a month ago. I wasn't sure if the official receiver would go by my credit report and reject the application?

mwarby

I presume you can get statements online, showing the true state of the accounts. If so print a couple of copies

Credit agencies balances are almost never truely up to date, they are just a snapshot of the account on or around a given date (when creditor is doing thier monthly updates) and this isn't consistent across creditors (some might update 20th, others say 25th, others when they can be bothered!)

pieapple

Yes I could easily print statements or screenshots of each account showing an up to date balance. Just wasnt sure if this was accepted. I did ring stepchange today. The man I spoke to just advised me to make a note of it on my application. But didn't actually say if the official receiver would accept this if my credit report showed otherwise.

wba31

pieapple wrote: »

Yes I could easily print statements or screenshots of each account showing an up to date balance. Just wasnt sure if this was accepted. I did ring stepchange today. The man I spoke to just advised me to make a note of it on my application. But didn't actually say if the official receiver would accept this if my credit report showed otherwise.

If your application was submitted and your credit report balance was still over £20k, the Insolvency Service would contact your intermediary to decline the order, however if the intermediary can prove that the debt is under (with statements etc) then the order will go through.
Provide more accurate statements with the actual balance on and your intermediary should provide this as evidence when submitting your application to prevent the Insolvency Service coming back to them

pieapple

wba31 wrote: »

If your application was submitted and your credit report balance was still over £20k, the Insolvency Service would contact your intermediary to decline the order, however if the intermediary can prove that the debt is under (with statements etc) then the order will go through.
Provide more accurate statements with the actual balance on and your intermediary should provide this as evidence when submitting your application to prevent the Insolvency Service coming back to them

Thanks wba31. That's very helpful.