Late payment holding up us buying a house

Candyapple

GingerBob wrote: »

Who reports it and on what basis? I gave up reading the Experian pdf due to the number of lies in it.

The lender reports it (in this instance, the bank).

GingerBob_3

Actually this is not clear. A cheque payment would have caused the issuer to exceed his overdraft limit. At worst this would lead to Orange 1. However, a cheque bounces so the account doesn't exceed the overdraft limit. Why would the bank then assault the account holder with a late payment marker?

boo_star

GingerBob wrote: »

Actually this is not clear. A cheque payment would have caused the issuer to exceed his overdraft limit. At worst this would lead to Orange 1. However, a cheque bounces so the account doesn't exceed the overdraft limit. Why would the bank then assault the account holder with a late payment marker?

They're issuing cheques that their account can't cash.

It's considered fraud in many countries.

Ben8282

I think the bank has probably reported an orange 1 in the 3rd category - Cheques, direct debits and standing orders may have been bounced to keep the account in order - but the credit report does not specify which of the reasons for the orange 1 marker actually applies, so it looks like a 1 month late payment because of the way current accounts are reported.. Unfortunately for the op, I also think that this has been reported correctly.
Could it be argued that the absence of a second late payment marker from the credit account allegedly paid late indicates that no credit agreement was actually paid late?
The problem with this type of situation though is that it causes a loss of faith by the lender in their ability to collect payments due by direct debit each month. I actually think this type of marker on an individuals main bank account, especially if there is an overdraft limit on the account, is worse than a single non-payment of say a credit card statement.

Westminster

They're issuing cheques that their account can't cash.

It's considered fraud in many countries.

Just this action alone will land you in prison in some regions