Repairing credit file

deanknight

Hi Everyone,

I was wondering if I could have things removed from my credit file?

I have had a loan with a company since 2008 and over the years, when money has been tight, I had missed payments. I was aware of the charges involved with this and that interest was building etc, but what they never told me was that all the time the account was in arrears that each month, even when I wasnt missing payments, my credit file was recording everything as a late payment.

This means that for the last 3 years even though I have been paying on time via dd and making an additional payment on top to pay off the arrears my credit file was showing as late payments.

The loan company has actually recently refunded all interest as they have admitted fault in not complying with the consumer credit act. This refund totalled nearly £17,000 so was a very serious issue.

I would like to know if I can have the "late payments" removed from my credit file?

Any help on this would be much appreciated.

Thanks

rizla_king

deanknight wrote: »

This means that for the last 3 years even though I have been paying on time via dd and making an additional payment on top to pay off the arrears my credit file was showing as late payments.

that would be accurate while still in arrears

deanknight

Yes but you miss the point. I WAS'NT told that it was going on to my credit file as late payments.

If I had of known, I would have paid the arrears much quicker so that my credit file wasnt being decimated on a monthly basis for 3 years.

Can this be removed from my credit file as I wasn't given the correct information about the affect the arrears was having on it.

rizla_king

so they specifically told you it would NOT be recorded as late payments?

what loan company was this?

deanknight

No the didnt specifically tell me that it wasnt going on the file. As my post says, they didnt tell me it was being recorded on my credit file. None of their default letters mentioned credit files none of their telephone agents mentioned credit files. There were no mention of any ill effects on credit files.

Had I of known then obviously I would have tried to pay off arrears sooner. But as I didnt know, it wasnt until I checked my credit file earlier this year, that I realised this was happening.

glentoran99

what exactly do you think a credit file is?

rizla_king

terms and conditions you signed up to to get the loan would warn you that non payment and arrears would be reported on your credit file.

CalumHeath

The entry on your credit file appears to be (based on what you've said) an accurate account of how you've managed your side of the credit agreement - the company is under no obligation to remove it.

Check your terms and conditions - the fact that they report to credit reference agencies will be in there.

fermi

ICO says on defaults that:

Although we advise that it is good practice to issue a notice, lenders will often have provided individuals with fair processing information about defaults and notices in the terms and conditions when the account was opened. Provided this was the case, then it is likely to satisfy the “fairness” aspects of the first principle.

If that applies to defaults, then it is implausible that it would not apply to arrears and late payments as well.

You can complain that you were not warned and see how far it gets you. Sometimes lenders do remove things. Maybe due to them having a different take on guidelines, being unsure what was done their end, or just wanting no hassle of this sort.

So nothing to lose by trying.