Can I claim "damages"for hsbc negligence?

LunarJewels

Hi everyone,

If a bank does not update the status of an account and subsequently causes prolonged damage (I assume) to your credit score, is there potential for claim compensation?

Quite some time ago now, I spotted an error on my credit report which stated an old hsbc account was defaulted and had been every month for approx the last year. This is incorrect as I was granted a D.R.O which changed this account status to satisfied. All other previously defaulted accounts have changed the same month I was granted the DRO but this remains unchanged since July 2015. (I disputed this at time of finding error but nothing happened and wrote to hsbc but again no action or acknowledge from them).
I can only assume this extra year of apparent defaulting has impacted negatively on my already poor score?
If this is the case, have I got scope to claim for "damages" due to hsbc's failure to update my details?

Thanks in advance for any advice.

poppasmurf_bewdley

Have you suffered any financial loss?

Have you suffered any material loss?

LunarJewels

To be honest I am not sure.
If it has negatively impacted on my score by having a default on my report, I guess it has caused me financial loss?

sourcrates

i doubt it.

You were in a DRO, so your credit file was trashed anyway, as it's a form of insolvency.
Who did it impact negatively against ? You ?
Did you apply for credit and were turned down ?

LunarJewels

I know it is a form of insolvency, so I am of course going to have a poor score already. I certainly have not applied for any credit since DRO. It was just a query whether thanks to hsbc, my score stayed poor rather than otherwise improving a little over the past year? If so then yes it did impact negatively on me.

sourcrates

LunarJewels wrote: »

I know it is a form of insolvency, so I am of course going to have a poor score already. I certainly have not applied for any credit since DRO. It was just a query whether thanks to hsbc, my score stayed poor rather than otherwise improving a little over the past year? If so then yes it did impact negatively on me.

If you feel that strongly about it, fire off a written complaint to them.

You might get £50 compo, and the default date altered, or, you might not.
Won't know unless you try !!

JCS1

Have you done a credit file clean up post DRO?

poppasmurf_bewdley

LunarJewels wrote: »

I know it is a form of insolvency, so I am of course going to have a poor score already. I certainly have not applied for any credit since DRO. It was just a query whether thanks to hsbc, my score stayed poor rather than otherwise improving a little over the past year? If so then yes it did impact negatively on me.

There is no such tangible thing as a credit score. It's something that has been invented by credit agencies to try and get you to pay money for it.

You have a credit rating, which you have admitted is poor, and one year passing is not going to make a material difference to that. It takes six years for a credit rating to go from poor to good - so long as nothing else happens to wreck it again.

As Sourcrates suggests, you could chance your arm with HSBC. Personally, I think you will be p****** in the wind.

fermi

LunarJewels wrote: »

Quite some time ago now, I spotted an error on my credit report which stated an old hsbc account was defaulted and had been every month for approx the last year. This is incorrect as I was granted a D.R.O which changed this account status to satisfied. All other previously defaulted accounts have changed the same month I was granted the DRO but this remains unchanged since July 2015. (I disputed this at time of finding error but nothing happened and wrote to hsbc but again no action or acknowledge from them).

If I understand you correctly, then you were very lucky with those other accounts, although it makes not any difference in the long run.

The correct way for a default in a DRO is:

- Default date on of before the DRO start date
- Settlement/Satisfaction date as the end date of your DRO. i.e. 1 years after its started.

and

a D/8 every month in the monthly status codes between those.

Legally is is the completion of the DRO that discharges the debt, so that is the satisfactions date and D/8 every month in between accurately indicate an unsatisfied default in the interim.

So it sounds as HSBC may have actually marked it correctly.

Regardless, as people have pointed out, as long as the default date is correct it will not affect you one jot, as the DRO will stay on file as long and is a lot worse that the default or it's status while it does.