Incorrect Information supplied by Very

Scott1102

Hi All,

This is my first post so first of all hello.

Just about to apply for my first mortgage with Barcleys, Went into the branch on Friday and received a decision in principle, Whooping on the way home I instructed my solicitor to put our offer in. I have now read (mainly on here) a lot of stories where people have initially passed the DIP stage then subsequently failed the application stage and in some cases even after they have paid Barcleys for the required evaluation.

Being a bit worried I looked up Barcleys lending criteria and I think I may fall foul of the following stipulation:

Payment arrears/missed payments
Any adverse credit identified, as detailed below, must be declined
"Cumulative amount of arrears at any point in the last 2 years of 3 or more monthly payments on any one account, ie 3 or more instances of a late payment"

I have 11 good accounts with no missed payments on them, however I have had a few issues repaying a Very account on time:

October 2014: 1 month late
February 2015: 1 month late
August 2015: 1 month late

It does however look like Very have been reporting different late months to the credit file agencies. so whilst Call Credit shows the late payments on the correct months as detailed above, Equifax is reporting everything as 1 month later, October 2014 missed payment is showing as November 2014 and so on.

I am contemplating ringing Very on Monday to question them on their inconsistent reporting. I am going to try and get the records removed as a goodwill gesture.

What do you think my chances are? Has anybody had any experience with inconsistent reporting?

Many thanks,

Scott.

Dobbibill

Hi Scott,

Welcome to the forum.

It depends when each CRA updates the information.
Your dispute needs to go to Equifax if they are showing a different date to other CRAs.

If this information is factually correct, you will struggle to get them to remove the entries, even as a good will gesture.

If you get declined further down the process by Barclays, then get yourself a good broker.....they should be able to find a suitable lender.

Scott1102

Many thanks for the quick reply Dobbibill.

Bummer, I thought it might have been Very that reported it on different dates and I could have gone done the line of them not reporting accurate credit information. I will try my luck anyway, as we say in Scotland, shy bairns get nowt.

MABLE

Scott1102 wrote: »

Hi All,

This is my first post so first of all hello.

Just about to apply for my first mortgage with Barcleys, Went into the branch on Friday and received a decision in principle, Whooping on the way home I instructed my solicitor to put our offer in. I have now read (mainly on here) a lot of stories where people have initially passed the DIP stage then subsequently failed the application stage and in some cases even after they have paid Barcleys for the required evaluation.

Being a bit worried I looked up Barcleys lending criteria and I think I may fall foul of the following stipulation:

Payment arrears/missed payments
Any adverse credit identified, as detailed below, must be declined
"Cumulative amount of arrears at any point in the last 2 years of 3 or more monthly payments on any one account, ie 3 or more instances of a late payment"

I have 11 good accounts with no missed payments on them, however I have had a few issues repaying a Very account on time:

October 2014: 1 month late
February 2015: 1 month late
August 2015: 1 month late

It does however look like Very have been reporting different late months to the credit file agencies. so whilst Call Credit shows the late payments on the correct months as detailed above, Equifax is reporting everything as 1 month later, October 2014 missed payment is showing as November 2014 and so on.

I am contemplating ringing Very on Monday to question them on their inconsistent reporting. I am going to try and get the records removed as a goodwill gesture.

What do you think my chances are? Has anybody had any experience with inconsistent reporting?

Many thanks,

Scott.

You can always have a notice of correction placed on your credit file explaining the reasons behind the alleged missed payments.

If the information is incorrect then Very will rectify it.