To add notice of correction or not?

markmorb

Hi,

I missed a payment by 4 days on my Sainsburys Credit Card in December (my Daughter was in hospital). I didn't have a DD setup on it as I only use the card for occasional food shopping so there's never a lot on it and I have a diary entry to pay it (I have DD's for all my other credit accounts, etc). I have other cards, loans a mortgage etc, and have not missed any payments on anything in about 30 years!! My credit rating has always been excellent 5/5 (according to Noddle and MSE's Credit Club thing).

This one single missed payment (for a few quid) has had a massive effect!! my rating has dropped to "fair" and 3/5!!! I rang Sainsburys who have refunded my late fee and reinstated my promotional offers on my card but they cannot do anything about the credit marker as they say it is a statement of truth (which of course it is). They've advised me to add a Notice of Correction to my account.

I've been reading about NOC's and a lot of people say they can do more harm than good, with automatic refusals, etc. Because it's just this one payment in an otherwise flawless credit report am I better just waiting for the importance of the marker to diminish over time or should I add the NOC? any advice would be gladly received.

Thanks,
Mark

[Deleted User]

Definitely not.

One late payment is minimal, and your credit score can be firmly ignored.

robber2

You can ignore your credit rating, its a made up number and a little secret between you and noddle. No bank will ever see it.

Dont worry about a single late payment marker , its very insignificant and will make little difference to how you are viewed and rated by banks etc.

Rob

markmorb

Deleted_User wrote: »

Definitely not.

One late payment is minimal, and your credit score can be firmly ignored.

Thanks for the reply, I was thinking that way but it's a shock to see the impact it's had on my score...I know a late payment is a late payment but just one in 30 years (among several loans, cards, etc.) to have such a dramatic effect was worrying!

[Deleted User]

Your poor credit score just means that Noddle won't lend you any more money.

Oh, hang on...

markmorb

Deleted_User wrote: »

Your poor credit score just means that Noddle won't lend you any more money.

Oh, hang on...

lol, good point ;-)

GingerBob_3

markmorb wrote: »

Hi,

I missed a payment by 4 days on my Sainsburys Credit Card in December (my Daughter was in hospital). I didn't have a DD setup on it as I only use the card for occasional food shopping so there's never a lot on it and I have a diary entry to pay it (I have DD's for all my other credit accounts, etc). I have other cards, loans a mortgage etc, and have not missed any payments on anything in about 30 years!! My credit rating has always been excellent 5/5 (according to Noddle and MSE's Credit Club thing).

This one single missed payment (for a few quid) has had a massive effect!! my rating has dropped to "fair" and 3/5!!! I rang Sainsburys who have refunded my late fee and reinstated my promotional offers on my card but they cannot do anything about the credit marker as they say it is a statement of truth (which of course it is). They've advised me to add a Notice of Correction to my account.

I've been reading about NOC's and a lot of people say they can do more harm than good, with automatic refusals, etc. Because it's just this one payment in an otherwise flawless credit report am I better just waiting for the importance of the marker to diminish over time or should I add the NOC? any advice would be gladly received.

Thanks,
Mark

Whenever I see financial providers and CRAs mentioning the need for 'truth' it makes my blood boil. The concept of truth is unknown to these people. In fact, the highlighted text is actually a lie anyway! How two-faced can you get? Of course they can amend the data. They can remove the marker or do just about anything they want with the data they lodge at the CRAs. They, the CRAs, have no checking regime, so anything goes, truth or otherwise.


Considered opinion here is that the marker won't affect you, and that's probably correct. But this definitely would not be the case if you were applying for a mortgage. CRA reporting at the level of detail that now goes on is really just a blackmailing tool.

markmorb

GingerBob wrote: »

Whenever I see financial providers and CRAs mentioning the need for 'truth' it makes my blood boil. The concept of truth is unknown to these people. In fact, the highlighted text is actually a lie anyway! How two-faced can you get? Of course they can amend the data. They can remove the marker or do just about anything they want with the data they lodge at the CRAs. They, the CRAs, have no checking regime, so anything goes, truth or otherwise.


Considered opinion here is that the marker won't affect you, and that's probably correct. But this definitely would not be the case if you were applying for a mortgage. CRA reporting at the level of detail that now goes on is really just a blackmailing tool.

Thanks for the reply, and I agree with your points....I'm concerned about your statement regarding a mortgage, something I may wish to do in the next two or three years...are you saying that the one single missed payment marker (for literally a few quid) in amongst years and years of prompt payment and healthy credit agreements may affect my ability to get a Mortgage!!!

[Deleted User]

It won't. Certainly not in the next couple of years. Possibly if you apply this afternoon.

YorkshireBoy

markmorb wrote: »

Thanks for the reply, and I agree with your points....I'm concerned about your statement regarding a mortgage, something I may wish to do in the next two or three years...are you saying that the one single missed payment marker (for literally a few quid) in amongst years and years of prompt payment and healthy credit agreements may affect my ability to get a Mortgage!!!

The only answer to that question is that it could do. However, no other issues between now and 2019-20 should mean it's doubtful.

All a NOC will do is ensure lenders manually assess you, ie you'll always 'fail' an automated scoring review as the data presented is not entirely numerical. Lenders are duty bound to carry out a manual assessment when presented with a NOC, ie they can't just decline you.

I wouldn't worry yet, but if you're declined credit later this year, or during 2018, then maybe consider the NOC.

GingerBob_3

Deleted_User wrote: »

It won't. Certainly not in the next couple of years. Possibly if you apply this afternoon.

Yes, this is also what I meant. An imminent application might be a problem, in 12 months probably not.