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To add notice of correction or not?
Comments
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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.
QUOTE]
Complete twaddle.
Schedule 1, priciple 4 of the data protection act states;
Personal data shall be accurate, and where necessary, kept up to date.
So in short "they" are legally bound to state a late payment, because factually that's what happened. If then facual information is presented then you can challenge "truth".
It's unfortunate for the OP (hope your daughter is better btw), but it is the truth.
RE mortgage applications, this will have little to no impact, based on my experience last year when I applied and for my current mortgage with a late payment marker within 6 months of applying.Life isn't about the number of breaths we take, but the moments that take our breath away. Like choking....0 -
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.
QUOTE]
Complete twaddle.
Schedule 1, priciple 4 of the data protection act states;
Personal data shall be accurate, and where necessary, kept up to date.
So in short "they" are legally bound to state a late payment, because factually that's what happened. If then facual information is presented then you can challenge "truth".
It's unfortunate for the OP (hope your daughter is better btw), but it is the truth.
RE mortgage applications, this will have little to no impact, based on my experience last year when I applied and for my current mortgage with a late payment marker within 6 months of applying.
Thanks for the reply...It's annoying that the marker went on but I have no issue with them doing so, I was late paying so there you go (and thanks for asking my Daughter is doing ok...)
It's a shame they're so quick to put it on (just 4 days late!!) but there you have it...
It seems like most of you are saying it shouldn't really have any significant effect, less and less as time goes on...so I think I'll leave the NOC for now and see how I get on next time I apply for credit....I appreciate all the replies as I was shocked at the hit my Credit Score/Rating took!!0 -
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.
QUOTE]
Complete twaddle.
Schedule 1, priciple 4 of the data protection act states;
Personal data shall be accurate, and where necessary, kept up to date.
So in short "they" are legally bound to state a late payment, because factually that's what happened. If then facual information is presented then you can challenge "truth".
It's unfortunate for the OP (hope your daughter is better btw), but it is the truth.
RE mortgage applications, this will have little to no impact, based on my experience last year when I applied and for my current mortgage with a late payment marker within 6 months of applying.
Wouldn't it be great if they all adhered to this principle (they don't).
No they aren't. Show me the legislation that forces providers to report late payments to the CRAs (there isn't any). There are many cases on this board of people managing to get late payment markers removed.0 -
Wouldn't it be great if they all adhered to this principle (they don't).
No they aren't. Show me the legislation that forces providers to report late payments to the CRAs (there isn't any). There are many cases on this board of people managing to get late payment markers removed.
If they don't adhere complain, send it in to the ICO, take it to the top. They have to adhere to the principles.
I never said the CRA's had to record late payments. I said the CRA's have to record accurate and truthful information. Therfore if there is a data feed for late payments and the answer to that is "yes", then CRA's have to populate this with a "yes", therefore adhering to the DPA principles.
However, I understand why they do record late payments, as a lender you would want to know if someone sticks to their payment schedule wouldn't you?Life isn't about the number of breaths we take, but the moments that take our breath away. Like choking....0 -
Thanks for the reply...It's annoying that the marker went on but I have no issue with them doing so, I was late paying so there you go (and thanks for asking my Daughter is doing ok...)
It's a shame they're so quick to put it on (just 4 days late!!) but there you have it...
It seems like most of you are saying it shouldn't really have any significant effect, less and less as time goes on...so I think I'll leave the NOC for now and see how I get on next time I apply for credit....I appreciate all the replies as I was shocked at the hit my Credit Score/Rating took!!
I was really worried about the late payment marker on my file when I went to get an AIP for a mortgage and again when I submitted the full application. If you are leaving 2-3 years then I would suggest the impact (if any) would be far less.
My late payment was in similair circumstances to yourself, and I found it really irratating, however my daughter and wife's well being were far more important to me at the time than rushing to the bank to pay a CC bill.
I never bothered with a notice of correction, I didn't see the point as the data presented was accurate, glad I didn't bother as it had no impact on future applications. (since had 0% cards etc approved to BT to etc).Life isn't about the number of breaths we take, but the moments that take our breath away. Like choking....0 -
If you read the lending criteria for banks and mortgage's I would say all will allow a late payment. Potentially not more than 2 in a 3 or 6 months period. We have had a couple of AIP's and my GF had 4 late payments on her credit card Nov, Dec 15, Jan and Feb 16.0
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If they don't adhere complain, send it in to the ICO, take it to the top. They have to adhere to the principles.
I never said the CRA's had to record late payments. I said the CRA's have to record accurate and truthful information. Therfore if there is a data feed for late payments and the answer to that is "yes", then CRA's have to populate this with a "yes", therefore adhering to the DPA principles.
However, I understand why they do record late payments, as a lender you would want to know if someone sticks to their payment schedule wouldn't you?
They have to obey them but no one is there to enforce it and if the ico agree try and get that up held that s what really wrong with credit reporting no one enforces the rules0 -
Good point, I was going to say something similarYorkshireBoy wrote: »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.
. This is why they say NOC can be negative. If the OP is looking for a mortgage a broker will have a better idea of helping them without the NOC, especially if the OP has proof from the bank of refund/reinstatement etc. rather than relying on a NOC that will mean all their credit applications will be affected when this blip will on the whole have a decreasing impact as time goes on. 0 -
To be fair, all that does is 'prove' the lender extended some goodwill. At best it'll be a 'character reference'! The 'offence' (of missing a payment) was still committed, and that's all a mortgage lender's scoring system will (or may, as time goes on) be interested in.especially if the OP has proof from the bank of refund/reinstatement etc.0 -
They have to obey them but no one is there to enforce it and if the ico agree try and get that up held that s what really wrong with credit reporting no one enforces the rules
That's the point; the ICO are there to enforce the accuaracy of the data, if it can be proven it is incorrect.
If the ICO have agreed with you and the data is incorrect, then enforcement is simplistic.Life isn't about the number of breaths we take, but the moments that take our breath away. Like choking....0
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