Mortgage with a notice of correction

heidihider

My daughter, 21, found a lovely 2 bed shared ownership flat and is all set to get a mortgage in principal next week, BUT we just checked her credit score and report to send to Affinity Sutton, the Housing Association, and her score has plummeted to 280 and there shows a missed paymentof £3.00 in Dec 2016 for a direct debit that she had forgotten she took out on her Lloyds credit card.


We rung the bank tonight and basically pleaded and begged but they are adamant that all we can do is request a notice of correction with Equifax.


I am devastated that for a £3.00 oversight she will be affected for six years! My main concern is what is the likelihood of her now getting a shared ownership mortgage with only a 5% deposit?
I will, of course, make her an apt with financial advisor on Monday but its only Saturday and I'm fuming and upset!


TIA

amnblog

Three pounds? That doesn't sound insurmountable.

Relax, your broker should in all probability resolve this next week.

David_White

Personally I wouldn't put a notice of correction on the credit report as I've seen them cause more harm than good.

All that will do is force the case to be referred at which point an underwriter will presumably read a note saying that they forgot to pay a bill. What if they forget to pay their mortgage?

If that is literally the only credit issue on their file then I would imagine there will still be a solution so don't lose heart but make sure the broker they deal with knows what they're doing.

ACG

I agree with David, a NoC will probably not alter the overall decision, but it is likely to cause delays.

As for Lloyds, and any company that provides information to a credit agency, they have a legal obligation to provide a true and accurate record of your payment history. There is no point being annoyed at them, they have no choice.

As for the credit score, ignore it. It is not worth the paper it is printed on.