Remortgage - Credit check failed

inthevale

I have also been told by the broker today that two "unclassified" transactions from when I opened up a credit card account in 2018 will be contributing to a poor score / affecting lending decisions negatively. It seems that for some reason Virgin Money put zero balance transactions as unclassified instead of it being recorded as a "0"... i.e green.

I have spoken to virgin money now and they have also agreed to remove this, however it really surprises me the effects one must go to, to check that these large companies are not sabotaging your credit rating inadvertently.

Are these issues common or is it just a coincidence that I have had to contact so many companies regarding erroneous data on my credit file?

Ben8282

inthevale wrote: »

I have also been told by the broker today that two "unclassified" transactions from when I opened up a credit card account in 2018 will be contributing to a poor score / affecting lending decisions negatively. It seems that for some reason Virgin Money put zero balance transactions as unclassified instead of it being recorded as a "0"... i.e green.

I have spoken to virgin money now and they have also agreed to remove this, however it really surprises me the effects one must go to, to check that these large companies are not sabotaging your credit rating inadvertently.

Are these issues common or is it just a coincidence that I have had to contact so many companies regarding erroneous data on my credit file?

Re: Virgin.
Yes Virgin did this on my account but U does not mean unclassified. It means UNABLE TO REPORT. This status was shown for the first reporting periods when the new account first appeared on my credit files before any statement was issued and before any payment was due. This is NOT a negative factor and, for what it is worth, had no negative effect on my 999 Experian score.

inthevale

Thanks, I did explain to the broker that it was nothing concerning (especially as it shows a zero balance to pay under it for those months) however the broker states the underwriter have commented on this specifically as concerning. I just think sometimes common sense is missing from these procedures.

rogmar

inthevale wrote: »

I have also been told by the broker today that two "unclassified" transactions from when I opened up a credit card account in 2018 will be contributing to a poor score / affecting lending decisions negatively. It seems that for some reason Virgin Money put zero balance transactions as unclassified instead of it being recorded as a "0"... i.e green.

I have spoken to virgin money now and they have also agreed to remove this, however it really surprises me the effects one must go to, to check that these large companies are not sabotaging your credit rating inadvertently.

Are these issues common or is it just a coincidence that I have had to contact so many companies regarding erroneous data on my credit file?

I am in the same exact situation,could you kindly tell me how you got any of your information removed from your files?

[Deleted User]

rogmar wrote: »

I am in the same exact situation,could you kindly tell me how you got any of your information removed from your files?

I'm guessing, as per OP's post - that they contacted Virgin Money (hint: they did) and they removed the erroneous markers (hint: they did)

Ben8282

!!! wrote: »

I'm guessing, as per OP's post - that they contacted Virgin Money (hint: they did) and they removed the erroneous markers (hint: they did)

I don't believe that the markers were erroneous. I believe that the unable to report status was due to the fact that these markers were placed (on my virgin account at least) in the immediate period after the account was opened before there was anything to actually report in the sense that they cannot report a status when they have not yet issued the first statement. The account status started to be reported as 0 in the reporting period that the first payment was made. As stated previously, there is no indication that this status had or is having any negative effect whatsoever.

inthevale

I do agree with you. However the lender is specifically questioning it and saying they will not redo the credit check unless it is removed.

Nevertheless I have had it removed now. After a lot of effort over the last few days.

I have also managed to get myself back on the electoral roll after a clerical error at the council meant I had come off it.

My score has increased from poor to excellent (280 to 511) - whilst I appreciate the numbers mean nothing, I am hoping the new data contributing to t his score reflects kindly with the lenders underwriting team and that they will approve me for a mortgage.

Crossing my fingers. Really need it to pass credit check.