Lending Stream refusing to correct credit file error

H4bbs

Thanks for all the replies, just to clarify a few points:

a) Appreciate the mortgage broker advice, but thankfully this is already in hand; we successfully appealed the decision with our lender of choice and have gladly been able to move forward at a more favourable rate

b) The debt was paid in full and early. I had a single late payment in the early stages of the repayment plan due to a !!!!!!-up with the payment dates and my pay-day dates, the loan was simply to cover a short loss of earning due to a change in job, I didn't end up needing the full amount or for as long as was originally quoted so I paid the remainder in full at an earlier date.

My issue simply lies with me trying to resolve the entry on my record so that it doesn't come up again BUT I'm stuck in a loop of Company A saying Company B need to update the record and Company B then saying Company A needs to. Experian have opened an investigation into this and placed a note on my account to this effect but as I understand it cannot actually make any amendments to it, that would need to come from Company A - so to that end I don't know who I can go to to FORCE them to make said amendments.


Thanks for all your input!

Takmon

H4bbs said:

Thanks for all the replies, just to clarify a few points:

a) Appreciate the mortgage broker advice, but thankfully this is already in hand; we successfully appealed the decision with our lender of choice and have gladly been able to move forward at a more favourable rate

b) The debt was paid in full and early. I had a single late payment in the early stages of the repayment plan due to a !!!!!!-up with the payment dates and my pay-day dates, the loan was simply to cover a short loss of earning due to a change in job, I didn't end up needing the full amount or for as long as was originally quoted so I paid the remainder in full at an earlier date.

My issue simply lies with me trying to resolve the entry on my record so that it doesn't come up again BUT I'm stuck in a loop of Company A saying Company B need to update the record and Company B then saying Company A needs to. Experian have opened an investigation into this and placed a note on my account to this effect but as I understand it cannot actually make any amendments to it, that would need to come from Company A - so to that end I don't know who I can go to to FORCE them to make said amendments.


Thanks for all your input!

If the debt was paid in full and early then why was it passed to a debt collector? One late payment shouldn't have required a debt collector to get involved. 

When you say "repayment plan" does this mean you were unable to meet the original loans payment terms and then had to arrange a payment plan with a third party debt collector?. If so then it was correct that they defaulted you. 

H4bbs

As far as I have been able to find out, ACI aren't a debt collector - they're a subsidiary of Lending Stream who deal with the receipt of payments (sometime I would imagine due to defaulting), at the time I took it that they were handling it since I way clearing the debt early.

Sorry, "payment plan" is probably the wrong term - no, I didn't enter into any agreement to make repayments outside of the original terms of the agreement. I meant that the 3rd or 4th payment due as per the original agreement was a day or two late.

Cheers

SnowTiger

H4bbs said:

As far as I have been able to find out, ACI aren't a debt collector - they're a subsidiary of Lending Stream who deal with the receipt of payments (sometime I would imagine due to defaulting), at the time I took it that they were handling it since I way clearing the debt early.

Sorry, "payment plan" is probably the wrong term - no, I didn't enter into any agreement to make repayments outside of the original terms of the agreement. I meant that the 3rd or 4th payment due as per the original agreement was a day or two late.

A payment that's late by a few days shouldn't result in a default.  At worst you should get a late payment marker.

If I were you I'd contact Lending Stream and ask for a list of transactions on the account.  Doing a full SAR (Subject Access Request) might be a good option, then you'd get a copy of everything they have.

My guess is that you did miss a payment somewhere along the way, however defaulting the account seems a bit extreme.

A solution might be to get Lending Stream and ACI to put in writing that they're unable to update/correct your credit report and ask the CRAs to remove the default on the basis no one is taking ownership of it, which means you can't dispute it.