Credit score is poor due to others.

Sprigg

First post, sorry if not in correct place.

So, around the age of 18, my mum asked me to take out a virgin media account in my name, but she would pay as she couldn't get it, all coming from her bank account. Not really knowing anything about credit I said yes. (The guy from virgin actually suggested this on the phone)
She also asked me to take out a phone contract for my brother for his birthday in my name, and this would be paid. Again, I said yes.

Virgin Account: A lot of late payments, that i wasn't always aware of, when I was i paid from my bank account.
Mobile: Was sent to a debt collector as final payments were not made. Again, I wasn't aware of this and have settled the debt from my own money.

Forward to today. Paid of the mobile last week (Wasn't aware it hadn't been until then). My Score has been poor since the virgin account and have been working years to get it up, without much hope. (I;'m assuming as the mobile debt wasn't sorted.)

Partner and I are looking for a house but are getting turned down for mortgages due to me, it's getting me really down as I am great with money and the reason my score is poor isn't really my fault.

I was wondering if there is anyway for my score to be fixed? Is there a way I can let them know it was someone else's fault and not my own, even though i kind of allowed it.
I was young and not aware of what would happen and obviously trusted my mum would pay.

Willing2Learn

What were the default dates of the applicable accounts?

When were the applicable accounts settled?

Sprigg

Virgin: Not defaulted, just a numbr of late payments when the account was open.
Mobile: May 2017. Though it is showing as three seperate accounts on my file:
TESCO MOBILE TELECOMS
TESCO MOBILE HARDWARD AGREEMENT
LOWELL (debt collectors i paid the outstanding money with this week.)
Only repaid last week as I wasn't aware the account was still open. I had paid something else off  around the time of the phone going into defalt and thought it was that.

Willing2Learn

The mobile account, having defaulted in May 2017, will be automatically removed from your credit files in May 2023.

If it were me, I would enter into correspondence with Virgin Media, to see if they would backdate a default on the account, back to May 2017, if you were to settle the account.  That way, both accounts would be removed from your credit files at the same time (May 2023)

(How much do you owe VM)?



Until 2023, you will have to use a good mortgage broker, who specialises in adverse credit.  (The negative data does not make you ineligible for a mortgage).

Hasbeen

Sprigg said:

I am great with money and the reason my score is poor isn't really my fault.
I was young and not aware of what would happen and obviously trusted my mum would pay.

Hopefully you now have no contact with the person now responsible for partially destroying your future until rectified in 2023
You say you are great with money, then look on this as an opportunity to save a sizable deposit for you and your partner for a house in the future.

Sprigg

Willing2Learn said:

The mobile account, having defaulted in May 2017, will be automatically removed from your credit files in May 2023.

If it were me, I would enter into correspondence with Virgin Media, to see if they would backdate a default on the account, back to May 2017, if you were to settle the account.  That way, both accounts would be removed from your credit files at the same time (May 2023)

(How much do you owe VM)?



Until 2023, you will have to use a good mortgage broker, who specialises in adverse credit.  (The negative data does not make you ineligible for a mortgage).

Sorry, I'm unsure why i would want to default the virgin account when nothing is showing as currently being owed, it was just late payments at the time and that's showing on the report.

Seeing one at the moment who after seeing my score (full report has now been sent) said i shouldn't worry about it much after i told him about the debt. Which was wrong as we've been getting declined. Thanks for your help, I'm trying to cling to what little hope I have.

Sprigg

Hasbeen said:

Sprigg said:

I am great with money and the reason my score is poor isn't really my fault.
I was young and not aware of what would happen and obviously trusted my mum would pay.

Hopefully you now have no contact with the person now responsible for partially destroying your future until rectified in 2023
You say you are great with money, then look on this as an opportunity to save a sizable deposit for you and your partner for a house in the future.

Sadly, it's my mum and I still live with her, one reason I am looking to move out but seems hopeless due to my credit.  I've already got a good savings nest, and plan on putting more in as i wait. Just trying to find out if i really wait till 2023 (will be 28 by then) to start my life and move into my own home thanks to others messing up my life.

Willing2Learn

Sprigg said:

Willing2Learn said:

If it were me, I would enter into correspondence with Virgin Media, to see if they would backdate a default on the account, back to May 2017, if you were to settle the account.  That way, both accounts would be removed from your credit files at the same time (May 2023)

Sorry, I'm unsure why i would want to default the virgin account when nothing is showing as currently being owed, it was just late payments at the time and that's showing on the report.
.

Because otherwise the negative data (late payments) will remain on your file until six years after the account is settled and closed.  This can sometimes add years to the time it takes for negative data to be automatically removed.   This is why I believe a it would be better to have the default instead.  What does your mortgage broker say though?

sourcrates

Time will heal your credit file, the further back in time negative information is, the less effect it will have on you.

Lenders mostly just look at your most recent credit history, although a mortgage provider will look back further.
WTL is confusing late payments with "Arrangement to pay" markers, late payments stay visible for 6 years, arrangement to pay markers stay 6 years after the debt is settled.

So no need to contact virgin.

xlnc99

sourcrates said:

Time will heal your credit file, the further back in time negative information is, the less effect it will have on you.

Lenders mostly just look at your most recent credit history, although a mortgage provider will look back further.
WTL is confusing late payments with "Arrangement to pay" markers, late payments stay visible for 6 years, arrangement to pay markers stay 6 years after the debt is settled.

So no need to contact virgin.

No i believe WTL is correct. Late payment markers will stay visible on your credit report for 6 years after the account is settled.
However not sure why you would ask Virgin to give you a default. A few missed payments not as bad as a default. Let it go and wait until the 6 years is up from when the account was settled.

sourcrates

xlnc99 said:

sourcrates said:

Time will heal your credit file, the further back in time negative information is, the less effect it will have on you.

Lenders mostly just look at your most recent credit history, although a mortgage provider will look back further.
WTL is confusing late payments with "Arrangement to pay" markers, late payments stay visible for 6 years, arrangement to pay markers stay 6 years after the debt is settled.

So no need to contact virgin.

No i believe WTL is correct. Late payment markers will stay visible on your credit report for 6 years after the account is settled.

It appears Experian disagree with you on that :

https://www.experian.co.uk/consumer/guides/late-payments.html