Credit Score Dropped over 100 points in less than a month.

bubby08

Thanks for the input everyone I won’t proceed

Selector

D3xt3r5L4b said:

CRA’s report what is issued to them by lenders. 

If the data is “incorrect” then take it up with the lender. 

Another “my score is this and I couldn’t understand why I was rejected” post...

What a load of croc! “Take it up with the lender”?? I’d been taking it up with the lender for the best part of four years, as previously stated. As far as the lender, EE/Lowell, was concerned, I had an account in default. And it took court action for them to accept the fact that I did not have an account in default.

I also previously pointed out that one CRA, Experian, had accurate info on me and did not include the four-year old disputed claim. While another CRA, Equifax, included the ongoing and contested account and filed it under 'Default'. Your suggestion that it's down to individuals and businesses, alone, to correct inaccurate information about themselves disregards the arbitrary and lazy nature of CRAs and the natural biased of creditors when sharing repayment information with agencies. A creditor is hardly likely to include the qualifier, "this debt continues to be vehemently contested", for example. So we should all go around checking varied and contrasting information from different CRAs.... continuously.... all of the time? Even when you've done no wrong and been impeccably financially responsible. What, as unpaid auditors of our own information?

In what other arena can an organisation take incorrect and even false information, as CRAs sometimes do, publish and sell it as fact to a much wider audience than any individual creditor would ever reach….. without repercussions? CRAs patently do not check or test the information provided to them by creditors despite insisting that challengers to their incorrect data provide evidence to the nth degree to prove an alleged debt is not owed.
It's time people stopped rolling over and playing dead when something is blatantly wrong and unfair and, instead, speak up.
Here's an idea, how about CRAs create a tick box and a specific category for, say, 'Contested' when a debt is contested - as creditors submit credit data. That way, other prospective lenders can differentiate between 'Default' and 'Contested'. Oh no, that's not the responsibility of CRAs either…. They appear to have no responsibility for the accuracy of the data they’re sharing.

Yours is simply another post suggesting that large corporations should be allowed to continue to profit from selling and promoting incorrect information about individuals, unchallenged.
Instead of being snide and dismissive on this consumer website, how about recommending people have a word with their MP (post COVID-19), when they feel, rightly, aggrieved about an industry that's sorely in need of better regulation?

D3xt3r5L4b

Selector said:

D3xt3r5L4b said:

CRA’s report what is issued to them by lenders. 

If the data is “incorrect” then take it up with the lender. 

Another “my score is this and I couldn’t understand why I was rejected” post...

What a load of croc! “Take it up with the lender”?? I’d been taking it up with the lender for the best part of four years, as previously stated. As far as the lender, EE/Lowell, was concerned, I had an account in default. And it took court action for them to accept the fact that I did not have an account in default.

I also previously pointed out that one CRA, Experian, had accurate info on me and did not include the four-year old disputed claim. While another CRA, Equifax, included the ongoing and contested account and filed it under 'Default'. Your suggestion that it's down to individuals and businesses, alone, to correct inaccurate information about themselves disregards the arbitrary and lazy nature of CRAs and the natural biased of creditors when sharing repayment information with agencies. A creditor is hardly likely to include the qualifier, "this debt continues to be vehemently contested", for example. So we should all go around checking varied and contrasting information from different CRAs.... continuously.... all of the time? Even when you've done no wrong and been impeccably financially responsible. What, as unpaid auditors of our own information?

In what other arena can an organisation take incorrect and even false information, as CRAs sometimes do, publish and sell it as fact to a much wider audience than any individual creditor would ever reach….. without repercussions? CRAs patently do not check or test the information provided to them by creditors despite insisting that challengers to their incorrect data provide evidence to the nth degree to prove an alleged debt is not owed.
It's time people stopped rolling over and playing dead when something is blatantly wrong and unfair and, instead, speak up.
Here's an idea, how about CRAs create a tick box and a specific category for, say, 'Contested' when a debt is contested - as creditors submit credit data. That way, other prospective lenders can differentiate between 'Default' and 'Contested'. Oh no, that's not the responsibility of CRAs either…. They appear to have no responsibility for the accuracy of the data they’re sharing.

Yours is simply another post suggesting that large corporations should be allowed to continue to profit from selling and promoting incorrect information about individuals, unchallenged.
Instead of being snide and dismissive on this consumer website, how about recommending people have a word with their MP (post COVID-19), when they feel, rightly, aggrieved about an industry that's sorely in need of better regulation?

TBF - this wasn’t your thread/question and you already have your own elongated, out-stretched thread already detailing what happened in YOUR situation. 

But under normal circumstances you contact the lender and ask them to correct the data they are providing to the CRA’s. 

Yours is simply another post where you’ve been “hard done by” and have to vent on everyone else’s thread to let everyone know about it. 

Selector

To be frank, D3xt3r5L4b, this is a public forum. My situation matched the OP's; a contested debt being classed as a default. It made sense to contribute to this one instead of starting a new one.

You patently can't help getting your claws out when challenged with your, "Yours is simply another post where you’ve been “hard done by” and have to vent on everyone else’s thread to let everyone know about it".
I take CRAs on 'a lot'! Mostly for other people who've been "hard done by" and don't know where else to turn. The last time was yesterday, Sunday, morning. The automatic email reply from Experian Consumer Support acknowledging yesterday's correction request reads;

'We've received your case, xxxx-xxxxxx requesting to change some information in the account/credit agreement section of your credit report. We may need to contact other companies on your behalf to resolve your case. This is because the information on your credit report belongs to the data provider and we cannot change it without their authorisation'.

Unlike you, Experian seem to think they do have some responsibility for correcting erroneous data.
As for my "elongated" contributions, I find that important and complex matters cannot be properly addressed by trite, unsubstantiated one-liners.

D3xt3r5L4b

Indeed. 

Experian have sent you an auto-generated response.
If you take that as gospel that they’re doing something then good-o for you. 

bubby08

Off topic, but it does seem like slightly unbalanced process where with nothing other than a obligation to report factual information based on their own records a creditor can decimate ones ability to obtain finance with one inaccurate entry.
 Moreover the fact that disputed, erroneous inaccurate entries can be made on someone’s credit file without warning or discussion and then become impossible to remove. Having looked into the potential of removing this linked address it seems it’s actually improbable that I can get it removed before it drops off in October. 

Either way I understand the general consensus Is that scores are irrelevant but it seems that the information held by CRA have a definite affect on ones ability to obtain finance, not to mention the fact that different CRAs have different information, I am actually scared to register with another CRA in case it produces more erroneous information.

Willing2Learn

bubby08 said:

...I am actually scared to register with another CRA in case it produces more erroneous information.

No need to get stressed over it.  Though it is a good idea to check all three files periodically to ensure that all the correct data is recorded accurately.

D3xt3r5L4b

bubby08 said:

Off topic, but it does seem like slightly unbalanced process where with nothing other than a obligation to report factual information based on their own records a creditor can decimate ones ability to obtain finance with one inaccurate entry.
 Moreover the fact that disputed, erroneous inaccurate entries can be made on someone’s credit file without warning or discussion and then become impossible to remove. Having looked into the potential of removing this linked address it seems it’s actually improbable that I can get it removed before it drops off in October. 

Either way I understand the general consensus Is that scores are irrelevant but it seems that the information held by CRA have a definite affect on ones ability to obtain finance, not to mention the fact that different CRAs have different information, I am actually scared to register with another CRA in case it produces more erroneous information.

Again, the CRA’s only report what lenders tell them to report. 

So if you see something amiss you need to take it up with the lender that has provided the CRA’s with the incorrect information. 

bubby08

Thank you both. Does registering with a CRA trigger another search say for example can things added to my credit file just because I register with a CRA for example would I appear on the grid. My concern is that further accounts will be linked to me as I have an idea how this has happened.

D3xt3r5L4b

bubby08 said:

Thank you both. Does registering with a CRA trigger another search say for example can things added to my credit file just because I register with a CRA for example would I appear on the grid. My concern is that further accounts will be linked to me as I have an idea how this has happened.

Registering with a “CRA” doesn’t make accounts “appear”. 

If they’re there then they’re there. End of.