Not reporting to credit agencies

Lorrenj

Hi, I have recently been declined by a mortgage lender as Very ‘shop direct company’ have not been reporting any of my payments to the credit check agencies / bureaus! I was wondering if anyone else has experienced anything like this? I am up to date with my very account and do not owe anything, my payments are always on time and never late. However because they haven’t reported any status of my account, the mortgage lenders assume I am late paying.

[Deleted User]

It's fine for them not to report. But anything they do report needs to be accurate.

Mortgage lenders won't assume you're late paying.

Nebulous2

What does your broker say?

 I'd have expected you to get an opportunity to prove you are up to date by providing your statements if there was a question over paying.

bradders1983

If your broker has told you that is the reason for the decline, he or she is an idiot. Find another broker.

If you don't have a broker, someone has got the wrong end of the stick.

DCFC79

Lorrenj said:

Hi, I have recently been declined by a mortgage lender as Very ‘shop direct company’ have not been reporting any of my payments to the credit check agencies / bureaus! I was wondering if anyone else has experienced anything like this? I am up to date with my very account and do not owe anything, my payments are always on time and never late. However because they haven’t reported any status of my account, the mortgage lenders assume I am late paying.

What is your credit files showing ?
Not the score but your history as thats really important since lenders see it.

MEM62

Lorrenj said:  However because they haven’t reported any status of my account, the mortgage lenders assume I am late paying.

No, they won't.  The fact that Very are not reporting will have zero impact on your mortgage application.  

sourcrates

How would they know you had an account if it didn`t show ?

You cannot be declined for a mortgage based on an account no one knows exists, not reporting to your credit file, that is ridiculas.

DCFC79

Lorrenj said:

Hi, I have recently been declined by a mortgage lender as Very ‘shop direct company’ have not been reporting any of my payments to the credit check agencies / bureaus! I was wondering if anyone else has experienced anything like this? I am up to date with my very account and do not owe anything, my payments are always on time and never late. However because they haven’t reported any status of my account, the mortgage lenders assume I am late paying.

Im surprised they aren't reporting.
I don't buy it was the reason for the decline.
Id consider another broker.

Yahoo_Mail

sourcrates said:

How would they know you had an account if it didn`t show ?

You cannot be declined for a mortgage based on an account no one knows exists, not reporting to your credit file, that is ridiculas.

I took this to mean that they are on their credit files but because of COVID, the reporting is delayed or seems to have paused. Most of the companies reporting to my file seem to at the very least be a bit behind.

bradders1983

That still would be a ridiculous reason to summise.

Yahoo_Mail

bradders1983 said:

That still would be a ridiculous reason to summise.

Oh, I agree.  And I'm often rather amazed by people who think that people whose job it is to read and understand what is contained in credit files have no idea what they're doing.  But c'est la vie.