Section 75 causing negative repayment status

Kirstin89

p3ncilsharpener said:

Kirstin89 said:

p3ncilsharpener said:

Kirstin89 said:

born_again said:

So did Ryan Airs refund come through in the same statement period as the debit? Or had you already cleared the debit?

As not all card provider will take a retailer refund as a payment. 

S75 will have no affect on your credit report.

I had already completely cleared the credit card. The balance was £0 throughout this period and this is shown on my statements. There was no balance at the end of the month whatsoever. I have never missed a payment. Sainsbury’s have confirmed this to Equifax.

I have told Equifax s75 should not be affecting my credit score but they won’t accept this as they just see the marker from Sainsbury’s that my account was under review (purely due to requesting S75) and attribute a negative repayment status. I have been arguing this incessantly with both sides for the last 2 months hence getting the financial ombudsman involved.

Is there anything else I can do? Are FO likely to step in and do anything?

Your score doesn't matter, and it especially doesn't matter how Equifax view your credit report. They do not lend money.  If these are Q markers then seems relevant.

Thank you, that is really helpful. I am aware that Equifax don’t lend money. 

I’m not worried about my score or the Q marker in itself,  more the big yellow flags with “9 months since last missed payment” and “Up to date with payments? No”. Equifax have confirmed these would be viewed negatively by a lender.

My research seems to suggest that this is Equifax erroneously viewing Q markers as missed payments.  But that's a faulty interpretation (I have no idea why they're misinterpreting their own markers.)  The plus side is that Equifax's interpretation doesn't matter, lenders will see the raw data and make their own assessment (and a Q marker is not a negative.)

Thank you, that’s reassuring! I have been worrying about it but I feel better knowing lenders can see the raw data. Hopefully FOS/ICO will be able to get Equifax to resolve this.

mjm3346

Kirstin89 said:

I requested section 75 to reclaim funds from Ryan Air on my Sainsbury’s credit card around August 2020. I didn’t need to pursue this as by the time Sainsbury’s responded asking for more information Ryan Air had refunded me.

Sainsbury’s have now added an “account under review” marker on my file solely due to this from October 2020 and Equifax have interpreted this as a negative repayment marker and recorded it as a missed payment on my credit report.

I have been in touch with both sides and had a final response from both and neither will budge on this. I have asked the financial ombudsman to investigate.

I was just hoping to get some general opinions - should requesting Section 75 cause a negative repayment marker and a missed payment marker on my credit report? Is there anything else I can do? If I knew this would be a consequence I wouldn’t have applied for the section 75. To clarify there is nothing else that would have caused this - balance was £0 throughout that period.

Presumably you did inform Sainsbury's that you had a refund and didn't just ignore them

p3ncilsharpener

Kirstin89 said:

p3ncilsharpener said:

Kirstin89 said:

p3ncilsharpener said:

Kirstin89 said:

born_again said:

So did Ryan Airs refund come through in the same statement period as the debit? Or had you already cleared the debit?

As not all card provider will take a retailer refund as a payment. 

S75 will have no affect on your credit report.

I had already completely cleared the credit card. The balance was £0 throughout this period and this is shown on my statements. There was no balance at the end of the month whatsoever. I have never missed a payment. Sainsbury’s have confirmed this to Equifax.

I have told Equifax s75 should not be affecting my credit score but they won’t accept this as they just see the marker from Sainsbury’s that my account was under review (purely due to requesting S75) and attribute a negative repayment status. I have been arguing this incessantly with both sides for the last 2 months hence getting the financial ombudsman involved.

Is there anything else I can do? Are FO likely to step in and do anything?

Your score doesn't matter, and it especially doesn't matter how Equifax view your credit report. They do not lend money.  If these are Q markers then seems relevant.

Thank you, that is really helpful. I am aware that Equifax don’t lend money. 

I’m not worried about my score or the Q marker in itself,  more the big yellow flags with “9 months since last missed payment” and “Up to date with payments? No”. Equifax have confirmed these would be viewed negatively by a lender.

My research seems to suggest that this is Equifax erroneously viewing Q markers as missed payments.  But that's a faulty interpretation (I have no idea why they're misinterpreting their own markers.)  The plus side is that Equifax's interpretation doesn't matter, lenders will see the raw data and make their own assessment (and a Q marker is not a negative.)

Thank you, that’s reassuring! I have been worrying about it but I feel better knowing lenders can see the raw data. Hopefully FOS/ICO will be able to get Equifax to resolve this.

I'm not sure there's anything to resolve.  What matters is whether the data is accurate, and it is.  That Equifax are erroneously telling you it's a missed payment doesn't matter at all.

Kirstin89

mjm3346 said:

Kirstin89 said:

I requested section 75 to reclaim funds from Ryan Air on my Sainsbury’s credit card around August 2020. I didn’t need to pursue this as by the time Sainsbury’s responded asking for more information Ryan Air had refunded me.

Sainsbury’s have now added an “account under review” marker on my file solely due to this from October 2020 and Equifax have interpreted this as a negative repayment marker and recorded it as a missed payment on my credit report.

I have been in touch with both sides and had a final response from both and neither will budge on this. I have asked the financial ombudsman to investigate.

I was just hoping to get some general opinions - should requesting Section 75 cause a negative repayment marker and a missed payment marker on my credit report? Is there anything else I can do? If I knew this would be a consequence I wouldn’t have applied for the section 75. To clarify there is nothing else that would have caused this - balance was £0 throughout that period.

Presumably you did inform Sainsbury's that you had a refund and didn't just ignore them

Sainsbury’s sent me a letter to tell me it was not going to pursue as Ryan air refunded. And they confirmed this to Equifax.

born_again

p3ncilsharpener said:

I'm not sure there's anything to resolve.  What matters is whether the data is accurate, and it is.  That Equifax are erroneously telling you it's a missed payment doesn't matter at all.

That is certainly something that FOS need to get them to correct. While lenders do get raw data. What is the point of a credit ref co if they can not provide the correct data?
Even when they have been provided with the correct info by the card company....

kaMelo

born_again said:

p3ncilsharpener said:

I'm not sure there's anything to resolve.  What matters is whether the data is accurate, and it is.  That Equifax are erroneously telling you it's a missed payment doesn't matter at all.

That is certainly something that FOS need to get them to correct. While lenders do get raw data. What is the point of a credit ref co if they can not provide the correct data?
Even when they have been provided with the correct info by the card company....

I think the point @p@p3ncilsharpener is making is that the data shown is being presented correctly, there is nothing to correct. Equifax are misinterpreting the data and showing it as a negative to the OP and no doubt generating their credit score from this, but only the OP that sees the negative interpretation and credit score, no one else sees this. 

The FOS cannot tell Equifax how to interpret data and generate their made up number, that's up to Equifax  Each lender will only see raw data and make their own mind up irrespective of what Equifax thinks..

born_again

kaMelo said:

I think the point @p@p3ncilsharpener is making is that the data shown is being presented correctly, there is nothing to correct. Equifax are misinterpreting the data and showing it as a negative to the OP and no doubt generating their credit score from this, but only the OP that sees the negative interpretation and credit score, no one else sees this. 

The FOS cannot tell Equifax how to interpret data and generate their made up number, that's up to Equifax  Each lender will only see raw data and make their own mind up irrespective of what Equifax thinks..

Banks get raw data. But do other companies that use the credit ref agencies. So the fact they are showing the marker as a missed payment is a massive reporting error on their part.

You have to expect a company that deals with data like this to get it right.. I'm sure everyone would be up in arms if the banks were treating it in the same way.

p3ncilsharpener

born_again said:

kaMelo said:

I think the point @p@p3ncilsharpener is making is that the data shown is being presented correctly, there is nothing to correct. Equifax are misinterpreting the data and showing it as a negative to the OP and no doubt generating their credit score from this, but only the OP that sees the negative interpretation and credit score, no one else sees this. 

The FOS cannot tell Equifax how to interpret data and generate their made up number, that's up to Equifax  Each lender will only see raw data and make their own mind up irrespective of what Equifax thinks..

Banks get raw data. But do other companies that use the credit ref agencies. So the fact they are showing the marker as a missed payment is a massive reporting error on their part.

You have to expect a company that deals with data like this to get it right.. I'm sure everyone would be up in arms if the banks were treating it in the same way.

https://www.financial-ombudsman.org.uk/files/101268/DRN3924062.pdf

Specifically

It’s not my role to comment on a business’ process, that’s the role of the Financial Conduct Authority. So I’m not able to decide whether it’s right or not that Capital One’s CreditWise includes “queries” as part of its missed payments metric. But I’m satisfied with the explanation Capital One has provided regarding this. I’m also satisfied that correct information has been reported. 

I'd also note that Q markers can be used where a customer disputes something and payments are not being made while a dispute is in place, which may be why Equifax lumps them in with missed payments, but I don't think a withheld payment due to a dispute is a "missed payment" per se.