Overdraft missed payment markers

Jim3891

Hello,

Can't seem to find much on overdraft/CRA issues.

I entered an unauthorised overdraft 3 months back with Virgin Money on my current account. 

I had the money re-enter my account from a previous days rent payment and other things and had a couple of private medical bills threatening legal action (I'm recently on disability benefit, was working when invoiced originally)

So I reluctanly decided to move the money (£750) to another account and pay them off, intending to clear the UA as fast as possible as a better route. 

I have worked hard to clear my 6 year history of nearly all late payments and have no defaults. 

I contacted Virgin Money the same day to confirm I'd only have an excess overdraft balance reported to the CRA's and would just pay the UA fee (about £11 a month). 

Live chat confirmed to me that I had nothing to worry about regarding CRA's (their words) and that nothing like that would occur. But I'd obviously get the UA monthly fee and £4 for any payments bounced (I had nothing set to come out). I repeated my concerns 3 or 4 times that I wouldn't get a late/missed marker. 

I made payments to the amount once a week every week for 3 months and cleared it. 

They did phone me a few times and I explained I had forewarned them and they said that was fine, sooner cleared the better etc. 

Yesterday with it now paid off I checked my CRA's out of curiosity and April/May/June have 3 consecutive missed payment markers. 

Spoke to Live chat and they said again it only shows up as over your overdraft limit in the balance section and shouldn't be missed payments. 

They confirmed I only had UA fees for April and May and said June was in perfect standing anyway (cleared the UA a few days into June). So they said it looked wrong. 

Before I go further with it can anyone say whether 1. They are right about CRA's not logging it as a missed payment? 

2. If they were wrong and I can't get them scrubbed (accurate reporting etc) do I have any recourse with the bank? (not that it softens it much).

Thanks for any advice.

CliveOfIndia

The CRAs don't decide what to put on your file, they simply report the data as reported to them by the bank.  If the bank reported it as a missed payment, then that is what will show on your report.

If you feel this was incorrect then you need to speak to the bank - only they can issue any sort of notice of correction to the CRA.

Jim3891

Thanks so much for that.

All a bit of a farce really.

The Virgin Money chap asked if it was Equifax (no idea why) and said maybe they interpret the bank telling them an account is overdrawn as a missed payment.

He explained that a credit card payment if made on time gets an OK tick on a file even if the card is/goes overlimit so should be the same thing.

So really the bank have done exactly what I was checking against at the start.

I'll see if they can be removed.

Thanks again.

sourcrates

There are no fixed repayments for an overdraft, so if your credit file has been marked as such, then it is clearly wrong.

You were over your limit, but you did not miss a payment.

You should definitely complain.