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Credit score plummeted after dealing with late parents rental property
My mother died two years ago. She owned a buy to let, which as her executor I had to manage until it could be sold.
I've recently checked my credit score which used to be perfect, and it's gone down by more than 20% and that appears to be because that property, which was sold six months ago, remains linked to me for the foreseeable future.
Obviously I was paying council tax and utilities for the short period from the tenants leaving, until the sale. The tenants were in a lot of debt and several debt agencies were looking for them.
Does anyone know of there's anything I can do about this? As far as I can tell, I can't remove that property from my file. It seems incredibly unfair that my credit rating is suffering for me becoming an accidental landlord for a short period, due to a bereavement
Comments
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That explains how you can add a notice of correction.
Don't put it DOWN; put it AWAY"I would like more sisters, that the taking out of one, might not leave such stillness" Emily Dickinson
Janice 1964-2016
Thank you Honey Bear1 -
The score is irrelevant - there are two posts right next to the Create New button that explain this. Lenders never see the score you see, only the data. If you have credit linked to the address it is correctly being reported.
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Did any accounts associated with the BTL (mortgage, utilities, council tax) go into arrears while the accounts were in your name?
Did you not put these accounts into the responsibility of your late mother's estate?
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Adding a Notice of Correction is not a good idea as it will cause more checks when applying for credit and is pointless in this specific scenario as the only change is the gimmick score. Further, there is also nothing to correct here, OP continued to rent the house out for a number of months and was dealing with the utilities which were in their name so the credit reporting is correct.
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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ignore the score, are there any negative issues in the actual report/history….missed or late payments?
No idea how they come up with these numbers…when I fully redeemed my mortgage so was totally debt free my 'score' dropped significantly….but nobody sees it
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No. I inherited the tenants pre-pay meter for energy, and paid the council tax and water by direct debit. So arrears on anything. Could simply having a pre-pay energy meter be a red flag?
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So what entries on your credit history relate to the rental property?
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I don't know. At the moment I only have the free version of the credit checkers, and I can't find any further information. So clearly I need to sign up for a paid version.
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No one needs to pay for CRA reports, they can all be obtained for free (or at least they used to be).
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Details here about how to get free copies of your credit reports.
It's a bit wordy since MSE are pushing their own Credit Club interface (fair enough) but keep reading for the skinny.
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