unfair credit rating

geordiead

okay, i posted a new thread yesterday about applying for loans but this is unrelated. i got a free credit report from experian today and i am bit annoyed. i have three problems with it and i want to know if there is anything i can do about it.
1. i have a loan. the settlement amount in 8700. however my report says that my balance is 11000. this is the amount i should eventually pay if i keep the loan for the maximum term. is this how they do things?
2. because of a bank error, ( i was overseas and transfered mony back home. the idiots in the bank sent it to the wrong branch ) i missed two seperate payments in january. i immediatly called them when i realised ( two days later ) and made my payments up to date and explained the error. my bank had no problem, neather did the companies whose payments i missed but it is still on my credit report. again, is this standard practice.
3. according to experian, my score is fair. i can't help but think that the above issues keep it out of the good category. no wonder i've been declined!!
what can i do?

inmypocketnottheirs

Here goes:

1) Yes this is the way it works.
2) Write to the company who have recorded the information, this will be shown on your credit report and explain again what happened and ask them to remove the late payment history from your credit file. To answer your question this is standard practice because the companies record the information with the credit reference agencies.
3) When you say Experian say your score is fair, do you mean they have given you a rating of a 1000 and say your score is average? If so this means nothing, as all companies use different criteria for different products. For example Capital One would use a different rules for a Classic card to a Platinum card.

Hope this helps.

geordiead

thanks for the advice. did you mean call the report company or the lender whose payment i missed?
i wish i'd done this before appying for loans!!

patrick1

Write to or call the company whose payment you missed (eg. a bank for a loan payment, electricity company or whatever). They can change entries they made to your credit report.

Missing payments is likely to be taken quite negatively by most companies, so get it fixed if you can.

darcyvuqua

what do you do if company's wont change the status from a 1 to a zero??
help would be great as i believe that this is impossible

inmypocketnottheirs

darcyvuqua wrote: »

what do you do if company's wont change the status from a 1 to a zero??
help would be great as i believe that this is impossible

Can you prove that the status should be changed from 1 to zero?

If you can, and then the company won't, then write and explain this to Experian, Equifax and Call Credit. They will then put a notice against the entry for thirty days whilst they contact the relevant company. If they do not respond within this time frame then the entry will be removed.

HTH