Mental Health and Debt

Hi,

I’m a new poster, so apologies if this has been covered elsewhere.

Three to four years ago I had a period of ill health, during which I lost my job and let my financial obligations lapse. I was diagnosed with a mental health disorder, prescribed medication and have since made a full recovery.

During this period I defaulted on some and was late on other credit obligations. All accounts were settled (I had savings to cover my debt, I just wasn’t functioning properly to manage my finances) when I returned to health, but are clearly showing on my credit report.

I’m now in a position where I am looking to buy a property. I’m happy with what I need earnings and deposit wise and have steady and secure employment, so I am more interested in whether I should make a “note of correction” against defaulted accounts to explain the contribution my I’ll health made and subsequent recovery, or to contact the lenders in question to see if they are able to amend the report to reflect my ill health?

My Experian score is at the top end of fair, but unlikely to tip in to Good before I want to apply for a mortgage and an Excellent score is going to take another three years or so for all defaults to drop off my report.

I’d be interested to hear from anyone who has had a similar experience and their thoughts on whether mentioning recovery from mental health issues on their credit report was beneficial or not. I appreciate any note will require an underwriter to look at my application, but this doesn’t particularly bother me.

Thanks in advance.

Pete