Credit Scoring Errors - how best to fix?

[Gorvid]

Firstly, not sure where this should be, so apologies if this isn't the best venue.

So, I found out the other day that my credit score just got utterly bummed due to a chain of annoying events. And I have no real idea how to fix it. I'm not planning to go get another mortgage or anything but I want to know if I can sort this and if so... how?

This is what happened:

In November last year I forgot to move some money over to an account where a small mortgage gets paid from... it's only got £10,000 left on it and it gets sent about £60 a month. It was my fault - I forgot to sort it - and as a result the November payment was not paid.

The same day I called the bank and stuck a grand in there, they told me it was no problem and that the payment would be represented and sorted.

I heard nothing more and heard nothing at all from the mortgage people.

I then saw the monies moving as normal for every month since.

Last week I did a yearly credit score thing, just coincidentally, and saw that the bloody thing is flagged as FIVE MONTHS of late payments....?!

Turns out the original DD was never represented, the mortgage people said they sent me one letter and got no answer - so charged me a fee. Yet.. they then proceeded to both take AND flag my monthly payments as late....?

When I called them they said their system showed no late payments at all.

AND - they claim to have sent a single letter (I got NO letters) and then upon getting no reply to this letter simply did nothing further to let me know what was going on.

And quite where the FIVE flags come from I don't know.

Also, the bank (who told me that they would sort the original missed DD on representation) were utterly wrong to do so - as the mortgage lenders apparently never do that.

Headache.

Any ideas and advice on how to push for the most undoing of this mess possible?

Thanks in advance - sorry for the boredom.

[williamp]

sounds unlucky. Is it possible that the 1st one was missed, so flagged. The second one (say month 2) was actually for month 1, so month 2 was late (this was taken as month 3) etc etc? And they needed you to make a one-off payment to restore the balance??

[scotal]

williamp said:

sounds unlucky. Is it possible that the 1st one was missed, so flagged. The second one (say month 2) was actually for month 1, so month 2 was late (this was taken as month 3) etc etc? And they needed you to make a one-off payment to restore the balance??

Exactly what happened.
Gorvid, you plum, YHM.

[Gorvid]

scotal said:

williamp said:

sounds unlucky. Is it possible that the 1st one was missed, so flagged. The second one (say month 2) was actually for month 1, so month 2 was late (this was taken as month 3) etc etc? And they needed you to make a one-off payment to restore the balance??

Exactly what happened.
Gorvid, you plum, YHM.

Well I though this - but apparently it ISN'T what happened, as their system shows nothing in arrears at all. They couldn't explain the flags.

Also, if this was the case and they were just arbitrarily taking each month as the last month's payment: a> what happened to the ACTUAL month's payment each time - they just didn't bother asking for it? and b> why the HELL did they not send a single letter (and nothing was on their file) communicating this to me.

The only error I have made is the original mis-movement of funds.

There is no WAY that the mortgage lenders should have been doing all this without making any effort to contact me, and certainly they should have had SOME clue when I called them up...right?

[HereBeMonsters]

Banks are s.

Everything's done "on the system" now, and no-one has any fking clue how it works. You have to play by their rules or you're fked for life.

Still, it means I have to work hard for my money as I sure as hell can't borrow any!

[sanf]

scotal said:

williamp said:

sounds unlucky. Is it possible that the 1st one was missed, so flagged. The second one (say month 2) was actually for month 1, so month 2 was late (this was taken as month 3) etc etc? And they needed you to make a one-off payment to restore the balance??

Exactly what happened.
Gorvid, you plum, YHM.

Firstly - that is not how it works - if you miss 1 Jan payment, then pay Feb, March, April etc - you only show as 1 payment down NOT 5. To be showing on your file as 5 payments down then they are reporting that you have paid nothing over a period of 5 months.

Go to all three credit bureauxs and get a copy of your file - this will show you if it is bureaux error or a company reporting error. IF they are all showing the same then it means the company sending the monthly file is wrong.


The data protection act is clear that all data should be maintained in a correct and accurate manner - so IF the payments have been made then the mortgage company is in the wrong. Make a copy of all the statements showing payments being made for the last months. This will then show that you are up to date on all payments so should not show in arrears.

Then speak with a manager within the mortgage company - make it clear it their mistake and as such under the DPA it is their responsibility to correct the error. They can amend the credit file on either their monthly submissions or in a real time environment when there has been a major cock-up.

So - IF all tha payments have been made as stipulated speak to the company and if they don't correct their error then you can report then to the ICO for breach of DPA. If any payments such as the first one were a week or so late then you will likely have to swallow the charges as they will be in the T&C's - however you should be able to get your info on the credit file sorted.

[Killer2005]

Gorv YHM

[scotal]

sanf said:

scotal said:

williamp said:

sounds unlucky. Is it possible that the 1st one was missed, so flagged. The second one (say month 2) was actually for month 1, so month 2 was late (this was taken as month 3) etc etc? And they needed you to make a one-off payment to restore the balance??

Exactly what happened.
Gorvid, you plum, YHM.

Firstly - that is not how it works - if you miss 1 Jan payment, then pay Feb, March, April etc - you only show as 1 payment down NOT 5. To be showing on your file as 5 payments down then they are reporting that you have paid nothing over a period of 5 months.

That would be exactly how it works if he missed 1 payment and never made it up.
It would show 1month in areas for each of the 5 months. Which is how I (WP by the look of it ) have read the OP
Even giving the banks a pat on the head for general uselessness Gorv would have heard from the lender if they felt he was 5 months in arrears.

[kingbowser]

I've got the same problem however mine was for a loan back in may 2007 a payment was late for that month however my bank have flagged it as 6months of arranged payments.

What is the best way of removing this from my credit file as im trying my hardest at the moment to secure a first time buyer mortgage

[scotal]

kingbowser said:

I've got the same problem however mine was for a loan back in may 2007 a payment was late for that month however my bank have flagged it as 6months of arranged payments.

What is the best way of removing this from my credit file as im trying my hardest at the moment to secure a first time buyer mortgage

Take it up with your bank*, did you make the missed payment up almost immediately?
You'll need to inform the credit agencies that you dispute the record (There's a bit on the credit expert site telling you how to do this.

*Take it up with your bank in writing, or if you must speak to them on the 'phone make sure you take names and note down times of calls.

[faldo1]

kingbowser said:

I've got the same problem however mine was for a loan back in may 2007 a payment was late for that month however my bank have flagged it as 6months of arranged payments.

What is the best way of removing this from my credit file as im trying my hardest at the moment to secure a first time buyer mortgage

I have heard that some firms deliberately report higher arrears so that the ycan then shift the debt on to someone else (another debt collection firm). Not sure how accurate this is but whatever these firms have an obligation to get things correct, bad data can cause all sorts of problems with regard to anyones financial health, it can even stop employment in the finance industry itself. I would go for litigation if it was me and the error was their side. If everyone did this then the litigation costs/fines would make them pick up their game. I found a great free iphone app called icreditscore that gives you a free score and shows how the power of different bureau data items affects your score. If you get your credit report you can input data held on you and see how it moves your score. Its also annonymous.

[okgo]

I don't know if all the pm's flying about would be advice on what I need to know...

Basically my credit file is showing that I have more credit cards than I do and is showing that I have more outstanding debt on a loan than I do. does it get updated ever? I paid off 3 cards a year ago and they still seem to be on there...

[scotal]

okgo said:

I don't know if all the pm's flying about would be advice on what I need to know...

Basically my credit file is showing that I have more credit cards than I do and is showing that I have more outstanding debt on a loan than I do. does it get updated ever? I paid off 3 cards a year ago and they still seem to be on there...

Did you close the card accounts? If not they will be on there as available credit. Are they showing the correct balance?
With regards to the loan, lenders are often well behind in updating their records. Noone seems to care how far behind they are (Which is quite different to how they react when you are late paying)

[okgo]

Nope, closed them down.

[scotal]

Do they show available balances? If not, it may be that they are simply there for historic purposes, and as long as they show only up to date payments they won't do you any harm. They'll drop off eventually.
I guess you could ask the firms involved to remove them, but don't be surprised if they say they can't/ won't.