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So, there I was going through a mortgage application, merrily ticking all the required boxes, when at the end they do a credit check which came up ‘declined’! It was like ...WHAT???
On investigation it appears that Orange have listed me as a defaulted account, from 2 years ago despite the fact that they continued to charge me long after I’d correctly cancelled the contract on my daughters phone and even refunded me some money. I have statements showing this!
So despite having personal and business accounts with my bank, great credit references on my business, the whole thing has come to a grinding halt and I risk losing the house I am trying to buy. I have to write to Orange Credit referrals who say they may take 28 days to deal with enquiries....and the mortgage advisor said we should be able to appeal, but now seems to have disappeared! Arrgggh!!!!
I’ve subsequently heard other horror stories on a similar vein, so I’m just wondering how on earth this can be allowed to happen?
Mate, they are a law unto themselves. 🙁
You're clearly not 'sub-prime' enough.
You can correct any incorrect data held by them, it’s simple to do.
I’ve subsequently heard other horror stories on a similar vein, so I’m just wondering how on earth this can be allowed to happen?
Incompetence.
You can correct any information - sign up to this and follow the simple instructions to both view your history and correct if needed.
https://www.moneysavingexpert.com/creditclub
A few years ago I had an a job offer refused due to a being linked to my ex wifes accounts. I now monitor it as part of a paid bank account but if it wasnt included I would probably pay the subscription.
Mobile Cos are the worst for it, they hold a grudge too! I stopped paying for my mobile whe I was young and stupid and they defaulted me. That’s long gone but they still wouldn’t give me a mobile upto the point they became EE 12 years later.
[b]Noddle[/b] is free and you get an update every month so you can keep an eye on things.
Makes it easier to sort any errors out when they happen, rather than not knowing and finding out at a bad time (like in a mortgage meeting!)
I had a similar scenario here in Germany a few years ago when buying a new van.. A few years earlier still I had been in dispute with the landlord of my business premises and unbeknown to me his lawyer had registered me as defaulting rent with the company that do credit checks before the court process had started. Didn’t find out about it until three years later when about to sign the financing on a new T5 in the VW main dealership. Not the best time to find out you are credit black listed. It took about a month to get my name off the list and my lawyer was able to line his pockets, too!
I'd write to Experian, Equifax and Call Credit to notify them of the mistake. Credit providers use these companies to obtain your information then ascertain themselves whether or not to lend to you, so it's important that the information the credit reference agencies they supply to the credit providers is accurate
Always worth keeping an eye on it using the free service from noddle.co.uk for this exact reason.
You can write to them all you want - they will do **** all about it.
I took Experian to court - and won.
They still didn't remove the incorrect information stating that it is the providers responsibility to inform them that it is to be changed - they are merely a data holder under the DPA, etc, etc, etc....
Took sending in the High Court to sort it in the end.
I had an Experian score of 997 (near as damn it perfect) an online insurance qoute on a comparison site for the vehicle I was buying dropped that to 805 meaning my new loan gained 3% extra interest on the repayments.
It really doesn't take much to goose a credit rating. Wouldn't mind but I pay my premium annually not monthly.
You can correct any incorrect data held by them, it’s simple to do.
I thought the only thing one could do was add a 'note' detailing one's side of the story. I believe this doesn't show up when automated searches are run, but lenders taking a physical look can choose to take this into account / request further evidence.
That was 5yrs or so ago, so I may be wrong.
carlosg - Member
I had an Experian score of 997 (near as damn it perfect) an online insurance qoute on a comparison site for the vehicle I was buying dropped that to 805 meaning my new loan gained 3% extra interest on the repayments.It really doesn't take much to goose a credit rating. Wouldn't mind but I pay my premium annually not monthly.
No it didnt, even an application for a loan shouldn't drop your credit rating that much.
Some insurers do soft searches to understand credit worthiness to impact the price and or if they offer monthly instalments, if they did a full credit check they should have informed you and what that means - which they wouldn't have done.
It was something else that allegedly knocked your score down.
People do really need to become more savvy with credit reports, how they work and what it means for them.
Similarly the score provided by these sites - Noddle, Experian, Call credit etc is only a guide. Companies have their own scoring systems, so just because you have a great credit rating on Experian doesnt mean you'll be accepted for credit.
It scares me that people who are making the largest purchase they ever will do on credit, haven't even checked their credit file before going down that avenue and that isn't aimed at just the OP, so many people are oblivious to it.
Larry_Lamb +1, to all of that, particularly the first and last paragraphs!
Same thing happened to me, but with O2. Said I'd defaulted, black mark on my file....over £5!
Wouldn't mind, but I had a current contract with them. it was their mistake and it soon got sorted. Twitchy bum moment when it came up with pending further info etc.
I had an Experian score of 997 (near as damn it perfect) an online insurance qoute on a comparison site for the vehicle I was buying dropped that to 805 meaning my new loan gained 3% extra interest on the repayments.
Sorry, but there is no way that an online insurance quote lowered your credit score like that.
Something may have, but it wasn’t an insurance quote.