I have recently applied for a mortgage and was turned down because i had poor credit history. when i got the report it was in regard to an unfinished loan which i have since paid off that said i had been in arrears with the a bank loan. I had paid it on a regular basis and was not aware that it was ever in arrears and the bank said initially that i had no problems getting a mortgage as all my print outs showed a regular and consiseant payer and saver.When i brought my history report to the bank manager, she said there was nothing she could do but would bring it to the attention of the bank. I am left as a 48 year old with a very substantive deposit but I am being told i will be unable to get a mortgage for a least 5 years as this is how long my credit will be affected. I have no debts and a savings the whole thing seems ridiculous. If i cant be helped i need to leave the country what should or can i do
got my credit report
went to see my bank manager
paid off the loan
1. The course you need to adopt here is to write to the credit reference agencies and seek to correct the incorrect information about you. YOu can correct it with both the bank with whom the loan was with and also with any credit reference agency to which the incorrect information was provided. If the credit reference agencies or the bank who had the loan will not correct the information properly or to your liking, then you should write to the Information Commissioner who has jurisdiction over the correction of all information held on you with credit reference agencies and other public bodies. Here is a link to a page in the Information Commissioner's website which deals with the issue - http://www.ico.gov.uk/for_the_public/topic_specific_guides/credit.aspx
2. As part of the process, you should get your credit reference file and then correct anything which is not correct. This may include going back and getting the bank who gave you the loan, to reclassify the loan as being performing during the period which is in issue.
Barrister 17 years experience
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