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      01-17-2013, 06:05 PM   #1
TikoV
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Credit Report Issue...need some advice

Hi folks,

I've not really had issues getting credit but there has been the rare occasion where the computer said "NO". However by hook or crook I was able to overturn decision.

BUT, recently I've had an issue with a store card that I haven't used since 1997 when I was a poor student. Basically I paid minimum every month and continued to pay this amount would you believe till 2009. It was my missus who picked up on this and worked out that I had paid 4000 for a balance of 300. Interest was phenomenal as you can see... Phoned up the CC company and cleared balance and told them to close account. Thought this was the end of it until I Oct last year when they all of a sudden started taking money out my account again and as I had cancelled dd, they eventually listed a debt collecting agency. Explained the circumstances and they agreed that it was odd why this would happen. After many calls I got confirmation that DC would not be chasing the money and account was shut...end of

TILL, I went in to Audi to look at the X5 replacement and do the deal....credit refused due to a default of 77!!!! The store card had placed this against my account :/

What can I do...help really appreciated.
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      01-18-2013, 03:20 AM   #2
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You need to write to one of the credit-rating agencies (e.g. Experian) and explain the situation and state that the record is erroneous. Assuming that it is an error (i.e. you haven't miscalculated) then they have to remove it.

However, your story is not too clear: You say you got "confirmation that DC would not be chasing the money...." What money? You said the account was clear. Are you sure that there wasn't 77 outstanding but the lender decided not to persue you for it (i.e. you had paid enough of the debt not to make it worthwhile / enforceable)?

If you did leave 77 owing then it's a genuine mark-down on your credit score and there's not much you can do about it.

Using those high-interest lenders does your credit rating no good even if you pay it all off. More mainstream lenders will shy away from users who use the high-risk lenders.
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      01-18-2013, 03:37 AM   #3
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4k for a 300 loan. Hope you weren't doing business studies at college
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      01-18-2013, 03:52 AM   #4
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I had a similar problem a couple of months ago with Santander, I moved banks and one DD was not setup. Cut a long story short I missed two payments, I get a call asking for the money. Now this was a 4 year DFS sofa and I had been paying it for 3 years, as soon as I knew I paid 3 months up front.

Anyway next thing they add two missed payments to my credit file which stopped me getting any credit.. I phoned them and explained the situation, they put me through to the credit team, I had to beg them to take it off even after explaining the situation.

They did end up removing the two missed payments and instantly my credit was back. It's amazing that something so simple can destroy years of good credit history...

I would call them and explain the situation, mention how long you have been paying etc, never missed a payment and see if they will remove it. Failing that get on credit expert (free for a month) and get them to add a note to your file.

I have now paid the full balance as the people that DFS use seem to have a habit of being a bit ruthless when it comes to things like this
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      01-18-2013, 04:30 AM   #5
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Quote:
Originally Posted by creepy coupe View Post
4k for a 300 loan. Hope you weren't doing business studies at college
Hahaha, if E90post had a like button, I'd press it.
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      01-18-2013, 04:40 AM   #6
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Credit ratings. Another one of life's cons. Can't get anywhere in life without one yet any muppet can destroy it for the sake of spare change. Modern life really is rubbish.
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      01-18-2013, 05:06 AM   #7
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Thanks for the reply Ian...The balance was cleared off completely in 2009, the 77 charged was a cumulative of 6 payments for some credit card protection scheme that I never requested.

I have made contact with Equifax and disputed this amount with the letter attached I received from the debt collecting agency.
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      01-18-2013, 05:19 AM   #8
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Quote:
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4k for a 300 loan. Hope you weren't doing business studies at college
Nope lol...just too much disposable cash
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      01-19-2013, 07:50 AM   #9
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Quote:
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the 77 charged was a cumulative of 6 payments for some credit card protection scheme that I never requested.
I'd get a claim in for mis-sold PPI too!
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