Bad Credit Rating

  • Thread starter James Callin
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James Callin

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Has anyone had any experience with having a bad credit rating revoked?
I am currently trying to secure a FTB mortgage through a broker. I had a motor loan which was transfered over to my father approx 4.5 yrs ago, the loan was due to be completed this month but due to unemployment my father missed the last 4 payments. The loan co neglected to remove my name from the loan and as such registered a bad credit history against us both. I have since cleared the loan completely but am still getting refused the mortgage. As anyone any suggestions what can be done from here?
 
James Callin said:
Has anyone had any experience with having a bad credit rating revoked?
I am currently trying to secure a FTB mortgage through a broker. I had a motor loan which was transfered over to my father approx 4.5 yrs ago, the loan was due to be completed this month but due to unemployment my father missed the last 4 payments. The loan co neglected to remove my name from the loan and as such registered a bad credit history against us both. I have since cleared the loan completely but am still getting refused the mortgage. As anyone any suggestions what can be done from here?
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If it was a genuine mistake by the loan provider, then technically they should take steps to have your bad credit rating revoked. As far as I know they are responsible for the accuracy of data sent to the ICB.
Have you got any paper trail about your name being removed from the loan? This would strngthen your case.
 
Request a copy of your report from the ICB. It may not be for that loan. Also the ICB can occassionally get it wrong for example if your father has the same name as you.
 
Thank you both for your replies. I have got a copy of the report from the ICB, that is the only discrepency so i know that where the problem lies. I have spoken with the loan company and they claim they never received the request to have my name removed. As i have since moved house i no longer have copies of the paperwork that i sent them. They have denied making any mistake and as such will not be asking they ICB to change my credit report. From here it looks like Im not going to have any chance of resolving this.
 
just a quick update, First Active are the only bank to accept my mortgage. They do take a little bit longer to make a decision but i now have my mortgage and will be moving into my new home in the coming weeks. If anyone is having difficulty i would def recommend trying them.
 
glad you got sorted james, if you still have a problem with on you credit its in your interest to get it sorted, as for adding your father to your loan a few years ago you cant just ring and add someone to your finance, you can to draw up a new contract with the finance co. and then sign a new agreement so your father should have a copy of the new agreement without you on it otherwise it was never changed.
 
HI have to ask, what happened was my father was guarantor on the loan when i took it out originally. I asked to have the loan transferred into his name and mine taken off. We did fill out new agreement forms but of course GE Money say they never received them, unfortunatly i dont have copies of them. I have no way of proving they received the documents so im stuck with it. Hard lesson learned.
 
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