Property News · July 17, 2017

How credit score agencies have the power to make or break lives


Defaults on a file often mean lenders will say no – to anything from a mortgage to a mobile phone contract. So what can you do?Omar Nasser came close to losing his home when his interest-only mortgage expired earlier this year and his application for a new loan was turned down because he failed a credit check. When he investigated, he discovered that his bank, Lloyds, had registered a defaulted payment on his credit record and, as a result, his credit score – which lenders use to assess a customer’s credit worthiness – had plummeted. The default, he says, was due to a banking error because Lloyds had failed to process his request to cancel a direct debit, plunging his account into the red.“When I complained, Lloyds promised to remove the default,” he says. “But although it was removed by the credit reference firms Experian and CallCredit, it was not removed by Equifax.” Continue reading…

Source : theguardian.com
Read more…How credit score agencies have the power to make or break lives

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