Disputing a Late Payment or Arrears Marker on your Credit Report

Posted by Kirstie Brown in Credit Reports on 1 March 2017 - Kirstie is a Senior Credit Analyst at checkmyfile.

Many of us have been there – we have too many things on our mind and as a result we may have missed a payment on our credit card or loan. But what happens when you check your credit file and spot a late payment or case of arrears that you are adamant has not occurred? Where do you stand and what can you do to rectify the error?

We often hear cases from individuals who find themselves being declined for a store card, loan or phone contract and have no idea what the cause of the declined application is. The lender may point you towards obtaining a copy of your credit report, and in some cases there might not be anything obvious that would have resulted in an application being declined.

On the other hand, if you do not regularly check your report to keep an eye on the information being reported, it is possible that a particular late payment entry or other negative payment history may have gone unnoticed until you find yourself declined for credit.

The first thing to do if you find incorrect negative payment history is to speak to the lender who has reported the entry, to query why the entry has been made. Although this may seem daunting or perhaps like a lost cause, by contacting the source of the information it is often the most effective way of getting the matter resolved.

The lender is in control of the information reported to the credit reference agencies and they are therefore able to investigate this for you – any information they agree to be incorrect will be amended or removed as necessary. A response is usually received within 28 days, but if the lender is unable to locate the account or if you are unhappy with the response, you can raise a Notice of Dispute with the credit reference agency that reports the disputed entry.

This is a service that checkmyfile offers to active subscribers – a dispute can be raised with both Callcredit and Equifax. Once raised with a particular agency, they in turn will contact the lender, who would need to show that the entry reported has been done correctly. If the lender is unable to do this, the entry would be amended on your report.

Depending on the level of investigation that would be needed, disputing information in this manner can take 4-6 weeks and would be a suitable option if the lender is unable to assist you.

Check Your Multi-Agency Credit Report

30 Day Free Trial

How to Build Your Credit History From Scratch

When it comes to building a credit history we all start from square one, but for some people this challenge can happen more than once, or much later in life than average. That might be because they’ve never borrowed money and have no credit history to speak of, or because they have had a financial setback and are starting again from scratch. No matter the reason, the catch 22 of applying for credit is that without previous proof of having and managing credit well, you’ll find it harder to be accepted.

Published on 21 Oct 2018 by Beth Jennings

Full Article

How Your Phone Contract Affects Your Credit Report

Some people only really consider their Credit Report and the information it contains when they’re about to apply for a traditional form of borrowing, such as a credit card, loan or mortgage. That's why for some it can come as a bit of a surprise to learn that many of the same checks are involved when attempting to take out a mobile phone contract.

Published on 6 Sep 2018 by Tom Magor

Full Article

Can my ex impact on my credit score

One of the most common queries we receive at checkmyfile comes from customers who view their Credit Report and discover that they’re still financially associated with an ex-partner.

Published on 2 Aug 2018 by George Coburn

Full Article

What Do Lenders Look For When You Apply For Credit?

Lenders and their appetite for, well, lending, are as unique as the customers they serve. Each one is looking for specific criteria from their target customers in exactly the same way that most of those customers try to select a lender that best suits their individual requirements. That’s one of the reasons you shouldn’t think your hopes of getting a loan rest with your Credit Score alone: you need to think about the context and reasons behind it as well. Each piece of information on your Credit Report – and the sum of its parts – can be interpreted so differently.

Published on 25 Jul 2018 by Jamie Mackenzie Smith

Full Article

Which accounts will show on your credit file

Credit account information relies on lenders to report those accounts to the UK’s Credit Reference Agencies. Not all types of account will appear on Credit Reports for this reason, so while some regular monthly payments will show up there, many others won’t.

Published on 12 Jul 2018 by Neil Greenhill

Full Article

What are Satisfied and Settled Credit Accounts?

What's the difference between Settled and Satisfied on your Credit Report?

Your Credit Report contains a huge amount of information about you, and how you’ve managed your credit agreements in the past. Different parts of your report will have a different level of influence on how you will be judged by a typical lender, but there are some entries where a small variation can have a big difference.

Published on 2 Jul 2018 by Sam Griffin

Full Article

How my address can influence a credit check

Many people incorrectly assume that their credit score can be plagued by the previous occupants of your address. This, to quote Douglas Adams, is “a load of dingos’ kidneys” and your credit report should entirely reflect your credit and repayment history and has no bearing on your home’s former tenants.

Published on 12 Jun 2018 by George Coburn

Full Article

How To Remove Negative Markers on Your Credit Report

Your credit report is intended to show potential lenders, employers, landlords (and occasionally insurance providers) an accurate representation of what you are like when it comes to borrowing (and repaying) money and managing other credit agreements. Think of it as a CV of your borrowing history that gets updated on your behalf.

Published on 21 Apr 2018 by Jamie Mackenzie Smith

Full Article

Why Does My Credit File Say I'm Dead?

For many people, it comes as a shock when they are informed that they are, regrettably, dead. In fact, it can be a downright inconvenience when you’re trying to apply for credit, but end up getting turned down because you’ve been accidentally listed on the Death Register.

Published on 11 Apr 2018 by Tom Blandford

Full Article

Will checking my credit report affect my credit score

Does checking your credit report affect your credit score? This is a question we are often asked, as more and more consumers regularly access their credit history to check for errors. This seems to be based on the popular misconception that search footprints damage your score, and as checking your credit file leaves a footprint, checking your report must harm your score. However, this is far from the truth.

Published on 5 Apr 2018 by Kelly Luff

Full Article
keyboard_arrow_left

keyboard_arrow_right

We have loads of great customer reviews