Notice Of Correction

The Consumer Credit Act 1974 gives you the option of recording up to 200 words on your credit report. Most people have nothing recorded, and the facility is often used to explain disputes. Credit reports containing Notices of Correction cannot be assessed using credit scoring and instead must be manually assessed, which is less efficient and leads to higher levels of declined applications as if a lender runs an automated search they have no way of seeing the reason the report is being flagged.

Also over the years these have tended to be used as a means of posting ‘excuses’ on your report and as such it is often the case that lenders will ignore the entry. Such a Notice can act as a free alternative to a CIFAS Protective Registration if you are worried about identity theft. Simply record a note explaining that you`re worried about third parties using your details to fraudulently apply for credit, and any applications in your name will be subject to additional manual verification checks, to ensure that the applicant is you.

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