Sunday, December 6, 2009

Can’t buy the house anyway!

Flawed credit report meant we lost our dream home

"Borrowers with good credit histories are having their mortgage applications declined or delayed because of mistakes on credit files, with banks accused of “laziness” for merely relying on data from the agencies".

Posted by alan @ 09:15 PM (1738 views)
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7 thoughts on “Can’t buy the house anyway!

  • Under some circumstances, you can force the bank to take legal responsibility for the inaccuracy of the data from credit reference agencies. You first need a judgement from the Information Commissioner’s Office on the reliability of the data about you and whether it has been processed in accordance with the Data Protection Act 1998 (which states that data about you must be updated as required).

    With this information, you can take the bank to court, with the ICO’s judgement as evidence that the bank has not done due dilligence on the source of credit data. It takes time and persistence though.

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  • Nationwide refuse to lend money to investment banker? They have just gone up in my estimation 😀

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  • general congreve says:

    Can I get credit? Can I f4ck! People like me pay on time, so they don’t pay interest and don’t make profit for the lenders, ergo no loan.

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  • GC – me too – not needed credit for years, but thought I ought to ‘rebuild’ my credit history just in case, so when ‘invited’ to apply for a card, I did so, only to be turned down on the basis of no credit history. I’ve offered them evidence of assets and earnings, but to no avail. But my destitute son, on the other hand, of course has no difficulty getting one….

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  • How dare you not comply. Always go for 0% credit on big ticket items if possible and if it’s a ‘washing machine’ I suggest one take out the extended full cover. They don’t make em like they use ta.

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  • Royal Bank of Scotland said recently it will be unable to fulfil a £16 billion lending commitment to small businesses and is now striving to meet its £9 billion pledge on residential mortgage lending. It cut rates last month and now offers the best-buy two-year tracker at 2.99% for those with a 20% deposit.
    This is outrageous, that a taxpayer-funded bank is offering ridiculously cheap money that could blow up the HPI bubble even more. Although that’s just what NuLabour want…

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  • not a worry, a saver, it will only make non-taxpayer-funded banks collapse faster. Another banking crisis that could encourage everyone to put their money into state owned banks anyway. It will be turmoil, and the tax take to cover it will be absurd. Nu labour are only hastening the end and making thedevestation that much greater.

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