Olly

Just found out from Equifax that my credit agreement rating is at a "danger" level: all for £4.50 :rolleyes

Always assumed that my credit score must be excellent: I have never defaulted, always had mortgages/loans that have been paid off on time (or usually earlier), credit cards that have been cleared monthly, never any debt or overdrafts, stable addresses etc.

But a couple of years ago, I settled my credit card as normal, but sent the wrong amount, leaving a balance of £4.50. I didn't notice for 3 months as I had a new card, nor did the lender (Halifax) charge me for late payment,, or give me notice/warning that I was in arreas. A small interest was charged, that was all. Foolishly I didn't open my statements, assuming in my head that all was paid up and all they were telling me that I had £0.00 to pay. I settled and thought nothing more about it, until now.

Fair enough, it was my mistake. Just seems a bit harsh that I am tarred with the same brush as someone who defaults £40k on their card, never mind £4. Hardly befits "very poor" status.

It doesn't really affect me too much: overall my score is still "very good", although it does limit me a little as the really cheap lenders insist on "excellent", which is a bit annoying.

So before I spend hours on the phone, do you think I have a case to dispute? If so, which is the best course of action? Or am I just wasting my time?

Petem95

Yes you can dispute it - best do a google search on the subject as I'm not sure how you go about doing so.

Can see lenders not liking the 'danger' rating, and it looks like borrowing money is about to get MUCH harder, so good credit scores will get very important once again.

Henrik

iTrader: (5)

I believe it should fall off your credit file in three years anyway (or is it five?)

Scooby Snacks 23

It's 6 years.

Snazy

You can dispute it via Credit Expert (Experian) they will put notes on your file, contact the company etc.
They have dealt with mine VERY well, and all for a monthly cost of a fiver

Just got a loan on my nicely repaired record actually.

jaytc2003

iTrader: (1)

its not only bad credit that can affect your score, if you have quite a few credit agreements in place then that can affect it, also any credit searches for the past 6 months can affect it as well (think they say no more than 3 searches in a 6 month period) Also there isnt a standard for credit scoring, each company has their own criteria, they may use experian//equifax but then they will follow their own guidelines and cross match it.