Credit Rating Damage - Can I claim Compensation?

[10110001]

I recently had a dispute with a bank over money I did not owe, I disputed it correctly and in writing numerous times setting out the reasons but the bank could not accept them and would not open a claim in the courts to I can defend it.

They sent debt collectors after me for it and theatened they may cause detriment to my overall credit rating.


In view of this I am writing to ask what compensation I can claim for credit rating damage.

I remortgaged 7 months ago and intend to re mortgage in 16 months time for the full amount. Compensation can be calculated on the difference between the mortgage interest rates calculated on my credit score taken before the damage was inflicted and again after, then add the total interest difference over a period of 6 years, and this gives an actual and tangible loss incurred by me as a result of credit rating damage.

When I buy a new car or borrow on a credit card, I am regarded as having a bad credit score and credit is viewed with suspicion and is charged significantly more for future extension of credit because the lender feels the need to protect against a greater risk or default.

So what is the compensation structure?

I intend to buy a new car this summer on an £8000 loan payable over three years. I also intend to replace my credit card to try and reduce the interest rate.

If there a precedent for reclaiming quantifiable and non quantifiable losses from credit rating damage.

Who should be defendant?

a)The Bank issuing the information resulting in credit damage.
b)The agency handling credit damage information
c)Both

I consulted a solicitor who suggested I contact the financial ombudsman and the financial Ombudsman suggested I contact a Solicitor...

Comments?

[poochball]

Hi,

Has the issue with the Bank been resolved now?

I would possibly write to the information commissioner outlining what you did and explaining the circumstances surrounding the issue.

Not sure if this would be the best way to go but I would do this as contacting a solicitor and the ombudsman has not helped.

Thanks

[10110001]

The issue has been in dispute since June 2006.

Its since i received threats of detriment to my credit rating and my concerns about remortgaging costs riging as a result.

Can the Information Commissioners Office award compensation for actual losses?

[poochball]

That I am not sure of, but they should be able to provide some advice as to what can be done and the way to go about it.

If the adverse data is already on your report, you may want to consider adding a notice of correction on to the entry explaining it is disputed.

[Gingerheid]

G-cack have their mortgage rates for all sorts of circumstances here:

GMAC-RFC - Non-Conforming Filter

Some are wacky though so it might not be helpful. (There was one I tried where I made fictitious circumstances better and the rate went up!!!)

There's also

BUY TO LET - PLATFORM - the intermediary mortgage lender of Britannia

You probably don't want to compare G-cack's mainstream and non-confirming products. I'd imagine a mainstream product from a mainstream lender would be rather much better.

[dougd]

I am having a similar problem with BT. I don't even have a credit account with them! I recently changed supplier and they have made a mistake with their billing. It's easy to see, but I am now faced with the prospect of having my payment history registered with a credit reference agency, which will show a default for my final bill, after getting a threatening letter.