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Noddle, the Minimum Payment Marker and Lenders abusing it


hacksaw
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I have contacted the credit reference agency Noddle (CallCredit) twice about credit card lenders incorrectly placing a Minimum Payment Marker on my credit report with them.

 

The lenders are Co-op Bank and Aqua.

 

I have made payments that were marginally above (e.g. £1) the minimum payment with both lenders. I filed a dispute with Noddle. Both lenders have refused to correct the data. When contacting both, they both deny responsibility and say that they have no control over how Noddle displays the data. Co-op Bank even said that this means that I didn't make a full payment but made at least the minimum, which I know is untrue.

 

I have since paid off Aqua in full so there's no longer a problem, but with Co-op Bank, it still displays. This could affect my credit rating, which they also deny.

 

It appears that lenders are abusing the Minimum Payment Marker in breach of the Data Protection Act and punishing those who pay £1 or less over the minimum payment. Some MoneySavingExpert (MSE) users recommend paying £1 or even 1p above the minimum payment to avoid this marker. Other websites also recommend this. However, in my experience, this does not work. One user on MSE did mention paying 1% more to avoid this, but how do lenders get away with this?

 

Under the Data Protection Act, the data that lenders give to the credit reference agencies has to be accurate. If a minimum payment is £10 and a payment of £11 is made on or before the due date, then it shouldn't be marked as the minimum payment made.

 

I have searched for guidance on when lenders can place the Minimum Payment Marker but couldn't find anything.

 

Credit Card Lenders that currently report the Minimum Payment Marker (that I am aware of) are:

 

Co-op Bank

Aqua

Capital One

Lloyds Bank

Barclaycard

MBNA

GE Money

HBOS

 

This measure was announced on 24 November 2008 on the APACS website. The link has now been removed. Originally, five lenders agreed to share this information with the Credit Reference Agencies and has since increased.

 

I have also had problems with other card issuers in the past (e.g. Capital One and Lloyds Bank) who also place a Minimum Payment marker if I paid £1 above the minimum payment, and not just with Noddle. Experian and Equifax are also reporting this.

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