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What is a Notice of Correction?
A Notice of Correction allows you to add up to 200 words to your credit history. It’s typically used to explain an entry on your credit history that you feel could mislead potential lenders.
You can add one onto your credit report by getting in touch with the three credit reference agencies: Experian, Equifax and Callcredit. You’ll have to contact all three as lenders may use any of them when checking your credit history.
If you’ve got something marked on your credit history that you feel doesn’t explain the full situation, you might want to give lenders some context around this.
For example, you might have defaulted on a mortgage payment just after being made redundant, or a bout of ill health might have meant your bills went unpaid. In these scenarios, you could use a Notice of Correction to explain the entry to future lenders.
Once you record a Notice on your credit history, all future lenders that access your file through the credit reference agency you marked the notice on will be able to see it. To cover all bases, it’s best to add the Notice via all three credit reference agencies. The creditors that check your credit history are obliged to both read your Notice and take it into consideration when you apply for credit.
However, it’s important to remember that having a Notice on your credit report doesn’t automatically mean creditors will agree to lend to you. Their decision is still based on a wide range of factors, and every lender is different.
If you think there’s a mistake on your credit history
If you’re trying to correct what you think might be a mistake, check your credit history with the other two credit reference agencies to see if it appears on more than one. If it does, or if it just appears on Equifax’s report, for example, try giving the creditor in question a phone call and discuss the situation with them. Most lenders have a standard procedure in place for resolving disputes.
Alternatively, if the mistake only appears on your Experian or Callcredit report, both agencies suggest that you get in touch with them directly so they can contact the creditor on your behalf. From this, the lender will have 28 days to either remove the mistake from your credit report or to disagree and challenge it. During this time, lenders can’t rely on the mistake when judging credit applications as it will be marked as “disputed information”.