What is a Notice of Correction?
A Notice of Correction is a short statement which you can use to add further information to an entry on your credit report. For example, you could use it to explain why you fell behind with the repayments on a particular loan or credit agreement. Any lender checking your credit report will see your statement and should take it into account when assessing your creditworthiness.
When should you add a Notice of Correction
A Notice of Correction can be useful, especially if you missed regular repayments due to unusual circumstances, such as the loss of your job, a relationship break-up or having to stop work due to ill health. While there’s no guarantee it’ll change the outcome of a credit application, the Notice of Correction will be provided to any lender checking your credit report in the future.
How to add a Notice of Correction to your account?
The simplest way is to contact the Credit Reference Agency (CRA) and tell them what you want to say in your Notice of Correction and which entries on your report it applies to. You’ll need to contact each of the main credit reference agencies individually to ask them to add a Notice of Correction on the reports they hold about you, if those reports include the relevant entry or entries.
What should you say in your Notice of Correction?
You should provide a statement that is clear and concise, outlining the facts as you see them. Your statement must be no longer than 200 words and must not be defamatory, scandalous, or unsuitable for publication for any other reason.
Does a Notice of Correction affect ability to borrow?
A Notice of Correction will not affect your credit score but it may affect how quickly lenders deal with any new borrowing you apply for. This is because it will take the lender extra time to read and consider the Notice of Correction on your report.