Notice Of Correction

Under the Consumer Credit Act of 1974, you have the option of recording up to 200 words on your credit report. Most people have nothing recorded, and the facility is often used to explain disputes. If a credit report contains a Notice of Correction, then it cannot be assessed using credit scoring and (instead) must be manually assessed. This is less efficient and leads to higher levels of declined applications, because, if a lender runs an automated search, they have no way of seeing the reason the report is being flagged.

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In addition, over the years, these have tended to be used as a means of posting 'excuses' on your report and, as such, it is often the case that lenders will ignore the entry. Such a Notice can act as a free alternative to a CIFAS Protective Registration if you are worried about identity theft. Simply record a note explaining that you`re worried about third parties using your details to fraudulently apply for credit, and any applications in your name, will be subject to additional manual verification checks, to ensure that the applicant is you.