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Does a Notice of Correction help?

A Notice of Correction (also called NOC) is a short note that you can add to your credit report, and it can help lenders understand your situation better. Here’s how to make the most of it.

How does a Notice of Correction help?

A Notice of Correction can be helpful in a number of ways:

  • Clarifying circumstances. An NOC can clarify, for example, why you missed payments or defaulted on debt. If this were due to job loss, health problems, or other financial difficulties, explaining it can help lenders understand your past situation.
  • Preventing misinterpretation. By giving this additional context, an NOC can prevent lenders from misinterpreting information on your credit report.
  • Reduce the impact of an adverse event. By giving lenders a clear explanation of why an adverse event like a missed payment, bankruptcy, or even CCJ happened, you can increase your chances of being approved for loans even if your credit score is low.

What are the common reasons people use a Notice of Correction?

There are a few common reasons people use a Notice of Correction in the UK:

  • Explaining missed payments or late payments. According to research by the Money & Pensions Service, more than 16 million people have missed payments on key household bills in 2023. That’s a third of all the adults in the UK. If you missed a payment because of job loss, illness, or other financial difficulties, you can use an NOC to explain the situation and give some context.
  • Clarifying inaccurate information. If there are any errors on your credit report, such as a missed payment that was incorrectly recorded, you can use an NOC to explain it while you work to get it corrected.
  • Preventing identity theft. You can also use an NOC to alert lenders that you are concerned about recent identity theft and ask them to run additional checks on any applications made in your name. If this applies to you, you should also apply for Cifas protective registration.
  • If you’re new to the UK and can’t register to vote yet, you can also add an NOC explaining this. Being on the electoral register can impact your credit score, so if you are not eligible, you should make it clear why.

In any case, you should not abuse Notices of Correction.

An NOC should only be used for one-off situations that can be easily explained. It is not meant to be used as an excuse for a long history of financial irresponsibility. Don’t add too many NOCs, and don’t make emotional appeals. Stick to the facts if you want to make the best impression.

How do I add a Notice of Correction?

To add a Notice of Correction, you need to contact each credit reference agency: Experian, Equifax, and TransUnion.

The note must meet a few conditions:

  • Clear and concise.
  • Explains the actual situation.
  • Under 200 words.
  • And is not defamatory, libellous, or unsuitable for publication.

After you’ve contacted each credit agency and sent your Notice of Correction, they’ll let you know what happens next. Each CRA has its own process for adding an NOC, and you might need to follow up with each agency to make sure that the note is added to your report.

Could a Notice of Correction improve my credit score?

A Notice of Correction can influence lenders and their decision to approve your application for credit.

However, a Notice of Correction does not directly affect credit scores and can’t improve your credit score. The main thing that can improve your credit score is your credit history.

The good news is Wollit is an app that reports your monthly subscription as loan repayment, helping you build a history of timely repayments – the main factor that influences your credit score. While a Notice of Correction can help lenders understand your situation better, it’s this credit history is what they actually care about.

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