Isn't capitalism wonderful?

The very people who need the cheapest deals,

can't get them,

while those with wonderful credit scores

who could afford to pay more,

have lenders tripping over themselves

to practically give them money.

Whenever Credit Reference Agencies

are being talked about,

it pretty much always focusses on the Credit Score.

However, their primary function is to collect all the data

from financial institutions,

store that data and then make it available

to financial institutions when they are assessing

new credit requests.

The Credit reference agencies,

do use this data to create their own proprietary credit score and smaller and new lenders will use these scores

as they do not have the data,

expertise and money to produce their own credit scores.

However very few,

if any of the major financial institutions

use the credit score from the Credit Reference Agency

- they will take the raw information,

add additional information and behaviourial characteristics

they have and develop their own proprietary credit score(s).

Big banks don't simply take the equifax score,

look at it and then computer says NO -

they have their own scorings and credit processes

and each handle it slightly differently.

The notice of correction is a good suggestion

as it interrupts the automated process

and then gets handled by a manual underwriter

who can then assess the case individually on its merits.

The only downside of a notice of correction

is that for smaller credit amounts -

such as small loans or credit cards,

a manual process may not exist

and so it could trigger an automatic decline,

so ensure any notice of correction is really needed.