TCF warning on credit agency 'blacklisting'

This week, an anonymous broker contacted IFAonline claiming two of his clients had seen their full outstanding mortgage loan listed with a credit-referencing agency as a default after they fell into arrears; effectively blacklisting them from all forms of credit for the next six years. One of the clients, on a residential mortgage with Bank of Scotland, found his entire £300,000 outstanding mortgage loan had been listed as a default on his credit report after he went three months into arrears, despite having already cleared the shortfall. Another client, using a buy-to-let mortgage, has...