Notice Of Correction
A notice of correction (NOC) is something that you can add to your credit history if you believe that information held on it gives an incomplete/no explanation
of your situation. You are allowed up to 200 words in your notice of correction to explain or clarify something in your credit history record if you think that it might cause you problems with lenders that view it. So, for example, if you suddenly lose your job and find that you can’t meet all of your debt repayments then you may end up in a situation where you have negative reports on your credit history. Without a notice of correction, any lender that checks out your credit rating will only see the negatives- they won’t understand why you got into trouble. However, if you have a notice of correction placed on your history explaining what happened, then they are obliged to take
it under consideration before they reach a decision. You can place a notice of correction on your credit history via the major credit reference agencies such as Experian and
Equifax.
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