I was scammed in a "dishonor fee" scheme by a financial business.
Does this will affect my credit rating history and if so how to check it and what can I do to delete the negative rating?
Thanks in advance for any help.
Dishonor fees and credit rating
dealhunt on 18/01/2012 - 21:09
Comments
Thanks this clears all my worries.
I was scammed in a "dishonor fee" scheme
What was the scam? Was it legit dishonour fees? And are you talking about a financial service provider? If so, perhaps consult with the financial ombudsman service for the best advice?
My understanding is that as long as you don't repay money that you owe, that would be considered as debt. If it's a bad debt (the company can't recover the money from you), that can still affect your credit rating if it's reported and it stays on record for 5 years. Having said that, I'm no financial guru. So I'd suggest that you check this with an expert in the industry.
What I can say for now is that the "scammers" penalised my bank account by intentionally misunderstanding my account details and so they said that there was no money which isn't true hence my worrying about credit rating.
Thanks for input.
Dishonour fees will not appear on your credit rating.
Your credit rating has to do with total values of borrowed/repaid money, credit limits granted on credit cards, how many years you have had credit cards/mortgages, etc……
A "negative" on your credit report would be things like defaulting on home loans / personal loans, declaring bankruptcy, foreclosing on your home/business, etc……
A credit rating in itself is also just a measure of financial stability / history, calculated in a range of ways by all sorts of different financial institutions, lenders or credit providers - depending on what sort of financial assistance/borrowing your looking at doing in the future.