A first-time buyer was left panicking that she would miss out on the purchase of her dream home after a credit reference agency mixed her up with her twin.
Fiona, 38, who lives in Milton Keynes, decided this year that she was ready to be free of the rental market.
She had put down a £10,000 deposit for a two-bedroom property in the area that was “perfect” for her.
Speaking to i, she said: “The location was just perfect. Ever since they started developing the area, I always said that I would like to own a property there. I love the community and it’s close to the M1, making it easily accessible to London, which was a huge selling point for me.”
In order to secure the property, Fiona had to provide documents in order to get a mortgage. Usually, people have to show their ID, proof of address and bank statements.
She didn’t think this would be an issue after previously having an impressive credit score, but she was left speechless when her provider, Leeds Building Society, told her it wasn’t that great after all.
Fiona checks her credit score roughly every two months and makes sure to pay off all her debts straight away to keep on top of it.
However, when applying for the mortgage, her latest credit score check showed activity that was carried out by her twin sister was included on her report.
She added: “I’ve always been a regular checker of my credit score. I have credit cards, use Klarna for shopping, and have some rewards cards, so it’s important for me to keep track of my score.
“Earlier this year, I was applying for a mortgage, and my mortgage broker recommended that I check my credit score using Checkmyfile. Thank goodness I did, because I was able to see that my report included transactions and activity made by my twin, not me.
“Apparently, this is not uncommon, particularly in cases like mine and my sister’s, because our initials, surnames, addresses and dates of birth are identical.”
As her sister’s credit score was not as good as hers, Fiona nearly missed out on the house she had her heart set on.
When she compared the data from different agencies, she saw discrepancies due to transactions made by her twin, not by her.
Checkmyfile made sense of it by bringing all the data into one place, showing Fiona everything lenders would see as she was applying for the mortgage.
She added: “It was a stressful time. I couldn’t start the mortgage process until I got this sorted, which jeopardised my chance of getting the property.
“I had to put everything on hold and didn’t know when it would be resolved. The property was in the area I had decided I really wanted to live in, and it was the only one left. There was a lot at stake, and I really thought I was going to lose it.”
It took several weeks for the issue to be resolved.
This was difficult for Fiona, but she said that “resilience” and “motivation” kept her going.
Once the issue was identified, she was able to work through the discrepancies with her broker and remove the errors from her report. Her mortgage was then approved, luckily.
Under Section 159 of the Consumer Credit Act 1974, any wrong entry on your credit file must be amended or removed within 28 days of the agency or lender being notified.
She added: “I do wonder how much time and money I would have wasted if I’d not fixed the twin problem. It could have cost me my ideal home in the location I really wanted.”
Fiona said that she also turned to Facebook groups for tips on what to do, and said that she still returns to them when she’s looking for advice on how to manage credit reports and hit the highest score she can.
According to consumer group Which?, it’s worth checking your credit report at least once a month to make sure the information it contains is correct and up to date.
Its website advises: “If you notice any mistakes, it’s important to get them rectified as soon as possible to ensure they aren’t dragging down your credit score unnecessarily and won’t have any adverse effect on future credit applications.
“You can do this by contacting the company that provided the incorrect information or the credit reference agency itself, which will investigate on your behalf.
“Note that it’s also a good idea to make sure all of your accounts, whether you use them or not, have your correct details. Inconsistencies in addresses between accounts, for instance, can result in you failing application ID checks.”