raghav:Hello I once had my current account overdrawn as a result of a merchandiser error. The merchandiser subsequently reversed the funds but it took about 5 days, So technically my account was overdrawn for a period of 5 days. The merchandiser is a car dealership and the overdrawn amount is nearly 2000 pounds. Other than this occasion all my accounts till this point are healthy. I am planning to apply for a mortgage and I am concerned if this could influence my credit rating required to get a mortgage Kindly advise Thanks Venkat
The only way i could really see it effecting your ability to get a mortgage is if your bank is the lender, and they look at your account management and or other lending and the way you operate your accounts, and then use that one mark against you, assuming the liability isn't covered and explained autmoatically by the merchandiser, which is a heck of a long shot.
A bank will never just send a default notice to CRA's to the best of my knowledge (though if that has happened to anyone, please correct me) and usually if it is just a one off or an error that is not yours, you are not in permanent shtuck because of it.
Usually when they do notify CRA's of account defaults, they tend to send pleanty of threatenning letters first, which is usually for non payment of overdrafts, planned or unplanned or defaults or overdrawn status of accounts, of which, none apply to you.
Though like conmankiller said, it might be idea to check your credit report to be on the safe side, which is probably good for your future plans anyway and usually is for most folks, but i don't think you have much to worry about and shouldn't lose any sleep over this.
I hope that helps!