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About jtemen

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  1. The problem to me is that this is a retrospective change, so if you got a loan two years ago, you are now blacklisted, for another 4 years, without even defaulting. I've put so much work into trying to improve my credit, and now feel I may as well just default on everything as I'm ****ed again anyway. IMHO Experian are doing it because lenders have asked for this data. The PDL companies like it because now they get to keep customers.
  2. The entries were previously accurate, they were loans. "Payday Loan" is perhaps more specific, but it is still a loan, there was no inaccuracy in the previous logging. They do have an impact on my credit file, as other lenders see payday loans as a sign of financial instability (which I don't really agree with, not paying them on time should be a sign of financial instability, but lenders are obviously free to make their own decisions). I was told directly by Halifax that these entries were why they declined my mortgage application. Had they been listed as "Loan", as they were previously, this would not have been the case. A couple of years ago, Wonga did not report satisfied loans to CRAs, then changed their policy selling it as helping you to show positive credit usage for all agreements going forward. The part I have issue with is that this new change is retrospective, and seems to be barely any better than had I defaulted on a mobile phone contract or similar, when I have done nothing wrong. One could almost wonder if Wonga were incentivised to keep you from mainstream credit so that they retain you as a customer. To me this is a breach of the FSA principle of treating customers fairly, as the change is retrospective.
  3. Going to try sending Wonga and MEM this: And a similar but obviously slightly reworded copy to experian.
  4. Hi all, I used to use payday loans, I haven't had one in around a year now, and the reason is simple. Whereas before it would show on my credit file as a "Loan", it now shows as a "Payday Loan", thereby screwing up my chances to get credit. My issue with this is that when I used the products they were not reported in this way, and had they been, I would not have used them. As such I feel Experian have effectively changed the rules after the event. Let me be clear that none of these are late or defaulted, and in fact I have no late payments or defaults on my credit file. Obviously it isn't compulsory for anyone to report a debt to experian, so they should be capable of removing the record. Is there any way to do this? Or do I just say goodbye to getting credit for 6 years/3 years if I move? Thanks!
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