Jump to content


jtemen

Removing settled accounts from credit file

style="text-align:center;"> Please note that this topic has not had any new posts for the last 2536 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

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!

Share this post


Link to post
Share on other sites

Going to try sending Wonga and MEM this:

 

Dear Sir/Madam,

 

I have used your service a number of times over the years, always repaying my loans on time and in full. I have never been late with a payment, or defaulted on a sum.

 

A large part of my decision to use your service was your promise on your website at the time that you would report my good conduct to credit reference agencies, and this would improve my credit standing. I kept faith with my part of this agreement and paid all my debts to you on time.

 

At the time, your services showed upon my credit file as “Loan”, and my full and prompt payment of account did indeed have a positive impact on my credit file. However, it seems that since then, yourselves or your agents Experian, have decided to list them separately as “Payday Loans”, and this has now been quoted to me by other lenders as the reason for them declining my applications, and has in fact now cost me a mortgage and the home of my dreams.

 

As such, I feel I am being made to suffer undue hardship because of this retrospective change, especially as at no time did I breach any agreement with yourselves, and always met my promise to pay. Note that this change means that the advertising you ran at the time stating that use of your services would improve my credit rating is now incorrect. As I entered into an agreement with you on the basis of this advertising, I believe this has formed a collateral contract. I also believe that this retrospective change is a breach of the FSA’s principle of Treating Customers Fairly.

 

There is no requirement in statute or otherwise for you to report the performance of my account to any 3rd party, this is just something you have taken the decision to do. There is no law or statute preventing you from removing this information from my credit file.

 

I would like to request you remove all settled accounts from my credit file, as a goodwill gesture, in order to resolve my complaint.

 

I look forward to hearing from you.

 

 

And a similar but obviously slightly reworded copy to experian.

Share this post


Link to post
Share on other sites

These entries should have no impact on your credit profile, they shown as what they are in fact, so they change may have been brought about by compliance with the fact that the entries must be accurate.


Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites

I would suggest you phone the ICO as this will come within their remit, they will advise if they see it as something they will invsetigate it.


Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...