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Heropanda

Payday Loan Companies should not be able to report on your credit file

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There must be some common sense somewhere that people are going to go to payday loan companies when their credit file is shot, by then reporting on this type of borrowing they are now denying the borrower the ability to attract future mainstream finance and so they are stuck with the sub-prime lenders.

 

So in essence reporting a payday loan debt to a CRA brings financial advantage to that provider because it vastly increases the probability that a borrower must return irrespective of their financial history. In effect them reporting payday loans is a conflict of interest from the initial purpose of accurately reporting someone's ability to repay. Is this an avenue that anyone could challenge on?

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