Pay Day Loans - damage to your future credit rating

[maroondevo52]

Anyone tried it with Wonga ?

[maroondevo52]

I have an identical complaint in with Wonga. Its been in a couple of days now, I will of course let you know the outcome.

 

Good stuff

[maroondevo52]

This is Experian's rep on MSE's take on things..............

 

"The data on your credit report should correctly reflect how many loans you have had. If it doesn't, you need to either take it up with the PDL provider or ask the CRA to do it for you. While some mainstream lenders might see promptly repaid PDLs as positive, others might not, so you definitely want to make sure your credit history is accurate in this respect."

 

 

What sort of help is that to anyone ?

[maroondevo52]

I know Wonga comes up as a Pay Day Loan

[maroondevo52]

I have also lodged this same complaint with Wonga but went direct to the CEO. Will let you know how I fare.

 

[maroondevo52]

Notice they both say "should" not will.

[maroondevo52]

Yes, good stuff orfoster, let's hope Wonga and PayDay UK

follow suit.

[maroondevo52]

What about this statement i have just found.

Slightly misleading perhaps

I am thinking of sending them a message.

Quote.

.What you may not realise is you can use this to actually improve your credit rating. Every time you miss a repayment, it shows up on your credit report. Likewise, when you make a repayment on time or even early, it gets marked on your report. To improve your credit score with a payday loan, all you have to do is pay the loan back on time. Take out a small sum of money and pay it back without any problems. This will gradually start to improve your rating and show you can be trusted.

 

Sorry orfoster,congratulations on your success:-D

 

Is this a Wonga quote tawny ?

[maroondevo52]

Unfortunately they are reported now routinely, certainly with Call Credit and Experian but I haven't seen anything about Equifax.

 

Wonder why it's Wonga on Experian and Quickbridge (Uk) LTD on Noodle (Call Credit ) Not that it makes any odds.

[maroondevo52]

I wonder if they're going to update the credit reports of those who's debts are written off ?

 

2.5.7 What if my credit rating has been impacted by your historical debt collection practice ?

 

We recognise that due to this historical debt collection practice, the credit rating of some customers may have been unduly impacted. Where this is the case, as part of the compensation and refund offer, Wonga or the current owner of your debt will contact the relevant credit agencies and request that credit ratings are amended accordingly.

[maroondevo52]

Thanks for that marooned, it answers the question - can you please provide a link to the quote

 

https://www.wonga.com/help/historical-debt-collection-issue-redress

[maroondevo52]

Hmm, amended or removed?

 

Wonga is currently in discussions with credit reference agencies over what action can be taken, if any, to amend borrowers' credit files. The three credit reference agencies, Equifax, Experian and Call Credit, need to agree a universal approach – but discussions are “complicated” said a spokesman for Call Credit.

 

“What Wonga have agreed to do is admirable but that is a decision driven by their lending criteria,” he said. “How an individual has subsequently managed that debt is a completely different thing and it is too early to say whether this historic data [such as arrears] could just be erased altogether.”

 

Experian said: “It’s essential that people’s credit reports reflect the facts and we are working with Wonga to help ensure this is the case.”

 

Equifax said: “Wonga and Equifax are in discussion about the future of data sharing, but Wonga does not currently share its data with us.”

[maroondevo52]

Wonga is currently in discussions with credit reference agencies over what action can be taken, if any,

 

It's the last two words that bug me !!