Experian/Equifax

ms_london

Hi All..

How long does it take for the above to update their records? I just wondered how long it will take for my loan to have been marked as "cleared" (or whatever they call it). I really wanted to get both credit reports and check that all is a ok.

I applied for a Nationwide account the other day, and all they could give me was a cash card!!!! It makes me mad, just hoping that I will be able to get a debit card with them before I go travelling....

xx

Northernbird_2

I think companies update your credit record usually once a month, but sometimes not even that.

As for companies who check your record, I've heard that they buy the information on a regular basis but how often is dependent on the lender. It can be every month, or it can be every few months.

Best advice I can give is find out which Credit Reference Agency the bank uses, get the report, make sure it's marked as cleared and take the report into the bank with you and show them! They can't argue with fact.

southernscouser

When I recently cancelled to CC's they told me to wait until after their next statement date (when they send them all out). Gonna give it a couple more weeks though! Don't want to waste £2! :rotfl:

SuiDreams

Companies send updates once a month. I had a problem re my barclaycard, they sent an update at the end of July, saying the account was closed. it took the credit reference company till October to mark it as closed.

AndrewSmith

It all depends on how you have conducted your accounts & loans etc. Although the actual records are updated usually on a monthly basis, the information on how you have conducted the account and any adverse information stays on your record for 6 years, good and bad.

Lets say for example you defaulted on a loan in 2003, then cleared the loan in full in 2004. The loan will show as repaid usually 1-2 months after the account was cleared, howver the default will remain on your credit file until 2009 with the final details of the loan coming off in 2010.

If you post details of your loan etc, we can give you more accurate information.

Andy

southernscouser

AndrewSmith wrote:

It all depends on how you have conducted your accounts & loans etc. Although the actual records are updated usually on a monthly basis, the information on how you have conducted the account and any adverse information stays on your record for 6 years, good and bad.

Lets say for example you defaulted on a loan in 2003, then cleared the loan in full in 2004. The loan will show as repaid usually 1-2 months after the account was cleared, howver the default will remain on your credit file until 2009 with the final details of the loan coming off in 2010.

If you post details of your loan etc, we can give you more accurate information.

Andy

Hi Andy,

ms_london is a bit of a z-list celeb on here! :rotfl:

I'm pretty sure she has no defaults, she just paid the last part of her loan off last month and just wants to know when it will show up on her credit file as being fully paid and oweing nothing!

Hope you don't mind me putting the record straight ms_london but as your manager I thought it in your best interests to clear up any misguided information! :rotfl:

AndrewSmith

No offence meant,

Just acting on information as I saw it. There is no reason why having an outstanding loan should stop you getting a debit card with Nationwide. (Used to work as a lending Manager in a bank so I speak from experience). If you have a loan account which has been conducted well it will actually help your credit score and should make it easier to get a debit card.

I would ask them why they have made the decision.

Andy