Satisfied loan - still appears with balance on Experian

animetraderuk

Hi Money Savers,


I've been hunting around for a car loan early on in the summer & found that my first call on a lender was not agreed due to my poor credit history. They told me they were not happy with the outstanding amount of 13k on my credit report.

13k? This was news to me so I ordered my report from Experian and lo and behold, the secured loan on my previous property (which had arrears back in '07) was on the report, in red, showing an unsatisfied balance of 13k ie the whole loan amount + interest. This balance was paid off when I sold the property back in '07 so I called Experian who in turn referred me to speak to the lender.

I sent the lender details of the problem and asked them to get it corrected with Experian and they agreed to do so.

Anyway, I left it at that - more fool me! I've recently been looking for a mortgage and thought I best check my report again - just in case.....
Guess what is still there?

I spoke again with Experian and the lender - the lender was most apologetic and promised to turn around the solution in 5 working days. I've given then 15 working days and it is still on my file.

Any ideas where I stand now on the matter as one or other of the parties is not doing there job properly? Would I be advised to take it to the financial ombudsman? Anyone else experienced this? Should I persevere banging my head against the wall speaking to them both?

Cheers in anticipation!

[Deleted User]

Don't take it to the FSA. Take it to the Office for the Information Commissioner as a breach of the Data Protection Act under the 'Principles of Reciprocity' that lenders agreed with CRAs under the guidance of the Information Commissioner.

animetraderuk

Thanks bunglejemson,

I'll look up the details on the "Principles of Reciprocity" and start making enquiries from there

Wutang_2

errr, just get on the original lenders case, it should take 48 hours.

If you explain that it needs to be sorted asap due to other financial commitments there should not be a problem.

So yes bang your head against the brick wall again!

[Deleted User]

Bear in mind that the lenders will pass over the info to the credit reference agency, but it's then in their hands as to when your report updates, so it will probably take longer than the 5 days they promised.

Just twiddle your fingers in the meantime!

Definitely worth contacting anyone you've applied for credit with, as well as the lender, to see if you can get those searches removed from your report. Complain to the original lender too as it's sort of their fault that those searches were unnecessary.