quick qn - why's my loan not on credit report?

zhatorna65

hi all, quick question - couldn't find any FAQ on this.

I have several CCs, overdrafts and mobile accounts showing on my credit reports, but the Career Development Loan that I've finally almost paid off doesn't show up.

I'm keen for it to appear as 'settled' when I've paid it off, to improve my profile... is there a reason why unsecured Loans wouldn't be on there?

thanks

Tixy

Have you searched your credit file at all 3 credit reference agencies?

zhatorna65

Err, good point.. thanks Tixy. I'm pretty sure, although haven't looked at Equifax recently as I only have it on paper.

Will dig it out and check. All my other accounts appear on all reports though.

byebyedebt

Dont forget not all loans go on credit reports. I had a mortgage that didn't appear on a report for about 18 months.

PNPSUKNET

when was it taken out?

zhatorna65

Loan was taken out in 2006 and repayments started in 2007 (Career Development Loan for a course I was studying).

Final payment goes out at end of July and I was *hoping* this would go some way to improving my crappy credit rating...

How come loans don't always appear? They're still debts, and presumably I had to pass a credit check to get it in the first place.

Rafter

Not all loan companies share all information on credit reports - unless you are in arrears.

Generally having one loan that is 'settled' is not going to do much to improve your score if you have got late payments and other problems elsewhere on your credit report.

Hopefully the final payment going out will improve your cash flow though and you can make overpayments on other cards/loans to show more 'available' credit and avoid any further late or missed payments. That should get your score up.

Good luck

R.

zhatorna65

I don't have any missed payments or black marks, just "a high level of outstanding debt" which is stopping me from being able to get a 0% card to transfer some of it onto. Catch 22.

Still, as you say, come august I'll have an extra £265.78 per month to contribute to throwing into the bottomless pit!

zhatorna65

Right, I've dug out my Equifax report and the loan is definitely not on there either. Same on Experian and CallCredit.

It's not a big deal, but I had been hoping that finally paying this off would show up somewhere.

myleftknee

I've had the same thing, made my last payment on my career development loan but nothing is showing on my credit report, Equifax or Experian.

For the first time in my life I have an average credit rating due to the level of outstanding balances so wanted to bring these down.

Anyone know why a career development loan wouldn't show on a credit report? Is it due to the loan being linked to the government?