“Quick Quid” Credit file data – an important warning

citylad77

I am now long free of these people, however a word of warning to anyone else still using them.

“Quick Quid” or to use their proper name “Cash Net USA” / “Cash Euro Net” report data to Call credit, however due to the way their Mickey Mouse system is set up they will report both your credit limit, and the TOTAL amount owed.

i.e if you have a cash limit of £500 this will equate to a loan repayment of up to £625, and this is what they will report to Call credit; therefore when any other creditor searches you file they will see an account with a £500 limit, and in this example a balance of £625, thus making look like you are actually £125 in excess of your agreed credit limit.

This is obviously disastrous as the account history trail runs month to month, and can easily display a long history of constantly being over your agreed limit, which will obviously ruin any future credit applications.

I would urge anyone who is in the unfortunate position of using these people to check your credit files at Call Credit and ensure they are not ruining your chances of actually getting away from them!

Enfieldian

Good point, however they also show up as green pebbles, meaning that the account is being handled satisfactorily which is the important thing.

I am not sure if the lenders that use CallCredit, or any lenders for that matter, actually look at the individual accounts or just an overview like Experian have, which gives a total of credit available, total % being used, number of accounts, late payments, etc.......

Enfieldian

More concerning is their ability to respond to, or even acknowledge, a CCA request following a default being issued without the correct paperwork.

citylad77

Enfieldian wrote: »

Good point, however they also show up as green pebbles, meaning that the account is being handled satisfactorily which is the important thing.

I am not sure if the lenders that use CallCredit, or any lenders for that matter, actually look at the individual accounts or just an overview like Experian have, which gives a total of credit available, total % being used, number of accounts, late payments, etc.......

From my own bitter experience this is viewed exceptionally negatively by creditors, it appears that you are not managing your account, and are in excess of the agreed limit; much like you would be if you exceeded your limit on a credit card; this is basically tantamount to a missed payment / default, therefore likely overriding any of the nice little green zeros!

Most creditors scoring algorithms are interested in the “head room” on each account, and if this is shown as constantly negative on one or more of the applicant accounts then it will lead to adverse scoring.

Going back 2-3 years ago Call credit was very much the adopted child of the CRA family, and held exceptionally limited data which was used by few; however more recently the majority of main stream lenders now report to it (if not search via it) and to an extent both they [Call Credit] and their corporate clients seem to be playing catch up with the big boys in regards to accurate publication of data (it seems Call Credit are less stringent with who they let use the system!!)

Enfieldian

Thanks CityLad, that is some very interesting info. It appears that you have done a lot of research.