Credit report doesnt show car finance which i purchased to improve my rating!

nikkikitch

Hi

I have a pretty bad credit rating due to two redundancies but still managed to obtain car finance from a very high interest rate provider.

I was told that the finance would significantly improve my rating given it was considered high risk.

I have just received my credit report from Equifax and my rating is lower than ever with no evidence of the car finance!?

Im desperrately trying to improve things so i can eventually buy a house so any advice would be appreciated?

Thanks

ALIBOBSY

Some providers only report to one credit report company. It may be your loan is listed on your report with experion not with equifax.

ali x

nikkikitch

Ah i see.

But do lenders check both files?

YorkshireBoy

nikkikitch wrote: »

I was told that the finance would significantly improve my rating given it was considered high risk.

The lender's name does not appear on the file other lenders see when they search you. Nor does your CRA file state the interest rate you're paying. You were misinformed, or misunderstood what was said to you.

But do lenders check both files?

"Both"? There are 3 CRAs, CallCredit being the other.

The answer is sometimes, but not always (since they have to pay per search made). I suppose it depends on the perceived risk, following the first search.

Apples2

nikkikitch wrote: »

Credit report doesnt show car finance which i purchased to improve my rating!

I have a pretty bad credit rating due to two redundancies but still managed to obtain car finance from a very high interest rate provider.

Surely to goodness you could have thought of better ways of improving your credit rating than buying an overpriced car on a massively overpriced finance deal!

jonesMUFCforever

Apples2 wrote: »

Surely to goodness you could have thought of better ways of improving your credit rating than buying an overpriced car on a massively overpriced finance deal!

You beat me to it!
No wonder OP got into a mess in the first place.

Repairing your credit files need cost you nothing - all you do is make sure all of your bills are paid on time with no excesses or late markers.