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Payday loan cra reporting

chanz4
chanz4 Posts: 11,032 Forumite
Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
in Loans
I took a payday loan for the £45 cash back, checked my report and they report as:

Lender
MEM Consumer Finance

Lender

The name of the Lender, as held at the Credit Reference Agency.
This may appear to be incorrect, as it is common for companies to market products as being their own, when in fact they are provided by another provider. This is especially common on Charity Credit Cards, which are predominantly serviced by MBNA Europe and reported as such.
This is only reported to us by Callcredit, you can edit the name recorded using the grey Edit button next to the main title above.

Account Type
Advance Against Income
Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.

Comments

  • Apples2
    Apples2 Posts: 6,442 Forumite
    Cool. Is there a question?
  • SnowTiger
    SnowTiger Posts: 4,461 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    chanz4 wrote: »
    I took a payday loan for the £45 cash back, checked my report and they report as:

    Lender
    MEM Consumer Finance

    I wouldn't be surprised to learn that most of the payday lenders are owned by a small number of umbrella companies.
  • chanz4
    chanz4 Posts: 11,032 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
    my point was instead of loans its flagged as : Account Type : Advance Against Income
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • bengalknights
    bengalknights Posts: 5,021 Forumite
    Part of the Furniture 1,000 Posts
    chanz4 wrote: »
    my point was instead of loans its flagged as : Account Type : Advance Against Income

    Thats what it is though as opposed to secured/unsecured loan.
  • chanz4
    chanz4 Posts: 11,032 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
    Very true, but I bet lenders will look for this one
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • Apples2
    Apples2 Posts: 6,442 Forumite
    Advance against income is the very definition of a payday loan.
  • Culex
    Culex Posts: 776 Forumite
    Apples2 wrote: »
    Advance against income is the very definition of a payday loan.
    Another synonym is "distress borrowing".

    HTH.
  • Cash_Flow
    Cash_Flow Posts: 1,103 Forumite
    chanz4 wrote: »
    Very true, but I bet lenders will look for this one

    I would not want this on my credit file. Was it worth the £45.00 cash back?
  • nomoneytoday
    nomoneytoday Posts: 4,866 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Cash_Flow wrote: »
    I would not want this on my credit file. Was it worth the £45.00 cash back?

    Depends on if you need prime scored credit shortly afterwards IMHO
  • chanz4
    chanz4 Posts: 11,032 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
    yeah well worth £45
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
This discussion has been closed.
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