What to do ...?

stephane_2

salky123 wrote: »

I have a loan I've been paying for a couple of years and when I recently checked my credit report there is no entry for this loan.When I checked the loan paperwork I discovered that they have the wrong date of birth for me.I know this seems wrong but I'm quite tempted to try my luck and cancel the direct debit and refuse to pay with it not being on my file.

Having the wrong DOB would make very little difference as to why your loan account is not showing on one particular CRA...have you checked all of them. A lender does not have to report your account...it is not a legal requirement...however you can request it so it can help you for future borrowing. Trying to cancel the direct debit for no valid reason whatsoever from you will put you in a lot of troubles....your account will definitely show a default...you may be sent to court...have bailiffs coming..and to top it all have your credit file trashed for at least 6 years. The choice is yours...

YorkshireBoy

stephane wrote: »

A lender does not have to report your account...it is not a legal requirement...

Whilst it may not be a "legal requirement", under the 'principles of recoprocity' not doing so would limit the data they could access from the CRAs about their customers' borrowings with other lenders.

http://www.experian.co.uk/downloads/newCompliance/reciprocityDataSharing/qAndAIssuedByScor18042006.pdf (see esp. section 4)