Wonga Loans on Credit Report

Cash_Flow

chanz4 wrote: »

i had one for £65 pure profit, it appeared on my file and hasnt effected me in anyway

How do you know that it has not affected your APR's on loans or credit cards that you have applied for?

JamesWMH

There's absolutely nothing on my Equifax report about any Wonga credit agreements, or Wonga anything. Are people sure they appear on your credit report? Or is it only when you have defaults? Or do they not use Equifax?

Tixy

Experian I think - if i recall previous posters on the subject correctly.

KieranJ

Cash_Flow wrote: »

17 of those credit accounts should be marked as settled;)

With the above said any lender who pulls your file will know you borrowed money from the payday loan companies.

Time is a great healer.

Thanks!

I have no intention of taking any other type of credit in the near future, just sticking with my one credit card and keeping up the payments.

On a mission to save :T

KieranJ

JamesWMH wrote: »

There's absolutely nothing on my Equifax report about any Wonga credit agreements, or Wonga anything. Are people sure they appear on your credit report? Or is it only when you have defaults? Or do they not use Equifax?

It was Experian.

Experian_company_representative

Martin wrote an informative blog on payday loans and credit reports a while ago. They do appear on reports. If you pay them on time this generally looks positive. Not all lenders see them as payday loans actually, as for some all unsecured loans fall into the same category on their credit checks - ie loans.

James Jones

chanz4

Cash_Flow wrote: »

How do you know that it has not affected your APR's on loans or credit cards that you have applied for?

I have 18.9% credit cards

Cash_Flow

chanz4 wrote: »

I have 18.9% credit cards

What does that prove?

18.9% is quite high for a credit card;)

tonymorton

KieranJ wrote: »

Hi Guys

Got into the trap of these loans over the last year, now paid off in full & shudder at the thought of how much it has cost me since.

Anyway, all of these loans now appear separately on my credit report (even though they have all been paid back) so it makes it look as if I have 20+ credit accounts when in reality I have 4 - 1 credit card, 2 phones & a Littlewoods account.

Does anybody know if I can get these removed? It is having a adverse affect on my credit rating which is very annoying.

Thanks :T
Kieran

You could try contacting them to get them removed!

Tixy

chanz4 wrote: »

i had one for £65 pure profit, it appeared on my file and hasnt effected me in anyway

One payday loan amongst other well handled credit accounts will probably have much of a negative effect - although I doubt you can say for certain it hasn't affected any application / rate you've been offered that you've applied for since.

But certainly for people taking out multiple payday loans at a time or new ones each month its going to seriously put off prime lenders.