Can't get anything, may as well just default!

rtho782

JimmyTheWig wrote: »

I think your only hope is that if the PDL company had told you it would help. Is that what happened?

Yes!

http://web.archive.org/web/20100823005515/http://www.paydayuk.co.uk/pages/rebuild-your-credit-with-paydayuk.php

JimmyTheWig

rtho782 wrote: »

Yes!

http://web.archive.org/web/20100823005515/http://www.paydayuk.co.uk/pages/rebuild-your-credit-with-paydayuk.php

Sorry, I didn't realise that it was you, the OP, who posted this link earlier.
This only says it helps to rebuild your credit rating. Doesn't say it will improve it long term.
Back in 2011, when your credit rating was shot to pieces, I think you may have found that this helped to rebuild your credit rating. Any evidence that it didn't?

rtho782

He said there had been a ‘mixture of responses’ from mainstream lenders to the use of payday loans and not all of them would take the same attitude to payday borrowers as they would with bankrupts.

Wow, not EVERYONE will consider me as bad as someone that has gone BANKRUPT!

Such good news.

James Jones, how does Experian justify making this change retrospectively? Why not simply impliment it for all new loans going forwards?

droiderm

I am not sure what you are trying to achieve anymore.
Pay day loans were a definate big NO NO for mortgages for quite some time now. I suspect the experian change is just making it easier for the lenders to identify them. They are quite capable of identifying them themselves. Company name, term of loan etc.

Irrespective what Experian do, the information is on your credit file and can be considered by whoever you wish to borrow money from. The name is neither here or there in my opinion. I feel you can't blame the PDL companies for providing you a service which you wanted , equifax for reporting the information as it is, or other lenders for dictating their own lending criteria.

I think as James (or someone else) pointed out earlier lenders make their decisions on lots of customer data, and the risks associated with those customers.

I think you really need to let go of this name change thing.

I include myself in this, but as you get better with money pay your debt down, and have some savings, you will see how it's a world away from building up debt. I would natrually expect that kind of lifestyle to have a positive impact on your credit score, no matter who the lender. I am sure you will see at that point why your considered a safer bet.

There is no big rush to get mainstream credit. You might be able to save a few quid here and there, but it's not going to achieve much.

I am had significant past credit problems and noticed lately how difficult it is to get a mortgage. My current attitude is I will just keep saving and paying off my cards in full every month. Saving is actually fun

rtho782

droiderm wrote: »

I am not sure what you are trying to achieve anymore.
Pay day loans were a definate big NO NO for mortgages for quite some time now. I suspect the experian change is just making it easier for the lenders to identify them. They are quite capable of identifying them themselves. Company name, term of loan etc.

Irrespective what Experian do, the information is on your credit file and can be considered by whoever you wish to borrow money from. The name is neither here or there in my opinion. I feel you can't blame the PDL companies for providing you a service which you wanted , equifax for reporting the information as it is, or other lenders for dictating their own lending criteria.

I think as James (or someone else) pointed out earlier lenders make their decisions on lots of customer data, and the risks associated with those customers.

I think you really need to let go of this name change thing.

I include myself in this, but as you get better with money pay your debt down, and have some savings, you will see how it's a world away from building up debt. I would natrually expect that kind of lifestyle to have a positive impact on your credit score, no matter who the lender. I am sure you will see at that point why your considered a safer bet.

There is no big rush to get mainstream credit. You might be able to save a few quid here and there, but it's not going to achieve much.

I am had significant past credit problems and noticed lately how difficult it is to get a mortgage. My current attitude is I will just keep saving and paying off my cards in full every month. Saving is actually fun

I agree with most of what you say, however do feel I should point out that other lenders don't get to see the name of the original lender on your report, and still don't agree with retrospective changes!

I look at company credit reports every day at work, from Experian no less, and they never list the name of the creditor.

JimmyTheWig

rtho782 wrote: »

other lenders don't get to see the name of the original lender on your report

True.
But they would see the short-term nature of the loan. And the low amount.

Garage_Flower

I don't think your issue is because you took out a payday loan it's because you have multiple payday loans on your file. This shows you may have been reliant on them. This coupled with your credit file showing you are always in your overdraft will mean many lenders won't consider you.

I know you have said the reason for your OD and that you thought the PDLs were benefitting your report but potential creditors don't know this.

Have you tried contacting the PDL companies to see if they will send notification to Experian, Equifax etc to have them removed from your credit file?

Bravehearted_2

You've used PDLs in the past year or so, are in your OD some months and have a significant amount of debt on cards and loans - and you're angry at Experian for reporting just that?

How about taking some accountability for yourself?

I certainly applaud the mainstream lenders for choosing not to lend to a person who would consider defaulting.

Niv

Bravehearted wrote: »

You've used PDLs in the past year or so, are in your OD some months and have a significant amount of debt on cards and loans - and you're angry at Experian for reporting just that?

How about taking some accountability for yourself?

I certainly applaud the mainstream lenders for choosing not to lend to a person who would consider defaulting.

Much as i agree with some of your post, if you had read responses from the OP you would realise that considering to default was said tongue in cheek.

Niv

debrag

Lenders would see a lot of small monthly loans and think the same surely.