How will Credit Union loan affect my credit?

concrete_kid

I have poor credit and have been aiming to become debt free over the last couple of years. My last debt is my £2000 overdraft. I intend to get a loan from my Credit Union to pay this off (I have £1000 saved with them).

If they will give me this loan will it affect my credit rating? I want to improve my credit so would prefer a loan that shows upon my file and shows that I amimproving. Any advice gratefully received.

Bryando

The credit union I am with do not report to the credit reference agencies. So might be worth asking if they do and what one(s)

MCGONIS

Hello.

I have a loan from Glasgow Credit Union. It was over a one year term. When I first took it out it did show up on my Equifax credit report. Now for some reason it does not show there. It has two more months to run.

I checked my Equifax report on Thursday evening and the account had vanished from maybe ten months or so ago when I last checked.

I think for a lender to "share" information with a credit reference agency maybe costs them more. I am not 100% if that is true but some accounts seem to show up and others don't.

I think the best bet is to ask the credit union if they report to any credit agency. Some credit unions are so small that they may not report information on your account. If you have a bank account with overdraft though, this is likely to be being reported each month.

Not sure if that answers your question much. But good luck. Can you let me know how you get on?