Credit Files Not Showing Car Insurance

corkyefes

Good morning,

Just wondering if someone can enlighten me.

I have just paid to have statutory credit files shown by equifax for myself and my partner.

My partner has got a car and insurance in her name (and me as a named driver) and the monthly fee comes out of my bank account.

However, this does not show up on my credit files or my partners.
Is there a reason for this?

Best Regards

PollyOnAMission

Is it because it isn't a credit agreement?

inmypocketnottheirs

When I have paid various insurances via monthly payments it has not shown up on Experian/Equifax.

InsideInsurance

PollyOnAMission wrote: »

Is it because it isn't a credit agreement?

Most are credit agreements and governed my the CCA however it is not compulsory for all lenders to file information with CRAs. Given that interest income is not a major component for insurers and more a convenience factor for consumers the vast majority dont bother reporting to the CRA.

Some brokers use specialist third party credit providers to offer instalments and these are slightly more likely to record to the CRAs as they are closer to traditional lenders.

You may also find store credit (not cards) also often dont appear fully on the CRAs for similar reasons

inmypocketnottheirs

InsideInsurance wrote: »

Given that interest income is not a major component for insurers and more a convenience factor for consumers the vast majority dont bother reporting to the CRA.

I disagree given that some monthly installment plans are at more than 20% APR. I think that is a major component!!