Carloan4u.com - be careful !

fishermansgirlfriend

Be very careful using this firm. I made a tentative enquiry about a car loan and specifically said that I did not want any search on my credit file carried out. They said they would only carry out a soft search which was fine by me. The call was recorded. That was in February.
They did in fact carry out 6 Searches. 3 soft searches and 3 hard ones (because I've moved twice so they've searched all previous addresses as well). Obviously my Credit Score has plummeted.
It is now May and I have expended huge amounts of time trying to get CARLOAN4U.COM and MONEYBARN LTD to remove these Searches. They claim they told me about the Searches and I am adamant they did not because I know what I said. Now Experian refuse to delete the 6 Searches which will now remain for one year. SO my advice to anyone is DON'T USE CARLOAN4U - DON'T EVEN ENQUIRE !!!

fishermansgirlfriend

I really hope Martin Lewis reads this !

[Deleted User]

fishermansgirlfriend wrote: »

I really hope Martin Lewis reads this !

I've left a copy on his desk.

Tixy

The good news is that if these searches were all back in February then they will probably have little impact on your ability to get credit now in May.
And in another couple more months they will have a negligble impact.

fishermansgirlfriend

When I called Equifax/Experian they both said the Searches will (a) stay on my file for one year and (b) they start losing impact after six months - I was planning to get a car for the summer which will probs not be poss now. Better than nothing I suppose.

thebritishbloke

fishermansgirlfriend wrote: »

When I called Equifax/Experian they both said the Searches will (a) stay on my file for one year and (b) they start losing impact after six months - I was planning to get a car for the summer which will probs not be poss now. Better than nothing I suppose.

You could make a formal complaint to the ombudsman that you never authorised the searches and get them removed from your files. If you're not planning on applying for any new credit before the year is up though, I think it would waste more of your time than it's worth.

fishermansgirlfriend

Do you mean the financial ombudsman ?

Also, why direct debit? Does this have some sort of impact then?

Thanks.
fishermansgirlfriend

Former_MSE_Zorica

Hi everyone,

Car Loan 4U have asked us to post the following on their behalf. MSE doesn't endorse anything posted for a company.

We’re extremely disappointed to hear that you feel you were misinformed regarding credit searches that may be preformed when applying for car finance through us. We pride ourselves on being an honest and transparent company. So, we would like the opportunity to re-investigate your concerns. Please email social@carloan4u.co.uk with your full name, date of birth and post code so that we can verify your details and locate your application records.

Nasqueron

adindas wrote: »

If I were the OP I would file up a formal complain and "asked for compensation for the damage and inconvenience they have caused ". I would see this one as a golden to earn cash.

If they do not response properly I will go further to make a formal complaint to the ombudsman.

You definitely have very high chance to succeed (if not 100%) as you have evidence from recorded conversation.

Your chance to get free money. If you learn from this forum, reasonable number of people got free cash by this way.

As the "credit score" is a made up number with no actual bearing on the real world, what "damage" or financial loss would the OP have received following these searches?

Personally I rate the OP as 3 dandelions and a banana, but they were 4 daffodils and a pineapple before the search so I expect they should put in a complain and demand £100,000 compensation for the loss of the Flower/Fruit score index.

If you think the score given by the agency is so important, ask Experian about how to borrow money from them seeing as they score you so highly!

Nasqueron

adindas wrote: »

Well, people have been awarded compensation for a trivial thing. There are quite a few recent case if you search it.

Compare to other case, OP case will have more chance to win (I will say 100%) as he has evidence.

Not doing what has been agreed is already wrong. They said it would not show on credit file but in fact it did.

It causes damage as it diminish the OP opportunity to get a better deal in term of credit card or loan.

Anyway, why should a person forfeit an opportunity to get cash if the opportunity is there. Certainly not £100,000, but £100 might do.

is more acute cau

It sounds like you are confusing the case against PC World/Rentsmart which ruined a guy's credit rating with defaults (which have a serious impact on your file for 6 years) with someone's credit "score" dropping due to a few searches.

The credit record is what the banks see, so someone with 10 years of defaults/late payments would have their record trashed and would prevent them getting loans, mortgage (or at least make them impossibly expensive).

The credit score is what the ratings company makes up to try and get you to pay them to "improve it". If the OP's credit score has dropped, that is meaningless as the score is meaningless - the bank does not see the score, nor do they use it to judge whether to lend money.

I'd imagine if the OP complained and has the tapes they'll probably give her a goodwill gesture to make her go away, but she has not suffered any harm to her personal finance just because the made up number used by Experian/Call Credit/Equifax went down

Nasqueron

adindas wrote: »

- I owned my first main stream credit card more than twelve years ago.
- At one particular time I had more than ten credit cards
- I have current accounts with almost all of UK high street banks. I have more than a dozen current accounts. This is not included RSA and saving yet.
- I am also banking with small BSs
- I have got more than a grand in term of cashback, rewards and from stoozing ...
- I received my credit report monthly. My credit report is more than 58 pages.
- I have been with MSE since 2010 and actively following this topic
- I am still paying my mortgages and I get one of the best rate available in the UK.

l already know that few people think that they have more knowledge than other people without knowing the other party background.
But to hear someone is saying that I am confused for the term / thing which is even well known by a rookie is beyond my imagination ....

That's great for you, you obviously have a lot of knowledge though why you're paying for your report monthly (assuming it's not free) on an MSE site despite countless people advising it's a waste of time is beyond me.

So why are you telling someone that an online search that lowers the meaningless number that credit agencies generate has led to some material loss? Do the CRAs lend money to you and thus would consider you more of a risk if your number was lower?