14 Day Cooling Off Period

MrBlogs

Hello fellow money savers,

If a credit agreement for a loan is cancelled within a 14 day cooling off period would the account show on a credit report? I understand there will be a search on the credit file but not sure if there would be a settled account ?

I have read conflicting information regarding this but it seems to be that anything that is cancelled within a cooling off period should put you into a position as if it had never happened, Can anyone confirm this ?

Thanks

Tixy

It nearly always takes longer than 14days for a credit account to be reported in the first place so it would be very unlikely to appear, but if it did it should then be removed.

If a company doesn't automatically remove such an entry then a quick letter asking them to should rectify the problem.

MrBlogs

Tixy wrote: »

It nearly always takes longer than 14days for a credit account to be reported in the first place so it would be very unlikely to appear, but if it did it should then be removed.

If a company doesn't automatically remove such an entry then a quick letter asking them to should rectify the problem.

Thanks Tixy that's very helpful