Should canceled Credit accounts still be listed on CR?

Jimby509

If you withdraw/cancel a credit agreement within the first 14 days of the agreement being made, should the account still be recorded on your credit report?

My reason for asking is this. At the beginning of the year I had a tight spot financially. I had no access to credit so used payday loans, however instead of paying at the end of the month I cancelled the credit agreement and paid off the loan within a few days to reduce the ridiculous interest. e.g. Rent goes out on the 25th but I got paid on the 27th so took a payday loan on the 25th to tide me over but paid off on the 27th so only paid 2 days interest...

Problem is now I realise that payday loans on your credit report are a big no no if you are going to apply for a mortgage and I have 11 on my credit file! Do I have a right to request that the payday lender remove the accounts from my credit file since I cancelled them within the 14day period?

Thank for any advice that can be given.

J

tinkerbell28

Jimby509 wrote: »

If you withdraw/cancel a credit agreement within the first 14 days of the agreement being made, should the account still be recorded on your credit report?

My reason for asking is this. At the beginning of the year I had a tight spot financially. I had no access to credit so used payday loans, however instead of paying at the end of the month I cancelled the credit agreement and paid off the loan within a few days to reduce the ridiculous interest. e.g. Rent goes out on the 25th but I got paid on the 27th so took a payday loan on the 25th to tide me over but paid off on the 27th so only paid 2 days interest...

Problem is now I realise that payday loans on your credit report are a big no no if you are going to apply for a mortgage and I have 11 on my credit file! Do I have a right to request that the payday lender remove the accounts from my credit file since I cancelled them within the 14day period?

Thank for any advice that can be given.

J

No you don't. It's an accurate reflection of your finances and how you managed your money over that period. You did still accept and take the loans, even if you settled early.

Jimby509

Thanks for the quick reply. Looks as though I really messed up things! And I thought I was playing the payday loan system.

Thanks again, J

CKhalvashi

Jimby509 wrote: »

Thanks for the quick reply. Looks as though I really messed up things! And I thought I was playing the payday loan system.

Thanks again, J

Unfortunately, as you've now worked out, there is no way to play the system.