Introduction of MODA and impact on previous PDL's on Credit Report

Mousey81

i wanted to check what other people thought about the introduction of MODA by CallCredit?

All new short term loan products will be reported for 50 days only in the new section, but what about old loans reported under the previous rules?

Surely this puts somebody with a PDL pre-MODA that stays current for 6 years at a disadvantage to somebody else with a new loan recorded only in MODA?

Are there plans to remove historic PDL entries? Is this something that the ICO should look at? Or is it just a case of bad luck for those unfortunate enough to have been caught up in the early, poorly regulated days of PDL's?

Any legal beagles out there with an opinion?

Thrugelmir

MODA is a real time system primarily for the use of short term lenders. Has been running for some months. Has no bearing on how consumer data is reported.

Tixy

I wasn't sure exactly how it would work, I assumed that credit accounts in the new MODA section of the report would also still appear in the normal (SHARE) credit account section of the report, as they previously did (but without the real time aspect).

Otherwise a mainstream bank performing a credit search to make a lending decision would not be able to see any outstanding or closed payday loans, and I cannot see mainstream lenders considering that acceptable (and would callcredit therefore be quite likely lose customers to the other credit reference agencies).

Be interested to understand how it works in practice, i.e. how it impacts what a mainstream lender sees when performing a credit search.