Update of Credit file

Avenger2

We have just managed to clear a secured loan, as this loan was with Welcome Finance they no longer subscribe to any of the credit agencies, we have had a difficult past few years (IVA etc), as we are slowly improving our credit history paying this loan off would have really helped to improve our credit history, we have been paying over treble the monthly payment which has cleared the outstanding loan approx 4 years early.
I have got every statement and a letter stating that the loan has been paid in full, I have contacted 1 of the credit agencies with a view to sending them all the statements and adding to our payment history, they have stated that they are unable to use this information!
My question is; How can they report on our credit history when they haven't got all the information?

Thrugelmir

CRA's only use data provided by subscribers.

Experian_company_representative

Hi Avenger2,

Not all lenders will supply information to credit reference agencies, as Thrugelmuir has said, for an account to appear on the report the information would need to come from the lender themselves.

However when you have got your report from an agency, you can add a notice of correction to it, this would allow you to explain that you have an additional account that does not currently show.

You can find out more about adding a notice of correction to your Experian report here.

Kind Regards
Neil

Avenger2

Thanks Neil
It's just frustrating that we are not able to add the settled account to our file, however I will contact them


Thanks

rizla_king

Experian do have some responsibility as a joint data processor and controller to ensure that the information they record is accurate.

Its correct that while they remain unaware that the information they have on file is wrong they can fall back on the excuse that they are just reporting what the creditor has told them.

BUT WHEN they are presented with clear evince that it is inaccurate they lose that protection.

You given them clear irrefutable evidence that your file is wrong so it is now Experian who are in breach of the Data protection Act in continuing to record and report information that they now know to be false or inaccurate.

The "we cant do anything" line is utter bullshlt.

Avenger2

Thanks Rizla
Well said, we've had a nightmare over the past few years trying to keep our files up to date and correct.
Our experian and Equifax reports are poles apart with regard to credit scores and have been for about 5 years, and yet they both hold the same information!