Credit sharing procedures

mikeb222

I settled a loan in March 2014.
The company never used to send loan information until Dec 2014, but now I have loan information on my credit file re this old loan.

I asked them to explain and they said "standard practice" when sharing information.

Can you share information with credit agencies retrospectively then?

JKSandy

Yes. BT are a company that springs to mind. They use to report then stopped then started again a few years ago.

Thrugelmir

mikeb222 wrote: »

Can you share information with credit agencies retrospectively then?

By wishing to access data the CRA holds. A lender will correspondingly agree to submit data to the CRA. This will include retrospective history.

mikeb222

Damn, how can this be?

I'm still gonna complain to FoS.

Maybe they will stop them doing it?

mikeb222

Thrugelmir wrote: »

By wishing to access data the CRA holds. A lender will correspondingly agree to submit data to the CRA. This will include retrospective history.

Where would I find this information?
Or how do you know that's what happens?

PaulW922

If it is in the T&Cs of your loan (which is almost certainly will be) then I don't se there is much you can do. Does it actually matter? If the loan was run well it cant do any harm.

the Government is trying to get more credit data sharing done to encourage more responsible lending - some lenders for example only shared data where you were in arrears or defaulted. The theory is that the more (accurate) data that is available the better assessment a future lender can make.