Should my car lease be on my credit report?

Shack_attack

Morning all,

I've had a car lease with Toyota Contract hire for the past 3 years but it doesn't show up on my credit report?

I've paid on time every month without fail but wondered if this was the norm as they don't consider it to be credit such as a PCP deal etc.

Thanks,

James

CKhalvashi

This is a question that comes up regularly, and the answer is that some do, some don't.

My car is leased through Arval and doesn't show, where OH's is through LEX (Lloyds) and does show, just as proof it's provider-specific.

Shack_attack

Hmm very strange. Thanks for the answer though. I just thought it would have quite a positive impact on the credit rating if it did show up!

Candyapple

Have you checked all 3 credit reference agencies? Just because it might not show up on one, doesn't mean it won't on the others.

GingerBob_3

Shack_attack wrote: »

Morning all,

I've had a car lease with Toyota Contract hire for the past 3 years but it doesn't show up on my credit report?

I've paid on time every month without fail but wondered if this was the norm as they don't consider it to be credit such as a PCP deal etc.

Thanks,

James

If the credit reporting worked properly it wouldn't be reported - it's not credit. However, some providers take it upon themselves to redefine "credit" and do report you. And they can get away with it because credit reporting doesn't work properly.

Shack_attack

Candyapple wrote: »

Have you checked all 3 credit reference agencies? Just because it might not show up on one, doesn't mean it won't on the others.

Hi, yes I use check my file and it doesn't appear on any of them

Shack_attack

GingerBob wrote: »

If the credit reporting worked properly it wouldn't be reported - it's not credit. However, some providers take it upon themselves to redefine "credit" and do report you. And they can get away with it because credit reporting doesn't work properly.

What also doesn't work is Credit Scoring either, I wonder how many people are worried because their 'credit score' isn't 999, it's and absolutely pointless way for these reporting companies to make more money

My credit score according to Noddle is still rated at '500' which apparently is very poor haha; probably due to a default on a £30 o2 bill 5 years ago back in Uni. Since then however I've obtained credit for a 200k mortgage, 1 car on PCP, 1 car (current car) on lease and a Santander 123 credit card with a £5k limit, everything paid on time to the day and no late payments.

Ridiculous and shows how flawed the system is. Yet if I didn't know how useless it was I would think my financial situation was horrendous!