Credit Report Showing way out of date information!!

marcwatt

Hi


I'm applying for a mortgage at the moment, and am having a nightmare, I've cleared 2 credit cards totalling £3000 2 month ago and it isn't showing up on my credit score. Its bringing it down on credit card utilisation.
Also I paid off a car finance agreement of £6k which hasn't updated either.


I also had 2 pay day loans last year which are still showing as open accounts i.e I still owe money. I have since contacted the lender who confirmed that yes they are closed and where about a week after opening.


Any idea why these things aren't updating when my credit score is renewed after 30 days?


Its frustrating how if there is something negative on my credit report it goes on there automatically but when I do something to improve it there seems to be a huge lag.


I have used Equifax, Experian, clear score and MSE credit club, all showing the same.


Kind regards

KoshB5

Check also on Noddle, Callcredit (Noddle is their service) tend to be the primary decisioning CRA (all CRAs will get account details once an account is approved) for short term loan providers. They also provide short term loan providers the option to update account information more frequently than the standard monthly cycle and have a separate section on Noddle report for this.

If the account isn't showing as closed raise a dispute with one of the CRAs, this will aid as a catalyst for resolution and account data being updated across all CRAs.

Short term loans even closed ones aren't helpful for mainstream credit applications as they tend to be viewed as an individual being in financial distress. Hopefully you are using a mortgage broker who will find a mortgage based on your credit history.

Candyapple

https://forums.moneysavingexpert.com/discussion/comment/72104381#Comment_72104381

You may need to write to the payday loans and ask them to put it in writing that the accounts are closed and then you'll need to forward that same letter to Noddle/Experian/Equifax etc until it is moved to the settled section of your reports.

dk5294

My husband contacted the lender he wanted to use who declined him on the basis he had outstanding credit card debt, as it is paid in full and has been for sometime.

They have now accepted him and asked for proof this has been paid along with the supporting documents for his mortgage. Everything seems to be progressing as it should.

marcwatt

Thanks everyone for their reply, I have contacted the payday loan lender who have sent me confirmation, but I will ask them to send it to the relevant credit agencies.


I will also take your advice and try noodle.

[Deleted User]

marcwatt wrote: »

I will also take your advice and try noodle.

Noddle. .

MSE_Chris

Hi, as you're registered for Credit Club, you can raise this through the "Need Some Help" button next to the loans in question, Experian will then contact the lender who will change this for you.

Sgethin

You only need to contact one CRA, their systems 'interlink'. The CRA's can't amend your files only the 'data owner' i.e. the lender so it is they you need to pressure. The only time a CRA can amend it is if they have failed to update the lenders instruction and that frankly is quite unlikely.

P.S. I only joined MSE as I'm taking Npower to Court over inaccurate CRA record ( been so 30 months) and I need to discover how much Energy Ombudsman's case fees are currently in order to formulate compensation levels. Please don't reply if 'you think it's' or you are guessing - I could do that.