Asking lender to update with the agency

jeffmonson

Hi,
I've got a personal loan with Tesco bank. I'm plaining to make a one big payment to clear about 70% of the loan. Would it be possible to to ask them to update their records so my debt is only showing remaining amount to pay ? As now ,even though I've been paying for the loan for over a year now ,it is showing full amount on my credit file.
Thanks

ashp_2

If you have been making payments for a year it should not show the full amount. I would firstly raise a dispute with the CRA and they should raise this with Tesco directly. I would also contact Tesco yourself.

This should be updated every month and you are well within your rights to insist they update it without delay.

National_Debtline

Hi

I agree the current outstanding balance should be shown on your credit file. Chase this up as advised by ashp.

James
@natdebtline

KoshB5

The account entry on your report will always state the original loan amount, monthly payment markers and monthly balance history (payments). As stated by ashp if the monthly balance history entries are not showing any changes you need to raise a dispute with the CRA.

ashp_2

KoshB5 wrote: »

The account entry on your report will always state the original loan amount, monthly payment markers and monthly balance history (payments). As stated by ashp if the monthly balance history entries are not showing any changes you need to raise a dispute with the CRA.

There is also a part that shows the date last updated. You should then get an idea if tesco are not updating it at all or they are reporting the full balance each month.