Cancelled credit - Credit Score

MOPI

Hi I recently took out an o2 refresh tariff, which I think runs two credit checks - one for the handset and another for the tariff.

I took the decision to cancel this contract within the 14 day cooling off period, which o2 have processed. However I have noticed on my clear score report that the account is shown in the 'closed accounts' section with a balance of £0. So my question is - is there a general blanket rule for credit accounts cancelled within the cooling off period? Should they be shown on a persons credit report in any way?


Thanks in advance

robin58

Well you did apply for credit. First action.

You then sent phone back. Second action.

You were then released from the contract. Third action.

Don't you think as a credit provider you would like to know if the person who applies for credit is not a serial abuser ( not saying you are ) of credit applications. So company will want to know if they are actually going to pay it off or do a runner from their current addresse to a new one.

Also done forget even though you sent back the handset within 14 days, the phone company now has a 2nd handset to sell on.

molerat

If you cancel a credit agreement within the cooling off period it should be treated as if it was never entered into therefore should not be reported. The credit checks though can still be reported. Raise a formal complaint. CCA 1974 S66a 7
http://www.legislation.gov.uk/ukpga/1974/39/section/66A