Credit balance on credit file different to lender

TopgunMav

Hi I’m looking some advice. I have a finance agreement in place with Advantage Car Finance which was took out 3 years ago. I have 2 months remaining left to pay on this agreement. When I checked my credit file it shows my balance as £532 however Advantage says my balance is £780. They say there are charges that were applied for late payments which I am aware of however why are they not reporting my true balance to the credit reference agencies and am I only liable to pay the £532?? I thought that all information reported to credit agencies had to be accurate and up to date. Why are they not reporting the charges to the credit reference agency. Thanks

[Deleted User]

You're liable for the full amount.

The discrepancy has no practical impact.

Ebe_Scrooge

When were the late payment charges applied ? Some lenders only report to the CRAs on a monthly basis - is it possible that the charges have only recently been applied, and will be reported in their next monthly reporting cycle ?

[Deleted User]

You're liable for whatever the creditors say.

tenchy

TopgunMav wrote: »

Hi I’m looking some advice. I have a finance agreement in place with Advantage Car Finance which was took out 3 years ago. I have 2 months remaining left to pay on this agreement. When I checked my credit file it shows my balance as £532 however Advantage says my balance is £780. They say there are charges that were applied for late payments which I am aware of however why are they not reporting my true balance to the credit reference agencies and am I only liable to pay the £532?? I thought that all information reported to credit agencies had to be accurate and up to date. Why are they not reporting the charges to the credit reference agency. Thanks

Unfortunately not. Credit reference agencies will accept anything. They don't check it. The onus is on the reporting party to get it right.

Ben8282

Could it simply be that the balance has not been recently updated with the CRA?
If you believe your current balance to be £532 and you have 2 monthly payments left, then the monthly payment must be in the region of £266 or a bit more to cover any interest for the next 2 months.
£255 X 3 is £798 which is close enough to the reported balance of £780 to make me think that your credit files have not yet updated with this month's balance and are still showing last month's balance..

bigisi

Some people really do clutch at straws to try and get out of paying what they owe!