Loan no longer updating on my credit file...

DonnyGuy

I took out a loan with MoneyWay back in 2014 back at a time where I couldn't get credit. Since then, I've lived with my choice and have always made the repayments.
I got a letter from them earlier this year to say that my loan would be moving across to Alpha Credit Solutions 8 and nothing would change. Fine I thought.
My direct debit has automatically been updated and payments have continued.

What's bothering me is how this loan is now writing to my credit file. It's not been updated on ClearScore or Noddle since May (which is when Alpha took over the payments).

On Noddle it shows as an open account but instead of having green checks each month, it has ? marks on it since May and the balance hasn't;t move.

It's moved from an Open to a Closed account on ClearScore however still shows the balance.

I've waited a few months thinking this will resolve itself but doesn't seem to be the case. What I'm wondering is what do I do to get this resolved. I either want it to update to Alpha credit and my payments that I make monthly to reflect so my payment history and balance is correct or show it as zero balance as a closed account.

Right now it reads that either it closed with me owing money (ClearScore) or that it's open but there's an issue with payments since May (Noddle).

Does anyone have any ideas?

Thanks in advance

[Deleted User]

The company that has taken it over should be reporting it to your files now.

Contact them and ask

National_Debtline

Hi DonnyGuy


Welcome to the forum. When a debt is sold on, the original company will usually report a zero balance to show you no longer owe the debt to them. The new company who has bought the debt can then report the debt in their name with the correct balance. If the original company recorded a default, the new company can register one using the same date.


The original company will be responsible for their entry, and the new company for theirs. Therefore if you have a query with either entry you'll need to contact the relevant company. You can raise it directly with the credit reference agency, but they won't make any changes until they have been in touch with the company in question to check the details.


Best wishes


Susie
@natdebtline

DonnyGuy

That was some good advice guys. Thank you.

I gave Alpha Credit Solutions 8 a call this morning and they were really helpful. The guy pretty much told me that them buying all of Secure Trust Bank's personal loan portfolio hadn't gone too great and they were aware of the issue with the credit files not being updated.

He said they're being fixed in bulk and he'll ensure my account is in the next bulk file.

That works for me. I'm not overly concerned now. I just was so annoyed at the idea that it may report incorrectly to my credit file.

I made a poor choice in 2014 taking out a Moneyway loan but at the time, it was all that was on offer but I lived with that choice. I've always paid them and now we're so close to this being over, the idea that they could stain my file left me with a poor taste in my mouth.

But looks like all is good.

DonnyGuy

Just want to update this post to say I'm no further forward.
Secure Trust Bank just say "Nothing to do with us".
Alpha say "We're now reporting to CallCredit however not to Equifax yet." There's no indication on when this will be.

Am I making to big a deal of this? It just really stresses me that I'm literally about 4 months away from paying this loan off entirely yet on my credit file, it's showing a balance of nearly £3k and no updates since February.

If I trusted Alpha's word then I'd relax but it's December so ten months since my file was last updated with Equifax.

I should add with Call Credit, Secure Trust Bank has been replaced by Alpha and the balance reflects correctly.

DonnyGuy

Thought I'd add a final note on here to say that this is finally resolved. Alpha have advised they'll be reporting to Equifax from March / April time and will include the full history.

However as a result of my complaint. Secure Trust Bank have now removed this loan from my Equifax file and have also given compensation for the inconvenience.

A happy ending for me!