Loans that don’t appear on your Credit Report

DMc222

Hi Everyone

I am wondering if there are any lenders who don’t report to any of the Credit Agencies. I am aware that some credit unions (after saving for 3 months) don’t but I want to get a loan that won’t appear on my credit report.

Many Thanks

[Deleted User]

None, I would think, as they all rely on searching the CRAs as part of their risk assessment, and therefore need to report.

You'd need to hunt out a local or high risk lender who doesn't use bureau data.

DMc222

Thanks for your reply! Is there any companies that you know of that credit check at first to get approval but don’t report the balance each month?

[Deleted User]

All companies will report to the CRA's.

What's the real reason for asking?

DMc222

I am asking as I am considering a consolidate loan and by doing so I wish to increase my credit score.

[Deleted User]

Ah, in that case, don't worry. Your credit score doesn't mean anything, so it doesn't matter.

If you take out a loan to pay off others, your indebtedness won't change.

DMc222

I plan on paying the debt ASAP so I can get a mortgage in the next few years. My credit score will mean something will it not?

[Deleted User]

DMc222 wrote: »

I plan on paying the debt ASAP so I can get a mortgage in the next few years. My credit score will mean something will it not?

No.
Unless you believe in fairytale numbers.

Lenders look at the data on your files (accounts, debts, payments etc.).

Getting a loan only moves the debts from multiple sources to one - it will still show as a debt overall.

Ben8282

DMc222 wrote: »

I am asking as I am considering a consolidate loan and by doing so I wish to increase my credit score.

Yourt credit score is meaningless. Your credit history is important.
Could you please explain though HOW you believe that obtaining and repaying a loan which is NOT reported to CRA's could have any effect whatsoever on your credit score or credit history if it is NOT REPORTED.

DMc222

Well once all the reporting debt was cleared my credit score would increase, I would then be chipping away paying the unreported loan thus when it came to the time I applied for a mortgage and I had the loan paid off it would look like I had no debts for a few years

Ben8282

Ah. I understand. You have considerable debt being reported on your credit files so you want to get an unreported loan to clear the debt in order to appear debt free at the time of your mortgage application.
The only way to achieve this is if you can get family/friends to lend you the money. Or borrow from a loan shark but that would be extremely unwise.