Incorrectly updated credit file?

[Deleted User]

Hi people!
so I’ve been debt free now for up to a year almost, I paid off my last debt on dec 16 2018.

I am currently under going a mortgage application, and the financial advisor has delved into my credit file and found an account “satsuma loans” which was a pay day loan company, now I paid that off IN FULL, in December 2018, he’s brought to my attention that that account shows active, and still with the outstanding balance I paid in December.

Ive done a bit of digging, and have read that it’s possible for me to make a complaint, to said company, and request that I get that file removed completely showing no footprint at all, nor that I ever dealt / had a loan with them ever, I’ve come here to seek that advice, before I do that.

wrongly updated for well over a year, and making a HUGE impact on my credit file , with the defaults being added on a monthly basis.

thanks.

[Deleted User]

You need to ask them to close it, with the closure at the appropriate date.

It won't be removed, as you had the account and reflects your history.

eskbanker

Mjfender26 said:

Ive done a bit of digging, and have read that it’s possible for me to make a complaint, to said company, and request that I get that file removed completely showing no footprint at all, nor that I ever dealt / had a loan with them ever

If the information provided to the credit rating agencies by a lender is inaccurate then you can instruct the lender to correct it, in this case by reflecting the fact that you paid off the loan in full, but they won't pretend the loan never existed!  The whole point of credit files is that they should show factual reality, not a fake airbrushed version....

If you've been paying off debts with a view to preparing for a mortgage, why have you left it until now to check your credit files?

[Deleted User]

eskbanker said:

Mjfender26 said:

Ive done a bit of digging, and have read that it’s possible for me to make a complaint, to said company, and request that I get that file removed completely showing no footprint at all, nor that I ever dealt / had a loan with them ever

If the information provided to the credit rating agencies by a lender is inaccurate then you can instruct the lender to correct it, in this case by reflecting the fact that you paid off the loan in full, but they won't pretend the loan never existed!  The whole point of credit files is that they should show factual reality, not a fake airbrushed version....

If you've been paying off debts with a view to preparing for a mortgage, why have you left it until now to check your credit files?

Based on the fact I had no other out standing debts? 

I was under the impression they HAD to update correctly, so I trusted that (more fool me).

cymruchris

I was under the impression they HAD to update correctly, so I trusted that (more fool me).

They do have to update it correctly - removing it from your file history is not ‘correctly’ though. Contact them and I’m
sure they’ll update it accordingly to ‘settled’. It may not show on your ‘free credit reports’ for a couple of months though. It’s also worth noting that some mortgage providers don’t always take the risk of people with payday loans on their records (not judging the rights or wrongs of using their services - but you might just want to make sure the provider you’re using is ok with payday loans being on your files). 

[Deleted User]

cymruchris said:

I was under the impression they HAD to update correctly, so I trusted that (more fool me).

They do have to update it correctly - removing it from your file history is not ‘correctly’ though. Contact them and I’m
sure they’ll update it accordingly to ‘settled’. It may not show on your ‘free credit reports’ for a couple of months though. It’s also worth noting that some mortgage providers don’t always take the risk of people with payday loans on their records (not judging the rights or wrongs of using their services - but you might just want to make sure the provider you’re using is ok with payday loans being on your files). 

Thanks, haven’t used pay day loans for well over 6-8 years, that was just one I missed payments on when I was young and silly.

luckily I have 0 debt and only a mobile contract.