buy now pay later deal trashing my credit file

dave0069

has any one come across anything like this

i recently brourt a new monitor for 2grand from currys /pc world on a nothing to pay for 12 mounth buy now pay later deal.  but it being incorectly reported to all my credit files   as a maxed out credit card  with high credit utilzsation

iv disputed it with equfax and transunion.

Ayr_Rage

If by "credit file" you mean the made-up number from Transunion and Equifax then that is not your actual file, just their interpretation of your position and is not seen by any potential lenders.

BNPL is a credit agreement, so it is being reported correctly and any dispute is likely doomed to fail.

eskbanker

dave0069 said:

has any one come across anything like this

i recently brourt a new monitor for 2grand from currys /pc world on a nothing to pay for 12 mounth buy now pay later deal.  but it being incorectly reported to all my credit files   as a maxed out credit card  with high credit utilzsation

iv disputed it with equfax and transunion.

If it's specifically being shown "as a maxed out credit card  with high credit utilzsation" then that would indeed appear to be inaccurate, but if it simply shows "as a maxed out credit facility  with high credit utilzsation" then that would seem a reasonable representation.  Can you share screenshots or similar?

Nasqueron

dave0069 said:

has any one come across anything like this

i recently brourt a new monitor for 2grand from currys /pc world on a nothing to pay for 12 mounth buy now pay later deal.  but it being incorectly reported to all my credit files   as a maxed out credit card  with high credit utilzsation

iv disputed it with equfax and transunion.

You took out an (interest free) loan - they paid it, you owe them £2k so it's correctly reported as a debt. Disputing it won't change anything as you took out credit which is now being shown on your file, only if it's incorrectly reported as a credit card it might get amended

dave0069

Nasqueron said:

dave0069 said:

has any one come across anything like this

i recently brourt a new monitor for 2grand from currys /pc world on a nothing to pay for 12 mounth buy now pay later deal.  but it being incorectly reported to all my credit files   as a maxed out credit card  with high credit utilzsation

iv disputed it with equfax and transunion.

You took out an (interest free) loan - they paid it, you owe them £2k so it's correctly reported as a debt. Disputing it won't change anything as you took out credit which is now being shown on your file, only if it's incorrectly reported as a credit card it might get amended

why did you reply with that garbage  stating the obvious?

when i clearly said that   there miss reporting it as a credit card  and that was the issue  not a tiny little 2grand loan

any iv payed it of and will be claiming 12months intrest i have lost on the 2grand in the county court

thanks for your help lol

 

dave0069

eskbanker said:

dave0069 said:

has any one come across anything like this

i recently brourt a new monitor for 2grand from currys /pc world on a nothing to pay for 12 mounth buy now pay later deal.  but it being incorectly reported to all my credit files   as a maxed out credit card  with high credit utilzsation

iv disputed it with equfax and transunion.

If it's specifically being shown "as a maxed out credit card  with high credit utilzsation" then that would indeed appear to be inaccurate, but if it simply shows "as a maxed out credit facility  with high credit utilzsation" then that would seem a reasonable representation.  Can you share screenshots or similar?

YOU ARE CORRECT THAT EXACTLY WHATS HAPPENING

Im not happy to put up screen shot of my credit file both experian and transunion and creation have screen shoots iv sent proving that its down as a maxed credit card . I spoke to erxperiain to day on phpne they agree its wrougn and are chaseing up creation to fix it.   im still waiting for a sencible reply from creation there running out of time before to refered to the ombusman. it looks like i just have to pay it off in full and sue for the loss of intrest i would have got for the 2 grand over the 12mounths   before that stupid thing i could get any card i wanted bar invite only stuff  bereing in mind i only use credit to my advantage and never for stuff i dont have cash for all my cards are between 10 or 20 grand limets  but that one incorect entry has really messed up my file for getting best deals

dave0069

Ayr_Rage said:

If by "credit file" you mean the made-up number from Transunion and Equifax then that is not your actual file, just their interpretation of your position and is not seen by any potential lenders.

BNPL is a credit agreement, so it is being reported correctly and any dispute is likely doomed to fail.

no thats not what i mean its not being reported corectly its being incorectly reported as credit card instead that is  maxed out

if was being corectly reported as a 2grand BNPL i would not have a problem i could take out a 25grand loan and it would not mess up my file its the fact there reporting it wroghly as a credit card thats the problem.

I only reson used the BNPL in first place is, that  i could save 8 or 9 percent on deal from intrest  ie at least a 160 quid saving v paying in cash

I originaly posted it as a warning as if ther done it to me I cant be the only one.

CliveOfIndia

dave0069 said:

any iv payed it of and will be claiming 12months intrest i have lost on the 2grand in the county court

 

May I ask why you chose to pay it off?

Yes, there is the outstanding question relating to whether/why it's being reported as a credit card rather than a credit facility/loan.  But in what way has it "trashed" your credit file?

Do bear in mind that a lender looking at your credit file will interpret it very differently to the CRAs themselves.  I'm curious as to why you think it's had such a detrimental effect on your file.

dave0069

CliveOfIndia said:

dave0069 said:

any iv payed it of and will be claiming 12months intrest i have lost on the 2grand in the county court

 

May I ask why you chose to pay it off?

Yes, there is the outstanding question relating to whether/why it's being reported as a credit card rather than a credit facility/loan.  But in what way has it "trashed" your credit file?

Do bear in mind that a lender looking at your credit file will interpret it very differently to the CRAs themselves.  I'm curious as to why you think it's had such a detrimental effect on your file.

Because it serverly limiting what im preapproved  for without doing to many  hard searchs on my credit file im also lenders still look at maxed  out cards badly