proof of loan clearing

Jo1923

so i’m in process of applying for mortgage, had a DIP, in Nov i took out a loan with monzo for £4800, and the house situation has moved quicker than anticipated…anyhow i did some overtime , used some xmas money , no spend jan and cleared this loan . but obv still on file - monzo can’t seem to provide actual proof i paid off - they have send me an account ownership letter that says that the financial account i have with them is only a current account …do you think this will suffice to mortgage company i don’t want to have to wait weeks and weeks for my credit file to update ?

CliveOfIndia

It depends on a couple of factors.

Firstly, how often the lender submits their reports to the CRAs.  Each lender will have different reporting cycles, but monthly is pretty common.  So depending on when you cleared the loan, and how that date slots into their reporting cycle, it's possible that they've not yet reported the latest status to the CRAs.

Secondly, the free report that you see is not updated in real-time, unlike the paid-for version which a lender will use.  So it's quite possible that your CRA report does actually show the loan being paid off, it's just that you can't see it yet.

Jo1923

that’s interesting, i’m reluctant to pay tbh  i’ve already had the free check my file so not eligible 

TheSpectator

Jo1923 said:

that’s interesting, i’m reluctant to pay tbh  i’ve already had the free check my file so not eligible 

What do you mean 'not eligible' - you can view your free report as often as you want with Clearscore or Credit Karma app

CliveOfIndia

Jo1923 said:

that’s interesting, i’m reluctant to pay tbh  i’ve already had the free check my file so not eligible 

As per the previous reply, there's no limit to the number of times you can check your free report - https://www.moneysavingexpert.com/loans/check-free-credit-report/

And it's really not worth paying for the full subscription - about the only benefit it gives is access to real-time data, and how often do you realistically need that?

Jo1923

thanks for this …i didnt know about the above file checker ! my loan is still on there is said updated 1st feb ! i paid it off on that actual day , so i think it won’t update till 1st march - do you think the letter i have will be proof enough