If you feel that your credit report is wrong, the normal first step is to ask the lender to put this right.
But when the lender is in administration, the administrators may not respond to requests from you to correct your credit files. And if the lender has been liquidated, there is no-one for you to contact.
Here the Credit Reference Agencies (CRAs) should help if you ask them to. Incorrect reporting is against the data protection rules.
Problems that need correcting
Some of the possible reasons for an incorrect credit record include:
- the debt has been settled but it still shows as open;
- the lender had agreed to delete the credit record or to remove the default before administration but didn’t do this;
- identity theft – you never took that debt out in the first place;
- the default date isn’t correct;
- the lender should have not have given you the debt as it was unaffordable but it is too late to make a claim in the administration.
The error may be showing on the records of more than one CRA. So you need to check the Statutory Credit Reports from Experian, Equifax and TransUnion.
You need to check those reports, not other reports such as ClearScore or Credit Karma, because you want to talk directly to the CRA, not through a third party.
First ask the administrators
It is best to first ask the administrators to correct any problem. If this works it will be the fastest option for you. Check the lender’s website to find how to contact them.
For affordability concerns, you should send the administrators a Claim. If this is upheld, the administrators will correct or delete the credit record.
Sometimes the administrators will refuse, saying you need to contact the CRAs. Sometimes you will not get a reply. Then you can go to the CRAs and you can say you have tried to resolve the problem with the lender.
Will the CRA correct this?
This is what Experian says about correcting data – Equifax and TransUnion say similar things:
We can only change this information once your lender has told us about it, or with their permission.
But when the CRA asks the administrators they are unlikely to get any response… So the CRA has a problem – it can’t leave inaccurate data on your credit record and it can’t correct it unless the lender agrees.
The CRAs get round this by “suppressing” a record. If they do this, the record still exists but it will not be shown to lenders who make a credit check on you.
Ask the CRA to “suppress” the record
Contact the CRAs where the problem is showing:
- Experian – select Get in touch about > Errors on my Experian Credit Report > I think there’s an error with an account;
- Equifax – select Do you still have questions then log in to your account (you will have created one when you asked for a copy of your Statutory Credit Report) and complete the form;
- TransUnion – go through the Disputes process.
Tell the CRA:
- which records are wrong, listing the individual loans.
- explain what is wrong and that you have asked the administrators to correct this on dd/mm/yy but they have not replied/told you to talk to the CRA. Or say administration has ended and the lender no longer exists;
- ask the CRA to “suppress the record” as it is incorrect.
If the CRA refuses (or sends an irrelevant response such as saying the account will be deleted six years after the settlement date), explain again what the problem is and why you need the CRA to suppress the record.
Be persistent – this seems to resolve the problem in the end. Say you want to make a formal complaint if necessary.
The final option if you make a formal complaint and the CRA rejects it is to send the complaint against the CRA – not the original lender – to the Financial Ombudsman. I haven’t come across anyone having to do this when they have asked for a record to be suppressed.
Evidence that may help your complaint
Sometimes there is evidence to support what you are saying.
For example you may have reported identity theft to Action Fraud and have been given a crime reference number. You may have the email from the lender agreeing to delete the record or remove the default.
But sometimes there may be little or no evidence or it may be complicated.
It isn’t clear how much effort the CRAs will put into investigating these complaints. But if your complaint goes to the ombudsman they may ask you for some evidence.
Do’s and Don’ts
Do send the complaint to the administrators first. Especially early in an administration, it may get resolved faster.
Don’t see this as an alternative to sending the administrators an affordability complaint. The process here should only be used if you missed the deadline to claim.
Don’t think this will resolve a problem you have with a debt collector who has bought the debt. It will only affect the credit record with the lender. You will need to complain separately to the debt collector if their record is wrong.
Don’t do this if the lender is still going. This is not a short cut, it will just waste your time. Complain to the lender.
Loan interest falls when score improves – good?
Overdrafts – a hard debt to get out of
Payday loans make getting a mortgage hard
Vicky says
Hmmm. Very interesting. I am going to try to “suppress” my records about Sunny loans.
Sara (Debt Camel) says
So for Sunny, the administrators have said that “We have transferred the control of maintaining any remaining records to the credit rating agencies, as we will not be maintaining these records going forward. Any further queries regarding entries on customers’ credit files in relation to ECIL loans should be raised with the relevant agency directly” here https://www.insolvency-kpmg.co.uk/Viewer/pdfViewer.aspx?sid=zfb3cniajxl4s5frrmph2nke&did=61eaaf6c-f415-41b7-a22c-33601cd9728f.
You can quote that to the CRAs.
Vicky says
Thank you Sara. I now wrote to all three CRAs. I will let you know how they respond. Fingers crossed. It will be life changing for me as planning to apply for a mortgage.
Vicky says
Experian brushed me off already! Shall I write again and make a formal complaint and threaten to go to FO?
Hi Victoria,
Thanks for getting in touch.
*Elevate Credit International LTD Accounts
Having checked with our records, I can see that you are holding multiple Elevate accounts, all those accounts has been settled.
Settled accounts are kept on your Experian Credit Report for six years from the date of settlement.
If you have any more questions, please let me know or visit our website at https://www.experian.co.uk/consumer/help-discover/ where you can find lots of useful information.
Sara (Debt Camel) says
what is your reason for saying your credit record is wrong?
Jim says
For me, my reason I put in was affordability and did not receive a response. Quoting the statement you put above. I am now waiting for a response in response to their standard reply that Vicky also got above!
Rach says
Hi,
I had mine suppressed. My sunny loans were written off and marked as satisfied on my credit record, but the email from sunny stated they would be marked as settled. I explained this to the CRAs and they’ve suppressed the information from my file.
B says
Hi there! How did you get your Sunny loans suppressed? I’ve not made a claim and feel I’m going a bit in circles. Like you, it would be life changing to have these wiped
Scott says
Hi can you ask for your credit rating to be corrected if you are in a trusted insolvency? Or do they keep your credit score the same until paid at the end of a trusted, this includes debt collection agency’s, I have informed everyone one on my credit file but nothing has changed, could you advise please.
Sara (Debt Camel) says
do you mean a Trust Deed?
Scott says
Yes a trusted deed which runs for 4years
Sara (Debt Camel) says
ok, I suggest you ask on this page https://www.advicescotland.com/home/protected-trust-deed/ – it’s on a blog fun by a Scottish adviser.
Tom says
Hi Sara,
This seems like it would be a suitable approach for my WageDay Advance marker. I did not know about affordability complaints until it was way too late!
It’s worth a go anyway.
Thanks,
Tom
Jay says
Thanks for this Sara and all the amazing work and support.
Sam says
Your articles are always so helpful! From a thankful debt adviser
Chris says
Is there anyone who got their reports updated? Just wondering if it’s worth to do.
Thanks
Sara (Debt Camel) says
who is the lender?
Chris says
Sunny/Elevate LTD
Sara (Debt Camel) says
ah then it should be easy to get these sorted as the administrators have said they wont talk to the CRAs any more.
See the comments on https://debtcamel.co.uk/500000-sunny-customers-tiny-refunds/ and several people there are getting good results.
B says
Hi. I’ve read a few comment threads now but I’m still unsure. Is there anyone who can tell me how to complain to sunny/elevate? Or should I be going straight to the CRAs? If so, what would I say about this? Thanks
Sara (Debt Camel) says
Sunny administrators will no longer respond to you – there is no point in contacting them. They say in https://www.insolvency-kpmg.co.uk/Viewer/pdfViewer.aspx?sid=uaz3uyhsh21oiq4oaoj5jjq3&did=1034a426-4c73-4447-913d-2c97666cadba
that We have transferred the control of maintaining any remaining records to the credit rating agencies, as we will not be maintaining these records going forward. Any further queries regarding entries on customers’ credit files in relation to ECIL loans should be raised with the relevant agency directly.
Instead you need to contact the Credit Reference Agencies where the Sunny loans appear asking them to suppress the Sunny/Elevate loans. As the article above says. You should quote what the administrators say in your email to the CRAs.
You need a reason to say the current reporting is wrong. You can’t just say you want the debts gone. What is your reason? Any of the following could potentially be valid:
– the date / amount of the loan was wrong, or the settlement date.
– a default or missed payment was incorrectly added. pwerhaps the default should have been earlier?
– the administrators said your loan would be deleted but it hasn’t been.
– you were misled into taking the loans as you were told repaying them on time would help your credit record, not you find they make it hard to get a mortgage.
Jim says
Hi, I’m in a similar position. I had around 26 settled accounts re. Elevate with Equifax, I raised a case for each account (yes I raised 26 separate cases on their site), all I said was, please delete the credit entry from my credit file, they should’ve been deleted before the lender went into administration and they are still showing. That’s all I said. Equifax came back about two weeks later, saying Elevate have gone into administration, and they said as the lender no longer exists, they have agreed to delete the records from my file. So all 26 were deleted in one afternoon. Experian, I’m just waiting for the 30day window to pass, as they are following their own internal protocol. No answer after a certain period then they will suppress. I will update once I get an update which is another week away or so.
Richard says
I had a Sunny loan that defaulted and was sold to SLL Capital. I don’t believe the default date is correct but now that Sunny have gone under I’m not sure how to solve this. Is there a way to speak to the administrator?
Sara (Debt Camel) says
What is the current default date and what do you think it should be?
Did you make an affordability complaint to the administrators? IS the Sunny loan still showing on your credit record?
How large is the balance you owe SLL?
Gemma Friend says
Hi Sara I’ve just paid off an outstanding balance to 247 money box who are in administration. Will my default be removed or will I have to wait until it’s gone all through the progress of closing down?
Sara (Debt Camel) says
Did you put in a claim for unaffordable lending to the admistrators?
Gemma Friend says
Yes and they partial upheld and I just paid off what they didn’t.
Sara (Debt Camel) says
Good. Did your “uphold email” say they would be removing the default?
Gemma Friend says
No nothing about it 😕
Sara (Debt Camel) says
Then I suggest you ask them (customer.services@247moneybox.com or via phone at 0207 183 8078) when they will be removing the default or deleting your credit record.