CL Finance LTD
Discussion
Hi all,
Just doing a deep check of my credit history and I've found a lender named 'CL FINANCE LTD', status is 'default' in red and the balance reads 'satisfied' but showing as in default with 8 as the status code.
Have no debts but this one which was opened 2 years ago apparently, haven't a clue what it is or at least I can't remember.
How do I go about either getting this cleared and resolved?
Thanks for all your help,
B
Just doing a deep check of my credit history and I've found a lender named 'CL FINANCE LTD', status is 'default' in red and the balance reads 'satisfied' but showing as in default with 8 as the status code.
Have no debts but this one which was opened 2 years ago apparently, haven't a clue what it is or at least I can't remember.
How do I go about either getting this cleared and resolved?
Thanks for all your help,
B
Had a quick Google, CL Finance aren't a finance company, they're a debt collector, so the 'debt' may have originally come from another source.
I forget the exact process, but it's reasonably easy, if not quick to fix.
Experian, or whoever you used should be able to give you an account number and contact details for CL, you'll have to contact them to ask about it - if it's a mistake (these places are generally terribly run and very slap-dash with people's credit histories) even if they tell you they'll correct it, insist on something in writing, once you have it write to the credit agency you used and ask them to update your file, they data share with the other agencies so you don't have to write to them all usually.
Unfortunately if it's genuine, say something trivial that you forgot about when you moved house for example and it became an '8' without your knowledge and you settled the matter later on you're stuck with it I'm afraid for 6 years from the start date - if it's effecting your lending you can have a 'NOC' added to your credit file - notice of correction where you have a few paragraphs to explain to anyone who reads your file what happened - unfortunately these can be problematic - because you'll almost certainly 'fail' any automated credit check as their system will throw it out to be read by an underwriter so a human can read and assess the 'NOC'.
I forget the exact process, but it's reasonably easy, if not quick to fix.
Experian, or whoever you used should be able to give you an account number and contact details for CL, you'll have to contact them to ask about it - if it's a mistake (these places are generally terribly run and very slap-dash with people's credit histories) even if they tell you they'll correct it, insist on something in writing, once you have it write to the credit agency you used and ask them to update your file, they data share with the other agencies so you don't have to write to them all usually.
Unfortunately if it's genuine, say something trivial that you forgot about when you moved house for example and it became an '8' without your knowledge and you settled the matter later on you're stuck with it I'm afraid for 6 years from the start date - if it's effecting your lending you can have a 'NOC' added to your credit file - notice of correction where you have a few paragraphs to explain to anyone who reads your file what happened - unfortunately these can be problematic - because you'll almost certainly 'fail' any automated credit check as their system will throw it out to be read by an underwriter so a human can read and assess the 'NOC'.
Bob,
CL have a particularly "interesting" rep for this
Legally, you should have received a default notice that has to be laid out in a VERY exact manner prior to them taking this action - it may be questionable as to whether they have the right to enter data on your credit file at al, depending on the arrangement to purchase between them and the original creditor.
It is likely they will rely on the original creditor to have provided the default notice, but a lot of creditors got this small item very wrong.
This thread on Legal Beagles (in particular the reference to the King v British Linen case - Damages merely for injury to credit status, without actual loss occurring) would be of particular interest to you if you find they have not followed the rule book prior to placing the default!
CL have a particularly "interesting" rep for this
Legally, you should have received a default notice that has to be laid out in a VERY exact manner prior to them taking this action - it may be questionable as to whether they have the right to enter data on your credit file at al, depending on the arrangement to purchase between them and the original creditor.
It is likely they will rely on the original creditor to have provided the default notice, but a lot of creditors got this small item very wrong.
This thread on Legal Beagles (in particular the reference to the King v British Linen case - Damages merely for injury to credit status, without actual loss occurring) would be of particular interest to you if you find they have not followed the rule book prior to placing the default!
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