Credit reference agency record

You have received a letter from us recently because we’ve identified that we have been reporting inaccurate information about your account to Credit Reference Agencies. We apologise for this error and we’re now correcting it.

As our letter explains, based on your payments, our reporting should’ve shown that your account had been defaulted. By defaulted, we mean that you have not made the minimum monthly payment for 6 months or more by either:

  • not making any repayments to us
  • or not providing sufficient level of payment to us

What you need to know about your Credit Reference Agency record…

We have to provide accurate information to Credit Reference Agencies regarding the status of all our customers’ accounts. This means that we have to register your account as defaulted when you fail to make a number of payments – even if you’re now making payments to us. This also applies if the payments you make are too low. The information we provide allows financial organisations to make the right lending decisions.

We’ll correct our reporting error and update the information held by Credit Reference Agencies to show that your account has defaulted unless you’re able to make a satisfactory proposal for repayment. Please note that the recording of a default and previous payment performance may affect your ability to get credit from other lenders.

  • Your account will be reported as defaulted 28 days after the date of the letter that we recently sent to you. Please refer to the letter we sent you for confirmation of the outstanding balance.
  • Before registering your account as defaulted, we must give you notice of our intention to report your account. You’ll then have 28 days to make a repayment proposal. Please take a look at the enclosed FAQs for the options available to you

What happens next?

If your existing payment arrangement is sufficient to be classed as a formal arrangement your account will not be immediately defaulted. Your account will be continuously reviewed for the level of payment being made in line with the definitions of a satisfactory payment – where the level of payment is classed as a token arrangement rather than a formal payment arrangement then we are obliged to report your account as defaulted.

If you have any questions about your account or would like to discuss repayment of your account, just give us a call on the number quoted on our recent letter.

You can reach us Monday - Friday 9am - 6pm. You can also find some frequently asked questions below.

Registering a Default