When I repay the loan successfully, does my credit score improve or my guarantor's?

Damo666 (1 year ago)

Hi, I am about to purchase a loan from FLM loans, when I have successfully repaid the loan, will my credit score improve or my guarantor's?

FLM Loans (7 mths ago)

When you start paying back your loan we will write back credit information to the two major credit reference agencies, Equifax and Call Credit. If you make payments on time, every time it will show on your credit report and improve your credit rating. But if you were to miss any payments, this would also be recorded.

 

The purpose of an FLM Loan is to help the applicant improve their rating and this will only show up on their credit report.

 

If the account was to fall into arrears, your guarantor would be called upon to make this payment, if they fail to meet this payment it could start to affect their credit.

Comments (2)

Emma M (3 mths ago)

how long will it take you to notify the credit agency that my loan has been repaid in full?

FLM Loans (3 mths ago)

Hi Emma M,

We normally update your credit file on or before the 16th of each month for your account status in the previous month. So for example, if you've settled your loan in October, then the information wouldn't be submitted until 16 Nov 2011.

After we submit the information to your credit file, it is then up to the credit reference agency as of when they will update the record to make it available for you to view. Therefore please contact the credit reference agency to find out when your credit file will be updated for your account status.

Thanks


Tags: call credit, credit agency, credit check, credit file, credit history, credit rating, missed payment