Motor finance guide

Will making a motor finance claim affect my credit score

This is the worry that stops most people complaining at all. It is worth knowing what actually moves a credit score before you decide.

Short answer

Making a complaint about a historic motor finance agreement is not itself a new credit application, a missed payment, or a default, so it does not typically affect your credit score. You're simply querying whether a past agreement was arranged fairly, not applying for new credit or missing any obligations on an existing one.

In more detail

What actually does affect a credit score?

Credit scores are generally influenced by things like new credit applications, missed or late payments, how much of your available credit you're using, and the length of your credit history. Raising a complaint about how an old agreement was arranged doesn't fall into any of these categories.

Could redress itself change anything on my credit file?

If a lender agrees your agreement was affected and adjusts the record as part of resolving your complaint, for example, correcting historic interest charged, this is a correction to accurate reflect what should have happened, not a negative mark against you.

What if the agreement in question has already been settled or the car sold?

Since the agreement is already closed, raising a complaint about it doesn't reopen it as an active credit line or create a new entry on your file.

Should I be worried about lenders treating me differently for complaining?

No, making a legitimate complaint about a past agreement is a normal consumer right, and it isn't something lenders are permitted to hold against you in future dealings.

Common questions

Frequently asked questions

Does checking my eligibility with you affect my credit score?

No, checking whether you're likely to be eligible for the redress scheme doesn't involve a credit check or any application that would appear on your file.

What if I'm currently applying for new credit, does an old complaint affect that?

Generally no, a complaint about a historic, separate agreement isn't something new lenders would typically see as part of assessing a new application.

Not sure if you're affected

Give us a few details and we'll check where you stand. We'll give you a straight answer.

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