Subprime lender - effect on credit report?

[maybelline]

About a year ago I took out a loan with GE Money via EBS. I didn't realise they were a subprime lender, I went with them because I had accounts with EBS and thought it'd be simpler as they'd have all my info already etc. Now I'm reading on other threads here that this could have an adverse impact on how other lending institutions I may apply to view my credit report because of the suggestion that I couldn't get finance from "normal" banks, is this right?? Is there anything I can do about this?

 

[moneyhoney]

Re: Subprime lender - effect on credit report??

The term 'subprime lender' is a bit misleading I think!

GE Money do subprime mortgages but their personal loan rates can be fairly competitive depending on your risk profile. Their mortgages, however, are geared at the 'can't get mortgage elsewhere' market. How other lenders view GE Money I'm not sure.

 

[VOR]

Moneyhoney is correct. GE Money underwrite loans for a number of providers (incl EBS, Hibernian and One Direct). The have a subprime mortgage product but are not a subprime provider of loans.
Bear in mind that IIB & PTSB have similar sub-prime mortgage products and are not considered sub-prime lenders.
Also, other finance houses and banks should not know who you are borrowing with as this information is not divulged to them by the ICB.

 

[maybelline]

Thanks for the replies, feeling much better now! Not intending to borrow any more any time soon, but just wanted to know just in case!

Also, other finance houses and banks should not know who you are borrowing with as this information is not divulged to them by the ICB.

Are you sure about this? Then what data does the ICB divulge?

 

[moneyhoney]

From the ICB website:

Your credit report includes:

your name, date of birth, address(es) used by you in relation to financial transactions

the names of lenders and account numbers of loans you currently hold, or that were active within the last five years;

repayments made or missed for each month on each loan;

the failure to clear off any loan;

loans that were settled for less than you owed; and

legal actions your lender took against you

I presume that since all this info is on your credit report, this is what lenders can see when they check your report?