credit score update

sanova76 · 5 October 2017 at 1:11PM

Hi,

how often is the credit score updated?

my ex partner has used my name to open a credit card and it has gone into default. I was not aware of it until today because I've closed the account last year and I've never received any demand letters. I came across it when I checked my credit score today.

I've just paid for the outstanding balance. When can I expect my credit score to be updated? I assumed it won't change from poor to good straight away? I don't have any other debt.

Thanks.

Sa

[Deleted User] · 5 October 2017 at 1:15PM

Every month, but don't take any notice of it. It's not a measure of how lenders see you or your credit worthiness

The default will drop off after 6 years, but its impact will diminish over time.

If the account was opened fraudulently, you should report and dispute it.

sanova76 · 5 October 2017 at 1:40PM

How can I dispute it? I was aware about the account existence but not about it being a default account. I closed the account last year. Obviously if there's a balance left they won't let me close it?? I've never received any demand letter for the whole year! Otherwise I've already pay it ages ago.

Now the default will stays in my credit score for 6 years. Will it affect my borrowing or job applications in the future even though I've already paid for it?

[Deleted User] · 5 October 2017 at 1:44PM

If you were aware of it and allowed it, then obviously you can't dispute it.

The default will stay on your credit FILE for 6 years. It will certainly impact your chance of getting credit in the short to medium term - perhaps longer for the most prime of lenders.

It won't impact job applications, unless a role requires squeaky clean finances.

sanova76 · 5 October 2017 at 5:00PM

thanks for the replies.

sorry, a few more questions. if it's showing date of default for example 14/9/2013, does it means the 6 years start from that date?

Also on my credit score from previous acc. It shows default balance is £x amount, account end date is 1/9/2016 and status shows as "satisfied" and balance is 0. what does it mean? They write off the £x amount?

many thanks.

binaryuniverse · 5 October 2017 at 8:05PM

sanova76 wrote: »

thanks for the replies.

sorry, a few more questions. if it's showing date of default for example 14/9/2013, does it means the 6 years start from that date?

Precisely.

Also on my credit score from previous acc. It shows default balance is £x amount, account end date is 1/9/2016 and status shows as "satisfied" and balance is 0. what does it mean? They write off the £x amount?

That balance will be the amount you owed at the time the account defaulted. That will not change as you pay it off. But you should be able to see to the monthly total come down, as you do pay off the remaining. If it shows as satisfied/settled, you will have most likely have paid that £x amount. If it shows 'partially satisfied/settled' then they accepted a lower offer, to pay there and then, to settle the account.

credit score update

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