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    • CharlotteElizabeth
    • By CharlotteElizabeth 18th Jun 17, 12:47 PM
    • 26Posts
    • 1Thanks
    CharlotteElizabeth
    Full Balance Paid - still default
    • #1
    • 18th Jun 17, 12:47 PM
    Full Balance Paid - still default 18th Jun 17 at 12:47 PM
    Hello,

    I paid the full balance off of a debt but when I check my credit report it shows as default/ended - and shows as red on the MSE credit report. I paid it off 2 months ago. It's also not showing as a closed account.

    Why is it still showing as red when it's been fully paid off? is this normal?
Page 1
    • sourcrates
    • By sourcrates 18th Jun 17, 12:58 PM
    • 10,890 Posts
    • 10,557 Thanks
    sourcrates
    • #2
    • 18th Jun 17, 12:58 PM
    • #2
    • 18th Jun 17, 12:58 PM
    Hi,

    Unfortunately paying off a defaulted debt does not remove the default, you are stuck with that regardless now for the full 6 years.

    It will be updated at the creditors discretion to show its been satisfied.

    If it hasn't been updated by next month, write and complain.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • CharlotteElizabeth
    • By CharlotteElizabeth 18th Jun 17, 1:28 PM
    • 26 Posts
    • 1 Thanks
    CharlotteElizabeth
    • #3
    • 18th Jun 17, 1:28 PM
    • #3
    • 18th Jun 17, 1:28 PM
    Thanks for the info!

    Also another quick Q. Why is my credit rating Poor on Experian (my report was renewed today) but when I look on MSE credit club it's fair? I haven't taken out any credit recently and have been paying debts off
    • chanz4
    • By chanz4 18th Jun 17, 2:24 PM
    • 9,872 Posts
    • 2,868 Thanks
    chanz4
    • #4
    • 18th Jun 17, 2:24 PM
    • #4
    • 18th Jun 17, 2:24 PM
    simple answer neither provide credit
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
    • sourcrates
    • By sourcrates 18th Jun 17, 2:48 PM
    • 10,890 Posts
    • 10,557 Thanks
    sourcrates
    • #5
    • 18th Jun 17, 2:48 PM
    • #5
    • 18th Jun 17, 2:48 PM
    Your credit score is a number generated by the credit reference agencies, which gives you a basic idea of how they view your credit worthiness.

    Its based on your credit file, the information they hold on you, and various other factors.

    It can never be taken as a green light that you will be accepted for further credit though, as every lender has there own credit scoring system, and you may not tally with the type of borrower they are looking for.

    Remember your credit score is generated by a company that does not provide credit, so can never be relied upon to be accurate.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
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