Credit Report

cazziej

Hi, this is my first post, so please don't shout if I am on the wrong page! :santa2:

I have been looking at these boards for a few months now, and am about to take the plunge and tackle my finances at last.

I have looked at my credit report (oh dear!) and find wonder if anybody could explain a few technicalities to me?

One of my debts, to Fashion World, which has been paid, many years ago, but if I recall was passed on, still shows an outstanding balance of £238 and has a status of 8 (meaning defaulted and passed on). I know 100% that I have paid this debt - so why does it still show an outstanding balance? Another 2 entries; 1 shows again a status of 8, but satisfied, and the other, from Capital 1 shows a status of 8 and satisfied. Anybody looking at my file, do they just take note of the "8" or the "satisfied", or am I on a loser because I have a few "8"s? Can I ask them to change anything? In particular, what should I do about the Fashion World which still shows an amount owing, and how can that be?

Look forward to hearing any advice and tips.

Thanks and happy new year.

Cazzie. :T

file_wizzard

cazziej wrote:

One of my debts, to Fashion World, which has been paid, many years ago, but if I recall was passed on, still shows an outstanding balance of £238 and has a status of 8 (meaning defaulted and passed on). I know 100% that I have paid this debt - so why does it still show an outstanding balance?

It is likely that the original creditor, or the debt collector has not updated the information correctly, the first port of call is to raise a "notice of dispute" with all of the credit reference agency’s who hold this data, they will then contact the creditor ( data controller ) on your behalf and ask them to verify the accuracy of the data. if the data controller agrees that it is incorrect they will update it to show as satisfied, if for any reason they do not agree that the information is incorrect then you will need to liaise directly with the data controller and provided proof of payment Ect.

cazziej wrote:

Another 2 entries; 1 shows again a status of 8, but satisfied, and the other, from Capital 1 shows a status of 8 and satisfied. Anybody looking at my file, do they just take note of the "8" or the "satisfied", or am I on a loser because I have a few "8"s? Can I ask them to change anything? In particular, what should I do about the Fashion World which still shows an amount owing, and how can that be?

Generally an "8" / default status will prevent you from obtaining any main stream credit for up to 6 years from the date of the default ( regardless of whether it is satisfied or not) However this is not a hard and fast rule, and all lenders have different scoring criteria, so all is not lost