Will lender see Settled or Default?

Burlesque_Babe

I have today had an old account with Capital One changed on my credit report. On Eqifax, it has gone from ' D' (default) to 'S' Settled/Satisfied. On Experian it has gone from '8' (Default) to '0' (up to date,although it is a closed account!) . Will a lender see the Settled/up to date, or will they be able to see it was a previously Defaulted account???

Iona_Penny

Someone will be along to correct me, but I think it is the case that a lender does not get to see your actual credit file, that is only for you. However, they will be told how 'credit worthy' you are and these accounts will count against you, satisfied or not. Sadly, they will alwo stay on your file for 6 years. Getting and keeping an account up to date will help restore your rating(ie a contract mobile phone) but the defaults seem to override this (this is based on my own experience and of having a settled default) Sorry.

Burlesque_Babe

everything else is a big long list of green zeros and has been for over two years now (including a contract phone I've had for three years), but it seems that defaults do seem to be very big black blots :-(

Six months ago, my credit reports were a real mess, but i've really managed to tidy them up by querying very old info and having some old stuff deleted.

All I need to do now is to get Capital One to tell Equifax and Experian my CCJ is satisfied (the one they have just put as Satisfied on the credit agreement section of the reports!) and it will be as 'repaired' as I can make it until the 6 years are up - another 15 months to that I think, looking at the report.

TAG

Does it show your history as 8 followed by settled or just settled?

Burlesque_Babe

8, then in the box where it is 'current state' it is S (Settled) with Equifax, and '0' (up to date) with Experian.

Iona_Penny

Keren 29 do try and get a copy of the letter the court issued saying that the default was satisfied. I think I had to pay £10 for mine, but it has been useful to show the building society. You can show prospective lenders like a bank the proof for yourself when explaining why your credit rating will appear poor; it has certainly been good to have.

TAG

Lenders will still see it as a default. But the fact that it's now settled is good.

The CCJ will drop off 6 years from the date the judgement was paid.

Just try and keep everything else paid up on time. some lenders will even ignore the CCJ now it's been settled anyway.

Hope that helps

TAG

Sorry - correction - 6 years from date it was made not paid

Burlesque_Babe

yes, everything will always be on time now!! These are all from a past which I've broken away from and there's just me to look after now!!

Next step is to get the certificate of satisfaction, then i'll send it to the credit agencies.

JAMIEDODGER

way to go you! keep on keeping on!!!

LollyLou_2

Keep going Karen29 - I'm in a similar position, a clean credit file except for one default which occurred due to a period of unemplyment. I will hopefully have paid this off by oct/nov this year and then it should read as satisfied.

Its such a good feeling seeing a good history start to appear - keep up the good work!! Big hugs!

:T :T :T :T