Default on Credit File

daniellancashire

Hi,

I have just done a credit report through equifax and it says in November 2003 (when I was young and silly I defaulted on a current account for £413). This was then settled in Jan 2004. I have a couple of questions with regard to this. The first one is does this come off in November this year or January next year? If it comes off when the account was actually defaulted will that be all records of it gone or will there still be a mark that I satisfied a defaulted account until January 2010?

The second question is in 2004 I got a barclays credit card and eventually ran the balance upto £1000, I was paying the minumum payment each month without fail since 2004 and then in 2007 I thought it would be better to get a loan over 2 years to clear the balance which I did. I asked the person on the phone if that was everything paid off and they said yes. Then 3 months later I got a letter saying I had missed 3 monthly payments, what had happened was there had been £15 interest added to the account since the balance had been paid off which I wasn't aware off, this then didnt get paid for 3 months because I didnt know about it, so there were charges added as well. I phoned Barclaycard straight away and paid the £15 and explained the situation and got the charges removed but they have still put a marker on my file that I missed 3 payments. Does anyone know how long this marker will stay for? I know things like defaults stay for 6 years but a couple of friends have said they had missed payments on cards a while back, but then kept upto date with them and they have gone automatically in less than 6 years.

The reason I have been looking into all this now is because I am looking to get a mortgage soon so wanted to try and sort anything out I can. It may be the case that because of the default I have to wait until its removed. Apart from the things mentioned above I have had 2 loans and 2 other credit cards for 4 years and never missed a payment on either.

Any advice apprecialted.

Dan

bobbadog

Hi Dan

I also had a default on my credit file, for £200 back in 2004 - they automatically drop off 6 months from the date of default (so Nov this year for you - allow an extra month for the credit agencies to get p to date).

I've recently gotten a mortgage despite this default - they could see it on my credit file, but as it was for such a small amount and waaaay over 3 years ago, and everything has been ran fine since, they overlooked it. I also had 1 late on my file from last year (when I swopped banks and a DD bounced) and they asked about it, but once explained that was enough to satisfy them.

Best of luck!

fermi

Defaults stay for 6 years.

Late payments stay for one or two depending on the CRA.

They are not the same thing.

GeorgeUK

The default will fall off after 6 years. There should be not trace of the default on your file 6 years after the date of default. The date of payment or being satisfied will not be an issue for this. Even if the default was not satisfied it would fall off after 6 years.

The missed payments will not make much of an impact on your credit rating if any. It was quite a while ago and the calculations they use will probably not take much notice of missed payments over a year ago. I wouldn't worry about this.

One thing you should check is that you are listed as being on the electoral roll at your address for the credit file. This does have a big impact on your credit rating. Also have a look to see what other addresses are associated with you. Make sure these are correct and that there is nothing confusing in there.

daniellancashire

Hi,

Thanks for the replies. I was hoping to query the Barclaycard marks on my file but according to Barclaycard once they are added they can't be taken away. Is this right as I'm sure I have read that people have had things removed before?

Thanks
Dan

lipstick

Hi,

I am also trying to get defaults removed and if the compnay has not followed the correct procedures they can be removed. If you use the link below there are some template letters that you can use http://www.learnmoney.co.uk/credit-cards/remove_default_notice.html .

Best of luck let me know how u get on