Credit Repair

sandanista

I am currently in the process of repairing my own credit. So far I have managed to correct some information on my Equifax and Experian. However, what I would really like to do is to not have to wait 6 years before my 3 defaults will be removed. 2 were registered in 2003, the other in 2004.

As two out of the three defaults were satisfied within 12 months of the default being registered, I have written to the two creditors to ask that they consider contacting Experian, Equifax and Call Credit requesting that these defaults are removed from my credit files. At the moment, the status of these accounts just say that they have been 'Satisfied'. The balance on the 3rd default has been reduced by over 50% since the date that the default was registered. I should be able to pay the debt on this account by the end of next year.

Has anyone here managed to have a default removed from their credit file in this way before the six years are up? The way I see it, there is nothing legally stopping the creditor from co-operating if the debt on the account has been settled.

I will report back to let you all know what happens.

THE_LONE_RANGER_4

i tried this to no avail if the payment has been made and is up to date or marked as settled the company couldnt care less that there is a default on you file you may drop lucky and get one removed but i wouldnt hold your breath ......the good side they are over 1 year old and settled this in its self will help your credit rateing each company has a different scoring system when you apply for credit no one is the same when i had a perfect file i was turned down 5 years ago by a tv rental company 3 weeks later my bank gave me an account £1000 overdraft limit and £5000 credit card so work that one out (mind you on reflection bet they wish they hadnt} hope this helps reguards andrew

dollindebt

I believe that regardless of whether or not the defaults have been satisfied, they still stay on your credit file for six years from the date the default notice was issued

sandanista

Hi. Thanks for the response. This is one of those situations when I just think that I must give it a go. The whole thing just seems really unjust. Both of the satisfied defaults are for £131 and £182. So nothing huge.

What is really xxxxing me off is the fact that I took out a loan a year and a half ago for £6k (not a mainstream lender and high APR), NEVER missed a payment, up-to-date in all of my other credit accounts, but my Experian credit score is 290.

I'm 34 years of age and desperately want a place of my own, but right now I know that getting a mortgage without having to pay a puntative interest rate is near enough impossible. I know its those pesky defaults that are holding me back.

sandanista

Update:

Well, Abbey National were the only creditors who bothered to respond with an emphatic 'NO', they would not remove default. Capital One have not responded, however, the information that they had placed on my report stating that I had 'gone away' without repaying debt has been removed following my request. Fashion World have also not responded with regards to me asking them to remove the defaulted account which is now satisfied.

Well. At least I tried. Credit score on Experian now 322 from 290 :undecided

Old_iron_balls

im in a similar situation. small stisfied default with three years left to run on my credit file.
i wrote to capitol one asking if they would remove it as i paid in full a week after it was logged. I even offered to pay any admin fees etc !

They refused. stuck with the dam thing now !
my own fault for not pulling my finger out and paying them.
looking back though i had the money at the time and could afford to pay my bills - i just didnt. what a fool i was.
oh well, lesson learnt - onwards and upwards