Strange goings on on credit file

digitalphase

Checked my Equifax 9th and 11th May (wanted to check on searches mainly) and default was showing from Marbles. Checked today and the file was updated today with the default off but the history replaced with a '5' and saying my account is in arrears but yet under the credit limit and also with direct debit set up to start next month.

Any ideas what is going on, anyone had this happen to them?

Bit perturbed they can remove and add data so easily within the space of a few days...

Degenerate

digitalphase wrote: »

Checked my Equifax 9th and 11th May (wanted to check on searches mainly) and default was showing from Marbles. Checked today and the file was updated today with the default off but the history replaced with a '5' and saying my account is in arrears but yet under the credit limit and also with direct debit set up to start next month.

Any ideas what is going on, anyone had this happen to them?

Bit perturbed they can remove and add data so easily within the space of a few days...

Have you fallen behind on payments at all, or is this completely from nowhere?

never-in-doubt

Degenerate wrote: »

Have you fallen behind on payments at all, or is this completely from nowhere?

irrelevant! What difference would this make to any assessment you could make, exactly?

OP, the CRA's can and will remove/amend data at regular intervals and from what you've said it seems they've simply decided to swap the default with the late payment marker which is right - if you're paying them off just as they were taking action then the default can be removed.

An account in arrears will take a few months to clear your file whereas the default lasts 6yrs. Personally if you do owe them money then just pay like you agreed and see what happens.

I'd have written to them asking for a letter confirming after I pay the debt they remove all derogatory data - some lenders (barclays) do offer such deals....

digitalphase

Yep I do owe them money, but my account has been in dispute for months while I waited for charges to be claimed then refunded.

I paid the full amount off, then learned that the default would merely be marked as settled/satisfied, rather than being removed, so decided to get a refund. After a long time on phone, he agreed to issue a refund and I'd then pay back a set amount over the minimum payment each month.

I'm still waiting for my refund :mad: but the DD has been set up.

So this is pretty common then? The 5 looks much better than the D! Once I've paid the debt off, how long will the 5 last for? Or should I then write asking them to remove it?

never-in-doubt

digitalphase wrote: »

Yep I do owe them money, but my account has been in dispute for months while I waited for charges to be claimed then refunded.

I paid the full amount off, then learned that the default would merely be marked as settled/satisfied, rather than being removed, so decided to get a refund. After a long time on phone, he agreed to issue a refund and I'd then pay back a set amount over the minimum payment each month.

I'm still waiting for my refund :mad: but the DD has been set up.

So this is pretty common then? The 5 looks much better than the D! Once I've paid the debt off, how long will the 5 last for? Or should I then write asking them to remove it?

Ive spoke to you in the past about this and sent you links to templates etc.....

LOL

NO - the 5 is going to be bad but only for 3yrs as long as the payment data remains on show - the default would last 6yrs and tbh i'm gobsmacked that a DCA is going to refund you and let you pay monthly - shocking and so out of the norm!

TBH if the debt means you have to pay summat for 3yrs or more then i'd not pay anything or you'll still have derogatory data for 6yrs...

digitalphase

It's not with a DCA - it's Marbles.

I've finally tracked down what's going on with the refund, apparently it's been sent out to me in cheque format on the 13th, so should get it shortly, then wait for it to clear :mad:

TBH if the debt means you have to pay summat for 3yrs or more then i'd not pay anything or you'll still have derogatory data for 6yrs...

Don't understand what you mean? Don't pay them? I owe them money though I could try and pay off sooner though if it gets the adverse data removed sooner. Once I get a job I'll try and pay off before the end of the year.

I know the 5 is still bad, but it has to be better than a default. Especially if it doesn't last as long.

So if I pay the account off by the end of the year, how long will it stay on my file for?

never-in-doubt

As you've confirmed it is marbles and not a DCA, then i'd pay it off.

The late payment marker [5] will decrease each month you bring upto date so when all the debt is gone, then 5mths after the [5] will show a [0] as normal but it will still remain in the history text for a period of 3yrs.

It is not as bad as a default though so well done in getting it sorted.

Just pay it off by the end of the year and you'll be ok.....

digitalphase

OK thanks. There's no chance of them putting the default back on there is there? Would they only do this if I stopped paying them?

I have no intention of not paying them by the way, I want it clear and forgotten about.

Once that's down to a 0, will it make my credit file a lot better and more chance of getting a lower APR card?

digitalphase

*bump* *bump*

digitalphase

digitalphase wrote: »

There's no chance of them putting the default back on there is there? Would they only do this if I stopped paying them?

Once that's down to a 0, will it make my credit file a lot better and more chance of getting a lower APR card?

Please can someone put my mind at rest about these questions?

never-in-doubt

digitalphase wrote: »

OK thanks. There's no chance of them putting the default back on there is there? Would they only do this if I stopped paying them?

I have no intention of not paying them by the way, I want it clear and forgotten about.

Once that's down to a 0, will it make my credit file a lot better and more chance of getting a lower APR card?

a default can only be placed on your CRA for the same debt once. Once removed it cannot be placed again for that debt.

If you cease paying then you need to hide for a couple of years (6yrs from default date in total) and that's that - it'd then legally be removed after the 6rs. If you pay, the default will stay as settled for 6yrs after you paid it off so actually longer than if you don't pay!

Have a read here - everything is explained in detail for you:

http://forums.moneysavingexpert.com/showthread.html?t=1674391

To clarify if you pay the default will show settled but remain for 6yrs from last payment. You can get them to remove it after 6yrs of showing but they play silly beggars a lot of the time and you have to enforce it....

Don't pay them and it will drop off after 6yrs - end of.

HTH - N-i-D