How often do CRA's update your payment details?

digitalphase

I'm wondering how often CRA's update your payment record.

I have a '5' late payment marker from Marbles/Halifax which says it was last updated 10/05/09, so checked it today expecting it to have changed and it's still the same.

Any ideas how often lenders report to CRA's? I thought it was once a month?

thriftymomma

It is once a month but not always on the same day annoyingly. Is also about 8 weeks in arrears with some, or fairly up to date with others.

digitalphase

Thank you. Do you know if my late payment marker will reduce down to 4 or will it be a 0?

thriftymomma

So before this you have missed 5 months payment? Have you paid your account up to date, including the most recenly due? If so it will be a O I think.

digitalphase

Well, it's a bit of a long story, but I'll cut it down a bit

My account was passed to Capquest who registered a default against me from February last year. This was despite me paying them each month. They hadn't updated Marbles that I'd been paying each month though, they updated 3 payments for one month, so it looked like a one-off payment. I was disputing charges which went on for about 6 months and I didn't make any payments, as I was under the impression I didn't have to if my account is in dispute.

Once I received the cheque for the charges, I rang up Marbles and paid off the default. I then looked around this forum and learned a satisfied default is the same as an unsatisifed one, so much earache later, I got Marbles to refund me. I then set up a direct debit for the minimum payment for each month until the debt is cleared. They then replaced the default with a 5 late payment marker.

I'm not sure whether I can get them to remove this '5' late payment marker as I didn't miss any payments to Capquest before my account was in dispute.

Sorry - bit long winded!

sve

digitalphase wrote: »

My account was passed to Capquest who registered a default against me from February last year. This was despite me paying them each month.

Something is not clear here - if you've been paying them on time they can not register default.

I was under the impression I didn't have to if my account is in dispute.

That is true only if the dispute is officially recorded - i.e. you calling them and saying 'I don't agree paying you' doesn't constitute dispute. Have you sent them a letter/email clearly stating this?

I then looked around this forum and learned a satisfied default is the same as an unsatisifed one...

What do you mean by that - I'm not sure. Unsatisfied default is adverse record whereas satisfied defaults decrease your financial profile stability.

I'm not sure whether I can get them to remove this '5' late payment marker as I didn't miss any payments to Capquest before my account was in dispute.

That can only happen if you have officially disputed your account as above.

Sorry to disect your post like that - I'm just trying to get as much info as possible. Hope you don't mind.

Also - submission to CRA is voluntary. Most organisations TRY and do it monthly but there are quite a lot that update it every 2 to 6 months - it all depends on the organisations internal policies.

never-in-doubt

Just reading the last couple of posts and to clarify, a settled default will have no bearing over an unsettled default - at the end of the day as long as they are on your credit file then you will struggle to get credit. Lenders/DCA's etc all say that if you pay a settled default looks better, in theory it should because you could have lost your job and got the default, found a new job and paid it in full all within 6mths. However, lenders do not look at this they only see a default which to them means you defaulted which in turn equates to risk.

Yea, you may get the odd account with a default (paid or owing) but that is pot luck and takes into account which lender you use, for instance Tesco only really refer back 3yrs (apparently) but Barclays and the like look at the whole 6. Maybe Tesco have the attitude that 3yrs was a long time ago, who knows?

Anyway, bottom line is that paying a default will not guarantee you anything - best case scenario if you want to pay it is to get in writing from the lender that as part of the 'deal', they should revert to account from default to settled with no derogatory data - DCA's will agree to this for payment. Banks etc will not.

Digitalphase:
Regards to the late payment marker, this will stay the same - it is saying that within the last 24mths you have one payment 5 months late - so it should read like this: 0,0,0,0,0,5,4,3,2,1,0,0,0,0 - or something to that effect.

To be honest, unless the account was formally in dispute you have no proof you requested it. However, you should be able to get the default and late marker removed.

It may be worth noting that going on your original post about this (#1) if you last paid in 2004 and then got a refund and have not paid since, the default will come off after 6yrs from last payment (Statute Barred) so if you've not already started monthly payments then stop them!

You have to bear in mind a lot of different scenarios are with your case and each depends on what you want, long term and what you've already done.

never-in-doubt

If you decide to make an offer to a DCA, using the agreement of goodwill, then a letter similar to this should be sent:

---

Dear XXXXX,

Ref: XXXXXXXX

I write with reference to previous communication regarding an outstanding balance on the account and wish to make an offer to resolve that will suitably please both parties.

As the disputed balance was indeed disputed, the balance was never paid as I was awaiting additional correspondence and feel that you were too hasty in issuing a default in the first place. As such, I feel a comprimise should be reached that suits both parties. The balance was never left due to any kind of fraud or negligence but due to the amount being in dispute.

As a result, should I decide to take this through the County Court there is a high probability that this will become enforced and so to save us both the time and hassle of litigation, I confirm I am more than happy to settle the amount owing so long as you can agree to, and ensure that, the following actions will be carried out;

• The Default Notice will be removed
• The Status of the account will change from “Defaulted” to “Settled”
• The Current Balance will appear as £0.00
• The Default / Delinquent Balance will be set to £0.00
• There will be no date in the “Defaulted Date” field (as it will be removed)
• There will be no date in the “Date Last Delinquent” field on the report
• This will apply to all 3 Credit Reference Agencies, namely Experian, Equifax & Call Credit

If you're happy with my proposal, please respond confirming each of the above points on official letterheaded paper, confirming the exact amount owing and I will send a cheque by return.

I look forward to your response.

Yours faithfully,

Sign here

sve

never-in-doubt wrote: »

...a settled default will have no bearing over an unsettled default - at the end of the day as long as they are on your credit file then you will struggle to get credit.

Your statement is right in principle - indeed if a default is registered regardless of its status, then obtaining new credit becomes harder.

However, settled defaults tend to be looked at in favour of the credit requestor as they show couple of things - the amount of available adverse credit is lowered, the debtor has shown responsible account management and, in some cases, could be indicator for increased cash flow that woud allow clearing the debt.

But - and this is to the OP - as Never-in-doubt - rightly pointed out, it is after all adverse record and it is entirely up to the creditor what weight they will put on it when making a decisions.

My post was against the generalisation that 'settled default is the same as unsettled default', which I'm ready to argue isn't true in principle

digitalphase

Thanks very much both of you

I don't have a default on my file now. To clarify: my account was passed to Capquest in May 2008. There were no defaults up until this point. I checked my credit file in June 2008 and there was no mention of a Marbles/Halifax account, so no default or anything. I then checked it in March 2009, and saw that a default had been put on there dated February 2009. Coincidentally this is when Marbles was bought out by HBOS, so they may have got their wires crossed regarding my account. My account has been in dispute since approximately November 2008. I have various letters exchanged between myself and Capquest/Marbles making it clear my account is in dispute. I have my old credit files as back up.

Is there any letter I can send them to ask them to remove this '5' or should I just stick it out? Presumably after a year of paying just 0's will be visable or taken into account anyway?

I am only paying the minimum payment as that's all I can afford at the moment, but it's only at 17.9% APR.

never-in-doubt

digitalphase wrote: »

Thanks very much both of you

I don't have a default on my file now. To clarify: my account was passed to Capquest in May 2008. There were no defaults up until this point. I checked my credit file in June 2008 and there was no mention of a Marbles/Halifax account, so no default or anything. I then checked it in March 2009, and saw that a default had been put on there dated February 2009. Coincidentally this is when Marbles was bought out by HBOS, so they may have got their wires crossed regarding my account. My account has been in dispute since approximately November 2008. I have various letters exchanged between myself and Capquest/Marbles making it clear my account is in dispute. I have my old credit files as back up.

Is there any letter I can send them to ask them to remove this '5' or should I just stick it out? Presumably after a year of paying just 0's will be visable or taken into account anyway?

I am only paying the minimum payment as that's all I can afford at the moment, but it's only at 17.9% APR.

Hiya

sorry i'm still confused here - see the bold/red points above.....

Its really hard to take over something when you've already been dealing, by all accounts, in depth. I do have something relevant but need you to clarify whether you have a default as your point above is misleading somewhat?

If you're saying that a default was put on then taken off again great. But did you actually fall 4/5 payments into arrears or not? Can you actually bullet point things in laymans terms for us...

Points needing clarity are as follows:

1. Do you have a default
2. Who are you dealing with, a DCA or OC?
3. Did you fall 5 months into arrears or was it error due to transitional period of takeover?
4. Have they agreed to remove default and or late payment marker?
5. Who are you paying each month, the DCA or OC?
6. Why was the account passed to Capquest (DCA)?
7. Is it a big debt (how much if you dont mind saying) - is unenforceability an option to you, being a default can only be placed once per debt and as they added one and took it away, another can never be added for this debt so you could just ignore it and walk away.....

Lots of options for you but please be specific.... posting a screen dump of your credit file entry (cut the personal data out) would be a great help to sort this for you......

Cheers

N-i-D