What does the following mean on my credit report:

richardc1983

Have just got my credit report wondered what a few things mean, hope someone can help as its really confusing me.

LENDER TYPE STATUS BALANCE
HALIFAX Current Account - Default - Satisfied

Its paid so thats fine but what does satisfied mean as apposed to one that says settled? Does this mean that I have settled it for less than the full ammount owed?

For instance I have a bank account on there that I closed. This states settled for the balance. See below:

LENDER TYPE STATUS BALANCE
HALIFAX Current Account Satisfactory Settled

Thanks guys.

Tassotti

Stop worrying...it's fine

richardc1983

Tassotti wrote: »

Stop worrying...it's fine

Yeh i know it probably is just want to know what the different meanings are?

PROLIANT

No it is not fine it is a Default!
Ok it may be satisifed but it doesnt matter in the eyes of a lender - it is a default and will impare your credit rating for up to 6 years from the date of default.

Sorry to give you the bad news.

richardc1983

PROLIANT wrote: »

No it is not fine it is a Default!
Ok it may be satisifed but it doesnt matter in the eyes of a lender - it is a default and will impare your credit rating for up to 6 years from the date of default.

Sorry to give you the bad news.

I know that it is a default but does the satisfied mean it is cleared now?

PROLIANT

richardc1983 wrote: »

I know that it is a default but does the satisfied mean it is cleared now?

No Richard, a Default is a Default does not matter whether it is satisifed or not.
When was the default placed on your file?

richardc1983

WHen I say cleared I mean paid off.

I know it stays on for 6 yrs its due to come off next yr.

I wanted to make sure that they had updated records properly if you know what I mean to confirm that it was paid. I.e accounts I close that are not defaulted they say settled.

This one says satisifed.

PROLIANT

Yes, but the account was defaulted and that will not go away whether you have paid it off or not mate, you could try and contact the bank and request they remove the default as you have paid them back, this has worked for some people.

richardc1983

So even after 6 yrs it will not remove itself?

PROLIANT

richardc1983 wrote: »

So even after 6 yrs it will not remove itself?

Sorry Richard I did not make myself clear, the default will drop off after 6 years from the date of default.
Try and get some form of credit i.e Credit Card, Loan, Mail Order etc and pay it on time to build up a good credit rating which will soon mask the effect of the default over time.

richardc1983

At the minute I cant get any credit, not even a normal bank account without any overdraft as the default is coming up still but I think this has something to do with the fact that one of my defaults from 3 yrs ago is still not showing as paid so I need to get this rectified.

WHen I tell them that it needs updating will they backdate it to the date it was settled? Or just from when I contacted them to say it hadnt been updated on my credit file.

Im so annoyed at why they havent updated it in so long.