Credit Score..i've Been Shafted!!!

vofn

As I have got a large credit card bill, I've been on the Martin's site trying to figure out what I can do to reduce the debt. I've got a TSB TRUSTCARD at an interest rate of 29.9%!!! So I figured out that I would try and get my credit rating. Going on to the EXPERIAN credit site I found out that I have a poor credit rating. This is due to a default from the TSB (Bank)in 2002.

Then I thought to myself. I'm sure I've payed this !!!!!! off, so I go through all my old papers, and hey presto, I found paperwork that tells me I had paid it off in April 2002. This wasn't with the TSB bank, per se, but with their debt collection branch, known as BLS collections, but it does say at the bottom of the letter that they are the trading name of Lloyds TSB bank Plc

After phoning them up and speaking to a very friendly lady there. She agreed with me that a full and final payment had been made in April 2002, and that I should fax the details over. So the default notice could be removed. I am also writing to EXPERIAN explaining the situation to them. Hopefully this will amend my credits score, so I can swap my credit card around and to the "tarting" thing.

The question being, since 2002. My credits score has been abysmal due To this default notice, I have been unable to get cheaper credit cards, I have been unable to acquire loans at a decent rate. Does anybody think I have a case for maladministration or anything like that?

All opinions welcome.

Cheers vofn

In_Search_Of_Me

Not sure but welcome to the site!

MCBIRNIE25

It would be interesting, you have suffered a detriment, it may be worth pursuing through the small claims court. Let me find out and come back to you.

nomoneytoday

I doubt it. They will say that any institution that lends to you based their decision on their own criteria and its down to them..

Warriorsith

I leave it as if was your fault you 'defaulted' in the 1st place?! and supposedly any information esp defaults remain on your file for 6 years if it's be paid off or not. It's up to TSB to decide wether or not the Default should remain so as the lady has told you to contact the CFA to remove that 'bad information' from your file than I would be grateful as technically you could have it still on there for another two years.

Once this is cleared you want make sure you control your new 'credit score' with care and not end up like before with a default.

I'm grateful I have a default on my file, it means I can't get credit nor make me more in to debt.

beanielou

I would be very unsure that it can be sorted as from what you say there was no dispute as to default in first place and lloyds have done nothing wrong.

Donedoingdebt

I assume that as it was passed to BLS then at some stage you either paid late or not at all. This in itself could cause a default notice to be served even if you paid soon after. Therefore it will stay on your credit file for 6 years from date of default even if the account is marked as settled.

Experian_company_representative

The Data Protection Act gives consumers rights of redress if innaccurate data has caused them financial damage. The Information Commissioner's website probably has more details.

Tia0101

Hi Vofn

I have just experienced something similar with Lloyds Tsb, I had a credit card with them in 2003 which i couldnt afford to pay. I eventually added this to my CCCS payment and never missed a payment until i was able to clear the balance in Feb this year, however i managed to obtain a copy of my credit report yesterdsy and guess what? They have not declared the debt settled and it is showing as a default. I find this unfair as i never missed a payment and began making (agreed) reduced payments as soon as i realised i was in trouble. I rang them but was told i had to take the matter up with Experian. I have faxed them today along with a copy of the letter from Lloyds confirming Full payment in Feb. Hopefully i can get this sorted sooner rather than later.

Honestly, as if we dont have enough to worry about already!!

Hope you get it sorted

Tia xx

Dr.Shoe_2

What has probably happened is that the adverse entry was made at the time they passed the debt on to the DCA. They will have sold the debt for considerably less than the outstanding debt and this is why the entry was made.

You having settled the account with the DCA will not bear any relevance to your standing with the original lender.

MrsTinks

Sorry but I thnk you'd find that if you get offered a card or loan at a bad rate and take it without a) asking why it's so high b) checking your credit record - you'll find there is little case there... I know my argument would be that you have access to your information at anytime you ask for it so if it WAS an error you could have asked for it to be corrected at any point before taking out further debts.