Default Removal

jamiestone2k

Hey everyone,
I have a default which is due to be removed from my credit report in April (6 years is up). Other than the default my credit report is good, no recent searches, not missed a payment in years. My question is probably stupid but will my credit score instantly improve upon the default being removed?
Thanks everyone
Jamie

DarkConvict

If it is the only default/CCJ etc on your file then yes, you should fall out of the sub-prime lending category. And return as a normal lender, as they onyl see the last 6 years of your history.

Most defaults are removed automatically, but you may need to give the 3 CRAs a nudge if it isn't.

Equifax Plc
Credit File Advice Centre
PO Box 1140
Bradford
BD1 5US
https://www.equifax.co.uk

Call Credit Plc
Consumer Services Team
PO Box 491
Leeds
LS3 1WZ
0870 060 1414
https://www.callcredit.co.uk

Experian Ltd
Customer Support Centre
PO Box 8000
Nottingham
NG80 7WF
0844 481 8000
https://www.experian.co.uk

jamiestone2k

Thank you

never-in-doubt

jamiestone2k wrote: »

Hey everyone,
I have a default which is due to be removed from my credit report in April (6 years is up). Other than the default my credit report is good, no recent searches, not missed a payment in years. My question is probably stupid but will my credit score instantly improve upon the default being removed?
Thanks everyone
Jamie

No, actually just because the default will drop off after 6 years does not mean any/all late payment markers will drop off. Chances are if the account was recorded with CallCredit then although the account (default element) will no longer be visible, the late payment entry may well be.

Basically, your credit score will be reflected on your conduct and if you have NO history at the time the default drops off, i.e, no credit accounts then your credit score will be like a newbie so you'll be living in sub-prime for a year or two.

If you have some cards and accounts that have history then simply apply for one and if you get declined, hold back for a while as some lenders dont use live CRA searching meaning the data may not have been filtered through as yet.

That said, if the default is 5 years old now then places like aqua, vanquis, barclaycard, crappy1 would probably accept you so worth trying just to get a live account on the go.

Rico6.9

Missed payments still influence your file. If the missed payments are older than 6 years your credit file should be excellent.

I was tortured for 6 years with a wrongful default. When it came off I could suddenly get as much 0 % credit as I could afford. Sadly this all helped feed the lawyers who were "helping" me to remove the default and sue the offending bank for damages. 4 years later the lawyers continue to feed.

Your future should be much brighter with the default off. I know what you've been through. Well done for avoiding the lawyers.

never-in-doubt

Rico6.9 wrote: »

Missed payments still influence your file. If the missed payments are older than 6 years your credit file should be excellent. .

This is not true, late payment markers for an account can remain long after the removal of any default. In theory yes, the late payment markers should be gone - but there are situations whereby they have been there for a total of 11 years......

Just saying, don't assume that default removal means you can get whatever credit you want - you can't. As for 0% deals - well, that just doesn't happen nowadays so you must be speaking about at least 3+ years ago......

Regards to your comments with lawyers, what is the issue? DPA breaches don't warrant compo, you need to take civil action and the best way to get compo is to sue (or threaten) the CRA's with Libel - not the lender that added the default. I have done this and won with Experian & Equifax before court and within 3 months of initially asking - I guess the basis is what you know more than who you know.

Lawyers are generally a waste of time when dealing with consumer related debt - stick to DIY or free services.