Credit Report & Number of Accounts Query...

crapwithcash82

I've just read through the article on the main page about credit "scores" and reports. I got mine from Equifax back in March, and corrected one account which was marked as "defaulted" but was actually settled back in 2007. I have gone through it again and there are other accounts that I don't use that I could get closed (an old credit card account and a catalogue account) but will those still show on my file?

Also, the TSB consolidated two overdrafts and a loan into one account for me, and I repay them one total amount per month for this, but they are on my credit report as three separate credit accounts. I have phoned them to say, if I wanted to pay off one of the overdraft accounts, which I could as its only £600, could I do that, and then that would be one more account marked as settled on my credit file - but they've said no!! Surely thats a bit unfair - I didn't ask them to consolidate the accounts, so in order to get all three marked as settled I would have to pay £600 + £800 + £2500 all at once.

I just wondered if anyone thought I had a leg to stand on to call them up again and try insisting they separate the accounts? I know it may sound trivial, but I could easily settle two of these relatively quickly and it would give me a boost, and tidy up my credit file.

Any advice greatfully received.

Eager_Elephant

Hi crapwithcash

I assume you fell behind with the payments on the loan?

It is usual practice for Lloyds TSB to merge all loans and overdrafts if you are in default. It makes it easier to manage on their system and all payments come in together.

Unfortunately you don't have a leg to stand on. If you can afford to pay them £600 do it and then the balance will drop anyway which will look good on the credit report.

I would suggest that you close the accounts you are not using as otherwise any new credit card may think you have credit available to you and be reluctant to lend you any money.

EE

DarkConvict

If they consolidated the accounts, then the accounts should now be settled and closed on the report, and a new account opened with the total balance. They can't just distribute funds between the 3 accounts as they see fit.
It is either 1 account, or 3 accounts. It can't be both as that is unfair and you could speak to the OFT about it.

You could always offer a F&F settlement on the money owed.

Eager_Elephant

Hi DarkConvict

My understanding is that they have not been consolidated in the general sense of the word (ie new agreement signed) but instead have been merged into one on their computer system.

There will be 3 seperate agreements so I am not sure if the OFT will be bothered.

EE

DarkConvict

Maybe, but say all 3 accounts had different rates of interest, it would be unfair if you could not choose to pay off the highest interest one first.
I have heard of Llyods doing this consolidation before, they have taken the management of the account out of hands, and put it in their favour. Whilst money is owed to them, I still think it is unfair they have taken the control away from the debtor.

Eager_Elephant

Hopefully the OP will be back to clarify soon but I assumed that he had defaulted and his account passed on within LLoyds so he is not actually paying interest.

I have not known them to merge people's accounts and continue charging interest - gosh that would be confusing!!

EE

DarkConvict

I honestly do not know, I was taking a guess myself.

crapwithcash82

Hi DC and EE, thanks for your replies. The accounts have as you said, not been officially consolidated (no new agreement signed or anything) they have basically just lumped all three together in their system and the total of the three that I pay per month goes to this one "account".

I don't pay interest on them, which is one small good thing so there's no confusion about interest rates etc, I just find it unfair that I have 3 defaults on my credit file, for what is now effectively one account as far as the TSB and their systems are concerned. Not that I would expect any favours or help from them, they're been right next to useless to me for years!

I'm not in the position to offer a full and final to them at the moment, and I think I would rather pay it in full so that I don't have any random amounts not settled on my credit file.

Part of me wants to leave the TSB accounts til last to pay off, as they've been the most unco-operative creditor I have. I have Egg and Northern Rock too, both of whom were extremely helpful and willing to meet me half way so to speak.

I just wondered if it was worth me phoning the TSB but maybe not after all.

Oh, one other thing, I'm a she not a he.....