Defaulted Loan still showing as Default? Is this correct?

casper01

Hi

I'm hoping somebody can give me some advice. My partner had a loan that he defaulted on back in 2005 and it was passed to a debt management company. He paid it back via a payment plan they set up and fully settled the loan.

We recently got his credit report from equifax (after his mortgage app was declined), and the debt still shows as Default, with no Settled status after the 3 months default. Shouldnt this now say settled?

We wrote to the loan company and they have sent us written confirmation of the loan being settled. We have sent this to equifax twice and asked for his report to be updated, however have had no response either time.

Can somebody tell me whether this should actually say settled now, and also if it should then how do we go about getting this amended?

Thanks.

Tixy

It should still show that there was a default but should also so that it has since been settled.

Usually the first way to get this done is to ask the loan company to update your details with the CRA. If for some reason that doesn't work then you would usually send proof it was paid to the CRA (as you have already done unsuccessfully), so maybe try tackling the loan company.

casper01

Thanks - do you think it would be best to write to the loan company (AA) as that is who the loan is with on the CRA - or the debt management company who dealt with the settlement?

Would they update it with the old dates eg settled in 2007?

Thanks