How to remove settled accounts from credit report?

tickledpink1984

Hi just wondering if anyone knows if this is possible and how to go about it. I am looking to apply for a mortgage this year and have been working hard to improve my credit score but at the moment there are a couple of problems that need resolved and I hope that someone here could advise me.
One of my store card debts was passed to CL finance when I signed up to my DMP and payments were made to them from 01/02/2005 and completed on 01/01/09. The credit account was first started in 2002.
The original debt is not showing as a default however the status is showing as 6 payments later and the balance is satisfied.
From my credit report it looks as if this entry will now remain on my credit report for an additional 6 years so from 2009 - 2015?
Is there any way that this can be removed as I this is the only thing on my credit report that seems to be bringing my credit score down?
Other debts that showed as default have now cleared from my account and are no longer visable on my credit report and now I cant help feeling that this debt would have been better as a default that showing as 6 payments late?
Not very clued up on these things so any advice information would be greatly appreciated. I have had a look at other posts however these appear to relate to defaulted account.
Thanks in advance for your help, the sooner i get this sorted the sooner i should hopefully get on the property ladder

honeybear68

Hi ticklepink
Unfortunately there is no way of removing them they will remain on file for six years, there could be something else on your report you may not have noticed I have default on mine and a lot of settle account some showing late payments but when I looked the other day my score was good enough to get more credit( not that I will) hope this helps, it could also be worth giving the credit reference agency a call for peace of mind.

McKneff

Honeybear is correct that even settled accounts stay on your credit file for6 years although you may be able to get some credit after
3/4years. Sorry.

annibee

Hello tickled pink. The other 2 are right it will stay on for 6 years

However I have a default on mine and I managed to get a mortgage this year so make sure you go to an independant broker - the ones who check all of the market. mine was 3 years gone and settled and I got a joint mortgage with my partner (him as the first applicant) with a leading bank so just wanted to offer you some light at the end of the tunnel that defaults are a pain but not a complete shut down I also got a loan soon after that and a CC recently (to solve some of oh's debt problem) so again the default hasnt really caused a major problem

So yeah ramble over go and see an independant mortgage broker

tickledpink1984

Thanks for the advice and the hope! Just seems a bit unfair as if i had not paid the account and it had fully defaulted rather than showing 6 payments late it would have cleared from my account.
Do you think that 6 late payments has the same negative effect as a default?Should I put a note on why this happened?
On a positive I am glad that I got my bad spending out of the way when I was a student and am now on the way to a good credit report. Safe to say I have learnt valuable lessons when it comes to having credit.
Thanks

annibee

tickledpink1984 wrote: »

Thanks for the advice and the hope! Just seems a bit unfair as if i had not paid the account and it had fully defaulted rather than showing 6 payments late it would have cleared from my account.
Do you think that 6 late payments has the same negative effect as a default?Should I put a note on why this happened?
On a positive I am glad that I got my bad spending out of the way when I was a student and am now on the way to a good credit report. Safe to say I have learnt valuable lessons when it comes to having credit.
Thanks

Yeh its a pain as mine was satisfied within days of them bloomin defaulting me but you just gotta get on with it like I said its not going to block you completely.

I havent got a note on mine - I dont really see the point. I defaulted, it was 4 years ago and now ive had lots of good credit since so its not a big deal.

It will depend what creditor and what credit your applying for to measure the impact or importance of it. A mortgage app may be more thorough and see that although you defaulted on that one account the accounts youve had since have been well managed and payments made on time they may even look at the dates and decide that you were young and we all make mistakes whereas a cc may have an automatic - if youve ever been 4 payments late they wont accept...who knows?! every company is different and works differently.

Good Luck with the mortgage hunting

Gina22

Can anyone offer me any advice please? I have a default on my credit file, myself and my partner are trying to get a joint mortgage but have had no luck so far. My partner has an excellent credit rating but it appears that my default is the only thing holding us back. I am currently in the process of paying the debt and am hopeful that this default will be marked as "Fully Satisfied" (will get that in writing before I make the payment). Does anyone know if this will then improve our chances of getting a mortgage? The default was from either 2007 or 2008, I am still trying to find out exact date. I do currently have a mortgage in my name with HSBC but because of my partners age (50) we are looking for a lender who will let the mortgage run until he is 70. We both have very good pensions so are able to prove the mortgage can be paid after retirement age. Any help or advice??

tickledpink1984

tickledpink1984 wrote: »

Hi just wondering if anyone knows if this is possible and how to go about it. I am looking to apply for a mortgage this year and have been working hard to improve my credit score but at the moment there are a couple of problems that need resolved and I hope that someone here could advise me.
One of my store card debts was passed to CL finance when I signed up to my DMP and payments were made to them from 01/02/2005 and completed on 01/01/09. The credit account was first started in 2002.
The original debt is not showing as a default however the status is showing as 6 payments later and the balance is satisfied.
From my credit report it looks as if this entry will now remain on my credit report for an additional 6 years so from 2009 - 2015?
Is there any way that this can be removed as I this is the only thing on my credit report that seems to be bringing my credit score down?
Other debts that showed as default have now cleared from my account and are no longer visable on my credit report and now I cant help feeling that this debt would have been better as a default that showing as 6 payments late?
Not very clued up on these things so any advice information would be greatly appreciated. I have had a look at other posts however these appear to relate to defaulted account.
Thanks in advance for your help, the sooner i get this sorted the sooner i should hopefully get on the property ladder

Hi just thought I would update you on the progress with my settled accounts and provide some hope for people.
I decided that I had nothing to loose in contacting the debt collection agency and query the entry. The person on the phone was very helpful and could see my point that I would have been better defaulting the account as it would have been removed sooner. The guy on the phone kindly said he would speak to his boss and query getting this removed. A couple of hours later I received a call to advise they would be happy to remove the entry and within 2 weeks this promise was actioned.
I am now 1 step closer to cleaning up my credit report so would advise anyone that is not sure where they stand to contact the person directly and see what they can do for you.
Good Luck :beer:

pmf63

If I understand you correctly, are you all saying that a debt I had default in april 2005 which was partially settled last year and is showing on experian as partially settled 12/09 will run another 6 years from the settlement date and NOT the default date? Please tell me I got that wrong.

icouldnotthinkofaname

pmf63 wrote: »

If I understand you correctly, are you all saying that a debt I had default in april 2005 which was partially settled last year and is showing on experian as partially settled 12/09 will run another 6 years from the settlement date and NOT the default date? Please tell me I got that wrong.

Bumping really old posts here but nope apparently defaults are removed after 6 years regardless of whether they paid, settled or whatever. It does not reset.

Debts that have not turned into a default however and have been settled, stay on a further 6 years from the settlement date. Ironically you're better off letting them turn to a default as they'll be off your file quicker.

fermi

deanthebean wrote: »

Hi
Need some advice guys.

Moved to it's own thread --> https://forums.moneysavingexpert.com/discussion/4742484