Satisfied default???

detour

This is a first time post and I'm sorry if this seems a very silly question but here goes...I have a satisfied default showing on my credit file, does 'satisfied' mean that I don't owe any more money on it?
Thanks in advance for any help.

McKneff

I would think so.

But this default will stay on your credit file for 6 years.

detour

I understand about the default staying on my file for six years. I would just like a definite answer to the 'satisfied' bit?

fermi

detour wrote: »

This is a first time post and I'm sorry if this seems a very silly question but here goes...I have a satisfied default showing on my credit file, does 'satisfied' mean that I don't owe any more money on it?
Thanks in advance for any help.

Not necessarily. Did you pay it all off?

The account may have been sold on. So while it is "satisfied" with the original creditor, it may reappear with a debt collector chasing any outstanding balance later on.

Tixy

It would usually imply you don't owe the money anymore. However if you know that you haven't paid it and so cannot prove that you have then you still owe it and could still be chased / taken to court etc.

One common thing that happens it as debt shows as satisfied to the original creditor and is then sold on to a debt collector. A week or so later the debt collector registers the debt and the default on your credit file again. So it might just be a timing issue.

jonjamie1970

Defaults can show either "Satisfied" or "Settled" I believe, not sure of the mechanics behind the two words but a google search should clarify.

Tixy

jonjamie1970 wrote: »

Defaults can show either "Satisfied" or "Settled" I believe, not sure of the mechanics behind the two words but a google search should clarify.

A default will either show as still outstanding or satisfied (or partially satisfied).
Only accounts that never had defaults will show as settled

jonjamie1970

Tixy wrote: »

A default will either show as still outstanding or satisfied (or partially satisfied).
Only accounts that never had defaults will show as settled

Thanks Tixy, sorry for fuff info, shows you should never quite take forum advice as gospel. :embarasse

Tixy

jonjamie1970 wrote: »

Thanks Tixy, sorry for fuff info, shows you should never quite take forum advice as gospel. :embarasse

To be honest I only read it the other day from the Experian chap. I think I probably did know sortof but people (me included) often use the words interchangeably.