Credit Search Query

mazza-the-first

As part of my debt management plan I had an arrangement to pay off a debt with Cahoot. This was was paid off two months ago - I've checked my Equifax credit file and although this is showing as settled it is showing a default/delinquent balance of £396. I definitely do not have a default on this account. Should this not be removed as there is nothing outstanding? And if not, what impact will this have?

SpreadsheetPete

Is it possibly they are default charges you have received in the past from them and its just a note of them? If you have never defaulted i'd contact Equifax about getting it removed. Alot of companies comment differently on your credit file, some will just not bother updating your credit file at all and when you've paid off the dept they will just put a settled marker leaving the total dept still showing as an outstanding value.

Best bet mate is to wack an email to Equifax who will be able to make an amend on it, but alot of credit analysts know that some companies are not brilliant at updating peoples files and will know that the balance is settled.

RedTulip

When is the default dated? And did you settle on an f&f?

When you go on a dmp you break the terms of the loan/ cc agreement etc. This means although you are paying the debt still, you have effectively 'defaulted'.

fermi

I hate the Equifax reports, as they are very unclear as to what they actually mean.

As far as I recall, it's not necessary saying that there is a default. It's just the category name. i.e. If you have a formal default, then default balance goes there. If you broke the agreement but weren't defaulted, then the amount outstanding at that point goes there.

Last time I tried to get a straight answer from Equifax I got 2 contradictory replies (the above being the one that made most sense), but maybe if you ask you will have more luck?

mazza-the-first

The debt was totally paid off and I definitely didn't get a default - Cahoot confirmed this too. I've e-mailed and phoned them and they have asked me to send them a screen shot of my credit search so they can investigate further (apparently they don't use Equifax and can't see their credit files). So far I have had to constantly chase them up to get things done and just didn't want to waste my time and money if I was wrong...

SpreadsheetPete

Looks like you are a clear advertisement into why you should check your credit report! They often get it wrong and to a credit analyst that would probably look like you had defaulted!:T