Understanding Equifax Report

ITtim

Hi,

I hope someone can help, we've recently cleared my wifes debts and have just checked her credit report to see that everything is as expected.

I have a couple of 'concerns' firstly Caboot, They sent us an email in January to thank us for our payment in full and final settlement.

Looking at the credit report the last entry shows as a default however its showing as August 2009.

I was expecting to see defaults all the way until December/Jan and then a green 's' for settled.

Should I query this with them?

Simiarly Barclays who sent us a letter to inform us that the account had been settled in full show the same as caboot but up until october 2010 (around the time we started negotiations with them)

Both accounts were partially settled but both say 'full and final' should we just be requesting the file be updated? and also why would caboot not show any records since August 2009?

Any help greatly appreciated as I'm very confused!

bottleofred

Hi ITtim,

Normally partial settlements go on the credit file as partially settled, but the dca should have sent a letter stating the amount paid was as a full and final settlement of the debt. Even though you have settled the debts, defaults stay on a persons credit file for a total of 6 years from the date they are applied before falling off the persons file. You could query why the files have not been updated with the relevant information with the companies, although it can take a while at the credit reference agencies.

ITtim

Hi bottleofred, thanks for the prompt response, I expect to see the defaults and would fully expect to see them up until January but I take it I am correct in thinking that it should now show as Settled.

For exmaple, here is the caboot one. it shows as last updated in Jan 2011

ITtim

a not so subtle bump for the day timers

Is this something maybe equifax can help me with?

fermi

I'm not quite familiar with the way Equifax present their reports online any more. They've changed them so many times over the last few years.

However, what other information is listed on top of the monthly status codes? Status, default date, default balance, current balance, date settled or date satisfied etc?

ITtim

Hi Fermi, thanks for the response, well the status shows as 'defaulted' , the default date is the same as the image in my last post.

It has a current balanace of £771 and a default delinquent balance of £4593 and date updated '25/1/2011

so seems the record has been updated by not correctly.

fermi

ITtim wrote: »

so seems the record has been updated by not correctly.

Based on that info, no it hasn't.

Seems like you need to dispute the status of those then.

ITtim

Should I write to the banks in question directly or am I better to use the dispute area of equifax? Sorry for all the questions but its all a bit new to me!

fermi

ITtim wrote: »

Should I write to the banks in question directly or am I better to use the dispute area of equifax? Sorry for all the questions but its all a bit new to me!

If it was me, I'd be inclined to do both.

Mostly as a 'belt & braces' approach, but also because Equifax have been bloomin useless for me trying to sort things out in the past.

It also gives the creditors a kick up the bum from 2 separate directions.;)

Finally, if you have written proof that you have contacted the lenders direct disputing the entry, then it makes it simpler at a later stage to get on with a complaint to bodies such as the Information Commissioner if it should come to that. Most likely it won't. I would hope this can be sorted quickly and easily.

Up to you though. Many people would probably find that disputing it through Equifax is sufficient. It's most likely that the creditors are just slow updating.

fermi

http://www.ico.gov.uk/upload/documents/library/data_protection/practical_application/credit_explained_leaflet_2005.pdf

Advisable to read page 19 onwards.

ITtim

Thanks Fermi, I think that is what I shall do, its odd however that it shows as updated and that there are no records after September 2009.