Bit confused - credit report

diddly74

Hi

I am a bit confused, so please don't shoot me down for being a bit thick. Thanks.

I was declared BR on 15/03/2010, got ED on 26/01/11 and bank repossessed and sold our house. (Voluntered Keys back Oct 2010, sold Feb 2011). I have logged on to CreditExpert to start the ball rolling on cleaning up my credit history. But I have a couple of questions.

1st - I have a few of my credit cards/bank accounts that don't say Settled - they say Satisfactory and £0 (or in 1 case £4CR ) I didn't have any balance in these to put into the Bankcrupty - will they have been closed or are they current still?

Company name:MBNA EUROPE BANK LIMITED
Account type:Credit card / Store card
Started:02/11/2006
Current Balance:£0
Credit Limit:£2,000
Credit Limit History:
File Updated for the Period to:13/03/2011

&

Company name:SANTANDER CARDS UK
Account type:Credit card / Store card
Started:17/10/2005
Current Balance:£4CR
Credit Limit:£475
Credit Limit History:
File Updated for the Period to:13/02/2011


2nd - I have a Halifax card that is showing Default and Satisfied.

Company name:HALIFAX CARD SERVICES
Account type:Credit card / Store card
Special Instruction Indicator:Partial Settlement
Special Instruction Start Date:01/09/2010
Started:19/04/2004
Default Balance:£73
Current Balance:Satisfied
Credit Limit History:£500 (06/10); £3,300 (04/10); £6,550 (08/08); £5,050 (02/08);
Defaulted On:12/05/2010
File Updated for the Period to:12/09/2010


Do I need to do anything here?????

I am bound to find more things I need reassurance on. But a little help on these first 2 would be great. Thank you in advance.

fermi

1st - Those should really be marked closed at least. Technically you are not allowed to use those accounts, so they shouldn't be indicating available credit.

2nd - default date is wrong, but only by 2 months. Up to you whether you think that is worth bothering with sorting out. Just means that defaulted account should will show on your credit report for an extra 2 months after the 6th anniversary of your BR if you don't.

Ineedaname

If you decide to do nothing about the first two they will drop off your credit file in October 2012 and November 2013 anyway. When they update your credit record they don't do a search and, as there was no debt to go into your BR, the OR wouldn't have contacted them. So they may not be aware you are BR. It's up to you whether you want to write and have them 'close' the record officially.

I've got a couple like this on my record, but they'll drop off later this year anyway as are nearly 6 years old.

The £4CR on the Santander record 'may' mean you are £4 in credit, but it's up to you if you think it's worth bothering to reclaim that, lol.

NeverAgain_2

...If you decide to do nothing about the first two they will drop off your credit file in October 2012 and November 2013 anyway...

I don't have Ineedaname's technical grasp of this, but I wondered if it was simpler to let the credit record repair itself over time.

Why does the OP need credit?

I'd have thought borrowing money was the last thing a recently discharged bankrupt would want to do.

HOLIDAYMAD_2

No they drop off 6 years and 1 day when they are fully settled, not from when there opened ththat is what being declared a BR does, it settles them . That is why we go bankrupt to settle our debts , so the date should be of the anniversary of the bankruptcy.

Any finance application is held on everyones credit file for 6 years and one day , even a search ie a insurance check or looking at opeing a bank account even if you didnt pursue and had no credit

Our BR closes , settles /call it what you like those defaults but they show for 6 years and one day from the date that action was taken
This is why its important to get it sorted asap, we dont want the file showing unsettled anymore- call it princial.

Just to add this is the point a lot of people get confused with credit reports, a debt will remain until its completely settled so if its for a pound and never gets settled it will show for ever as a default and updated monthly.

EG i had a catlogue in 1995 , still 20 pound outstanding we are now in 2011 still showing active and defaulted. But as i was made bankrupt in March 2011 it should fall off in March 2017.

This is what i was banging on on another post to the above poster , why a DMP doesnt show settled status until 6 year after they have been complety cleared. So if your on a 10 year plan DMP and you completly settle that debt at 10 years it will take from the start to the end ie 10 years to show settlelment but will show for a further 6 years and 1 day before it falls off the file. But will not showed settled until it is EG start DMP today for 10 year your credit file wiill show those debts until 2027, 10 years to clear and 6 years and one day to fall off on settlement.

So for clarityy everything until its settles and even when there is no debt but a application for anyform of finance has been considered ie you switich utility providers sits for 6 years and a one day.

Statue Barred is when you can prove no action has taken place to recover a debt in 6 years, ie not a letter or any form of correspondence, that is why lenders send the odd letter and dont pursue recovery because it still damages you credit rating.

There is a really brillant stick on repairing a Credit Reference file.

dojoman

Personally I would order the paper files as the on line ones tend not to be accurate. Also order them from all 3 credit reference agencies.

Ineedaname

Sorry, didn't mean to be confusing and I'm glad you queried it NeverAgain. Looking at the records again, it's the start date I was working from.

Just reviewed my own file again and similar records actually show Settled with a date and also "File updated for the period" and an old date. It's this last date that determines when a record will drop off.

Unfortunately for the OP, because the records are still being updated with curent dates this means they won't drop off their credit file. So actually it would be wise to write to the creditors and have the accounts officially closed, try to have them marked with your BR date so they drop off your record when the BR does in 6 years.

HOLIDAYMAD_2

diddly74 wrote: »

Hi

I am a bit confused, so please don't shoot me down for being a bit thick. Thanks.

I was declared BR on 15/03/2010, got ED on 26/01/11 and bank repossessed and sold our house. (Voluntered Keys back Oct 2010, sold Feb 2011). I have logged on to CreditExpert to start the ball rolling on cleaning up my credit history. But I have a couple of questions.

1st - I have a few of my credit cards/bank accounts that don't say Settled - they say Satisfactory and £0 (or in 1 case £4CR ) I didn't have any balance in these to put into the Bankcrupty - will they have been closed or are they current still?

Company name:MBNA EUROPE BANK LIMITED
Account type:Credit card / Store card
Started:02/11/2006
Current Balance:£0
Credit Limit:£2,000
Credit Limit History:
File Updated for the Period to:13/03/2011

&

Company name:SANTANDER CARDS UK
Account type:Credit card / Store card
Started:17/10/2005
Current Balance:£4CR
Credit Limit:£475
Credit Limit History:
File Updated for the Period to:13/02/2011


2nd - I have a Halifax card that is showing Default and Satisfied.

Company name:HALIFAX CARD SERVICES
Account type:Credit card / Store card
Special Instruction Indicator:Partial Settlement- and as a BR it should show settled.
Special Instruction Start Date:01/09/2010
Started:19/04/2004
Default Balance:£73
Current Balance:Satisfied
Credit Limit History:£500 (06/10); £3,300 (04/10); £6,550 (08/08); £5,050 (02/08);
Defaulted On:12/05/2010 --so its this bit that will show following the BR up to six years, that tells future lenders we defaulted in the past.
File Updated for the Period to:12/09/2010


Do I need to do anything here?????

I am bound to find more things I need reassurance on. But a little help on these first 2 would be great. Thank you in advance.

Therefore at under 6 years and one day from the date of bankruptcy is should show a) settled and b) worst status was defaulted and the date of default , that tells future lenders we breached the credit agreement, on 6 years and 2 days there should be no entry as it falls off from settlement date ie date of bankruptcy.

Ineedaname

HOLIDAYMAD wrote: »

that tells future lenders we breached the credit agreement, on 6 years and 2 days there should be no entry as it falls off from settlement date ie date of bankruptcy.

Please see Fermi's post #2 which states OPs Halifax record will fall off 2 months AFTER BR, not at same time.

HOLIDAYMAD_2

Fermi said you can write in and tell them the dates are wrong or just let it fall off two months later, that is because the credit file is still listing it with the incorrect date , " her words were if you can be bothered" its obvious that she thinks the same as me in that being out by two months is neither hear nor there to be writing in about and requesting a credit repair, as it could take that long to sort it out where as eg 10 months out would be a fair amount of unneccessary time to still be showing a default when it should have been removed.


you posted at Post 8 and this is what is confusing for me , the date should be 6 years from the anniversary of all debts included in your BR , you have given a example of two dates again relating to you and how you expect they will drop off , in the next two year as you considered them settled , each settled one will drop off as they would but this is not in relation to being a bankrupt that is about settling something different before BR. It wouldnt make a jot if they fell off as if you have defaults or BR status it still shows on the stuff you failed on.

The question of this credit repair was about BR settlement dates.

The dates shouldnt vary its about 6 years of the date of your BR anniversary, ie six years and a day from the date you were declared in the county court bankrupt. Again confirmed by Fermi.

So the earliest that will be would be March 2017 if you went bankrupt today.

I then gave examples on how settlement dates are reached in BR and gave a example of a BR against someone in a DMP, or someone not in debt because the DMP debts are still active and still roll forward till they are fully considered settled which is the end of the term , i tried to explain that being in a DMP does not improve your credit score. And that your file for 6 further years and a day will show that you had that account and had gone into arrears when it is settled.

I tried to explain that the file is how you get any form of credit etc, and all finance stuff even if you just enquired is linked in.

I tried to explain that any default status still showing tells someone you have defaulted at some point and the account has more or less been foreclosed that is what a default is.
Default status is the worst status you can have on a credit file as it is not about paying late but you were defaulted by the creditor , when you get to default notice stage the lenders send letters advisng they are going to close accounts under a default notice within credit consumer law.

So when these drop off those debts can never be seen again , hense why a BR wants them shifted.

So if i looked at my credit history today it would be listed with tons of details on accounts i have had, stuff i settled 6 years previously will be gone, but stuff ive not settled in over 15 years is still showing i gave an example of a catalogue.
But now im bankrupt all those listings will be fully removed by March 2017 or at least should be And when im discharged i start clearing them up so they show the right status to drop of in 2017.

BR is the soonest to fall off because BR settled the debt on the date you declared being BR. where as iva and dmp plans are when the term has been completed and must be repaid in full. Why i gave a example of someone going on to a DMP for 10 years and a clear history wouldnt show for 16 years.

I also said yours wont drop off as you seem to think they will because you have stated your on a DMP. so anything paid in full today on anyones account will show that credit facility they had still for a further 6 years regardless if you had debt or not. you would only remove your history in one or two years if you had stuff that was settled ie 4/5 years ago.


The other point i was saying is your credit rating is considered for future finance etc , and the credit file is how you get fianance or rolling credit etc in the future , if i won the lottery tonight and could annul my BR and pay off all the debts they would /should settled but each would prob have a different date on if i didnt pay them off on the same day, my report for 6 years and a day would still highlight ive had defaults

fermi

fermi is a he, not a she.

Defaulted accounts should be completely removed from your credit report 6 years from the default date regardless of whether the debts has been settled or paid off.

If you still have accounts listed on your credit report with default dates more than 6 years ago, then you need to complain to the credit reference agency.

A large proportion of accounts on a DMP will end up being defaulted by the creditor. That means that they will be removed from your report 6 years from the default date, NOT the settlement date.

The settlement date for a debt covered by a bankruptcy is the discharge date. NOT the default date. That is because it is only on discharge from bankruptcy that the debts are legally 'discharged'.

The same applies to an IVA. Default date cannot be later than the start of the IVA. Settlement date is the completion date of the IVA. However, as in bankruptcy defuleted account is removed from your credit reoport 6 years after the default/start of the IVA. Not 6 years after the settlement.