default

carp1000

Hi all i have a default on my credit report that is 5 years old but i only discovered it about 5 weeks ago. I have questioned the company who issued the default and the debt recovery agency and they are both pointing the finger at each other saying it was the other one who served the default notice. My question is does a default by law have to be left on your credit report for 6 years or can a company remove it at any time at there discretion, o the debt is satisfied but my report says default then settled next to it, thanks all

Gordon_Hose

The main question is; did you default on payments?

You say it says it is settled, so did you pay the outstanding default balance? If so, the default will stay on file marked as settled/satisfied.

Tixy

It doesn't have to stay on by law. But for a creditor to agree to remove it is very unusual. Very occasionally some creditors may agree to remove a default in return for an unpaid debt being paid in full, but if the debt is satisfied then you don't have anything to bargain with.

You should have received a default notice prior to a default being registered (well technically they should have sent one to you - at your last known address rather than you should have definitely received one).

spadoosh

Tixy wrote: »

It doesn't have to stay on by law. But for a creditor to agree to remove it is very unusual. Very occasionally some creditors may agree to remove a default in return for an unpaid debt being paid in full, but if the debt is satisfied then you don't have anything to bargain with.

You should have received a default notice prior to a default being registered (well technically they should have sent one to you - at your last known address rather than you should have definitely received one).

G/f just had hers removed (long long story!!) fraud and no default notice. Youll struggle to get it removed as it is settled so as far as everyone is aware that dispute is done. You need to find out if they followed the correct procedures in issuing the default (default notice) or prove the debt wasn't yours (difficult seen as its settled)

The default shouldnt majorly affect all credit applications so could be worth still applying alternatively wait a year and its kinda no longer required. However it does have to stay there unless the company agree to remove it

carp1000

Yes i paid the debt in full last year the thing is neither the creditor nor the debt collector said they served a default notice, they are blaming each other so i am being passed pillar to post, the origional creditor say they have no obligation to send me a copy of the default notice as they sold the debt to a debt collector and the debt collector say they didnt serve a default notice and its down to the origional creditor, i have spoken to the debt collection agency and they are looking this afternoon to see if they can legally remove the default or whether it has to stay on there for 6 years by law

spadoosh

They can legally remove it... its wether or not they want to. Who does it say served it on your credit report. They will be the one who you will need to contact.

Tixy

It definitely doesn't have to stay by law. The DCA will almost certainly know that.

But the DCA will only be able to remove it if they placed in there originally (or if the creditor who placed it removed their entry on your file and default, so that the DCA then can put on their own record of your account with the same default).

carp1000

The DCA has there name next to the default on my report though they say they didnt sevre it and it was already defaulted when they bought the debt, so it was the origional creditors who put it on there but the origional creditor says "they are no longer have a contractual relationship with me so they have no obligation to supply me this information", my right to be provided with this information ended with the assignment of the debt to the DCA" also they said if i want an executed copy of the agreement i should speak to the DCA who currently own the rights to the accountand when i do just that i am pointed back to the origional creditor, im getting dizzy now lol.

edinburgher

The DCA has there name next to the default on my report though they say they didnt sevre it and it was already defaulted when they bought the debt, so it was the origional creditors who put it on there

If that's the case the DCA's name wouldn't be on the report. Sounds like they're talking nonsense.

fermi

edinburgher wrote: »

If that's the case the DCA's name wouldn't be on the report.

Yes it would be.

When debts are sold on, the original creditor and DCA have to agree who will be responsible for updating the credit records on file.

If the DCA takes on that duty, then the account and any default already issued will be placed in the DCA's name.

Gordon_Hose

The default is settled though, so it's unlikely that whoever put it there is going to remove it.