Credit reports

starryeyes99

Hi there,

i have been paying off my debts through a credit union for over a year now, the payments have been going to my creditors but my Credit report does not show any of this information. it still shows the accounts in default without showing any of my recent payment information. is this correct? i was hoping the payments would show that i am making payments to clear the outstanding debt. at the moment it doesn;t look like i.m doing anything to reduce it!

it's quite frustrating, also one of my debts was sold on to a debt collection agency whilst i had a payment arrangement, can this happen? as how will the credit agency know when i will have paid that particular debt off.

bit confused as to how this works so if anyone can explain this to me i would appreciate it .

fermi

Once an account has been recorded as a default, it will stay at that status.

You won't get monthly payment status markers recorded any more. It will just show a "D" or "8" every month.

What should be updated regularly is the outstanding balance. That should be updated to show that the debt is reducing. If that isn't happening, then you need to get in touch with the creditor/DCA to complain.

starryeyes99

Thank you, the debt isn't being recorded as reducing so i will be in touch with them today i think!

Thanks again

emsiep1982

They (quite rightly) are quick to mark a credit report with a default etc but not so quick to do the rest! We shouldnt (but have to) chase them to ensure that they are doing everything as they should ie mark your debt as being reduced with the new monthly total.
Good luck with getting them to reduce it, they seem to take forever to do things that we ask! Maybe we should start charging per letter or phonecall.