Advice on credit report

missladyannie

Hi everyone

I've checked my credit report this evening and I noticed that I am showing as Defaults for an Egg loan and a Barclaycard loan. I took out an IVA in 2006 and settled this early with an offer of payment in 2009. Barclaycard and Egg were both included in my IVA. The defaults are both dated 2006.

Could anyone advise me as to why these are showing as Red/Default when all the other companies which were included in my IVA are initially showing as Red but then have changed to Green/Settled (I am using Equifax).

Should I send both companies my IVA completion certificate, or leave them alone and not contact them as I am worried they may start chasing for payments even though I complied with my IVA?

Thanks in advance!

missladyannie

Hello, just wondered if anyone has any advice for me or is there another board that would be more appropriate to post my query on? Thanks in advance x

missladyannie

Anyone...???!! Please I could really do with some advice on whether to contact the companies or leave them be (they turned to Defaults (and no contact on the credit report since) on March 2006, so would they drop off March 2012?)

fatbelly

Yes, they'll drop off in March 2012.

Probably should have been marked differently following your IVA but at this stage not worth bothering about.

missladyannie

Thanks 'fatbelly' really appreciate your reply, I thought it best to just leave them at this late stage too. Do you know, will it make a large difference to my credit report once they have dropped off, or is it the IVA which is bringing my rating down? x

fatbelly

It'll have an effect but probably decreasing as time goes on.

Don't worry too much about your 'credit rating' - that's just a marketing tool dreamed up by the credit reference agencies to sell their products to the general public.

The lenders will have their own criteria.

bottleofred

fatbelly wrote: »

It'll have an effect but probably decreasing as time goes on.

Don't worry too much about your 'credit rating' - that's just a marketing tool dreamed up by the credit reference agencies to sell their products to the general public.

The lenders will have their own criteria.

Hi Missladyannie,

I totally agree with fatbelly, as people really do get far too hung up on their credit score/rating. It doesn't matter if the credit reference agencies give you a high score, as all lenders have there own minimum criteria for you to achieve before they'll consider giving you a loan or credit. The important thing to restore your credit file is to be on the electoral role, have a steady income, have a history of repayments on a regular basis. A high interest repair your credit credit card could be a suggestion to commence doing this, but only if you use it for small purchases and clear it every month to avoid paying the extortionate rate of interest they charge. You should also only make a maximum of 3 credit applications within a 6 month period. I hope this helps and good luck

Red

missladyannie

Thanks very much to both of you for your advice x

bottleofred

You're welcome,

Although I should have said no more than 3 applications within a 6 month period. Apologies for the typo.

Red

fermi

Just noticed this.

Technically they should have been marked as settled or partially settled on settlement of the IVA.

However, I agree with others that it's not really worth the bother trying to correct them now. The records will fall off early next year regardless.