Help incorrect default on my credit report

chardebt

Hi there, i am completely new to this and hope someone can help me...

I recently used the useful tool on here to sign up to Noodle, the new free credit report. Anyway ive noticed that although i have been paying off my debts since 2009-2010 and only have one remaining debt outstanding, i am still unable to get a credit card etc in order to improve my credit history.

Well, it all made sense as when i looked at my report, although i have been paying off a welcome finance loan to the lewis group since 2010, on my credit report welcome finance have showed it as though ive defaulted every month since jan 2010!!!

I havent defaulted since then and my remaining balance is only in excess of £3000 and i am up to date! I am livid!!!

Does anyone know how i can go about getting this removed? I have already notified noodle and they will respond within 28 days but i want these defaults off my credit report as they are doing my a lot of damage as it is the only debt left!!!


PLEASE HELP! Thanks.

Tixy

It doesn't actually mean you've defaulted every month, what it means it you defaulted in Jan 10 (there should be a default date showing) and that the account is not yet fully paid. Any account can only ever have 1 default date.

Did you default on the agreement in Jan 10 (or a few months before)?

Having an unsatisfied default on an account makes it very hard to get new credit. Even once it shows as a satisfied default (after the loan is fully paid) it will still show for 6years from the default date and still mean you cannot get credit from many sources. Though you should be able to get subprime credit once its paid and a maybe 3-4years old.

Obviouslyif you didn't default on the account ever then you would be able to get it removed. Although as you are paying a debt collector I guess its likely you did default?

Tremour-88

My MIL is fighting a similar problem with Welcome Finance and for the past 6 months has had no luck in getting them to amend the problem, basicly for the last 18 months they've marked her down as never making any repayments and a sky-high balance, but shes made monthly payments and has a statement from them showing the corrent info, balance and repayments hitting the account.

If you have any luck in correcting your problem with them please let me know, and goodluck

fermi

Once you have defaulted, the monthly payments markers stay a "D" or "8" every month, no matter what you are repaying.

As Tixy says, it doesn't mean they are registering a new default each month.

While you won't see any month payment markers any more showing how you are paying, the balance owed should be regularly updated to show the balance being reduced. Plus eventually marled as settled when it's paid off altogether.

chardebt

Thanks for your help, yes i defaulted in 2009 and since then i have been making regular payments, surely they cannot still have it as a default for every month though? I have contacted both companies and they have asked me to send them copies of my credit report which i have done so im hoping somehow it gets resolved!

Thanks in advance for all your help.

fermi

chardebt wrote: »

Thanks for your help, yes i defaulted in 2009 and since then i have been making regular payments, surely they cannot still have it as a default for every month though? I have contacted both companies and they have asked me to send them copies of my credit report which i have done so im hoping somehow it gets resolved!

Thanks in advance for all your help.

Read the previous replies.

They are NOT applying a new default each month. Just updating the status of the original one to say it's still defaulted and not settled.

chardebt

oh ok that makes sense although this is having a detrimental effect on my credit rating. does it mean once ive settled it will show as an settled account with just one default?

Anondebtadvisor

A default is entered when you default on the orginal agreement which you have?

A default will remain on your credit file for 6years and fall off automatically whether the debt is repaid or not. When it is paid it will be marked as settled or satisfied

neverbefore2011

Anondebtadvisor wrote: »

A default is entered when you default on the orginal agreement which you have?

A default will remain on your credit file for 6years and fall off automatically whether the debt is repaid or not. When it is paid it will be marked as settled or satisfied

So is there any advantage in making any kind of payment, once a default has been registered?

I am currently making 'token payments', and I believe that I will get 30 days notice before a 'default' is registered (sometime within the next few months)

What is the difference between 'token payments' and a 'default'?

If my credit card lender registers a default, what will they they do about the debt? If I continue with my token payments, will the default disappear after 6 years, even if there is still an outstanding balance?

If a DCA buys the debt, will the debt be 'settled', or will I now have two adverse entries on my credit record (one from the credit card, and one from the DCA)?

fermi

neverbefore2011 wrote: »

So is there any advantage in making any kind of payment, once a default has been registered?

Making payment would mean it is less likely they would try to enforce the debt via court action

neverbefore2011 wrote: »

If my credit card lender registers a default, what will they they do about the debt? If I continue with my token payments, will the default disappear after 6 years, even if there is still an outstanding balance?

The default would go after 6 years. They could apply for a CCJ which would be a separate entry and last for a further 6.

neverbefore2011 wrote: »

If a DCA buys the debt, will the debt be 'settled', or will I now have two adverse entries on my credit record (one from the credit card, and one from the DCA)?

Usually the default entry will be changed over into the name of the company that buys the debt, rather than being marked as settled.

neverbefore2011

I accept that, if I borrow money, then I have an obigation to repay it

But I understand that the moneylenders are engaged in a game of brinkmanship

In a funny kind of a way, I am enjoying playing the game, but I am lucky enough to have started playing quite late in life!