Defaults on Experian

Stigy

Hi all, any advice would be appreciated!

I recently settled an account that was defaulted and listed on Experian as such. Now my question is this, now it's paid in full, should the balance just be at zero, or should it show up as settled and not in default? I initially thought the former, as the debt did still default afteral! Having said that, the latter would obviously have more of a positive effect on my report! The reason I ask is that the template default letters Experian says you can use to give to lenders etc if they haven't updated your file accordingly states that if a defaulted file is paid, it should be listed as satisfied (Musch like paid CCJs I guess?)

Thanks for any help!

Tixy

It should show as a satisified default with a current balance of nil. The fact that there has been a default and what the balance was when it defaulted would still show.

How recently did you settle it? It would usually only be updated monthly, and can sometimes take around 6weeks for info like this to update (just depending on timing and when the creditor does their monthly update to the credit ref agency etc).

The whole record of the account and that it was defaulted will drop off your credit file 6years after the original default date.

Stigy

Thanks for the reply, Tixy!

It was only settled a couple of weeks ago so wasn't going to act for a while anyway, as I know how long these things can take. I noticed that Nationwide was a positive factor on my report for a few weeks, as for some reason it was shown where other debts are, was quite pleased until I noticed it had been removed, lol. Was only a current account so I guess it shouldn't have been there anyway!