6 X Status 3's on credit file.

jon142

I have 6 X status 3's ( 3 months late on my credit file. This information is going to be removed this month by the bank in question because the ombudsman has forced them to do it.

This is the only real negative information on my file. Apart from an arrangement to pay.

Can I expect my credit rating to improve and by how much?

jon142

Anyone got any ideas?

rartherinv

Good to hear you won your case! disappointing that the lender could not sort it out themself... who was it out of interest?

Your credit worthiness will increase but the amount will vary depending on whatever else is on your reports.

If everything else on your reports is tickety boo then it will make a profound difference, lenders will see you are super low risk and will give you super low rates as a result.

If there are other late payments recently then it isn't going to make a whole lot of difference if there are a bunch of 3's or 1's and 2's it is all evidence to them of poor money management.

If you already have defaults and ccj's, credit searches, fraud notices etc, it will likely make barely any difference at all.

Hope for you it's the first one!

rartherinv

oops just noticed i missed some of your OP

"This is the only real negative information on my file. Apart from an arrangement to pay."

that is evidence of high financial stress, unfortunately the late payment markers being removed will not make much difference when the lender sees you cannot meet your current contractual obligations...

jon142

The bank was SANTANDER.

Hi thanks for your reply.

I had an arrangement to pay on a MBNA card from 2009-2010 I then settled it in 2010 so it's been over 2 years now since that card was AP.

no CCJs, no Default, no previous searches, no fraud.

16 settled accounts including mail order, credit card and loan accounts. From many settled in 2007 - some recently 2011 and 2012.

5 active accounts.

No other late payments at all.

YorkshireBoy

jon142 wrote: »

I had an arrangement to pay on a MBNA card from 2009-2010 I then settled it in 2010 so it's been over 2 years now since that card was AP.

When you say "settled it", do you mean you settled the debt and left the card open or that the card is showing as "settled" on your credit report, ie you closed it in 2010?

rartherinv

sounds a whole lot better than my file :T seeing as its all settled a while ago it should not be any problem.

how did santander manage to make such a mistake, and why didn't they correct it without ombudsman??

when it goes through you should use some soft searchers like the barclaycard one to figure out if you are prime again

jon142

YorkshireBoy wrote: »

When you say "settled it", do you mean you settled the debt and left the card open or that the card is showing as "settled" on your credit report, ie you closed it in 2010?

I settled the card in August 2010. Settled it as I'm closing the card down and it showing as Settled on my credit file. Even with these 3's and AP marker

M$S money increased my limit to £2500 on request. 9.9% interest.

jon142

rartherinv wrote: »

sounds a whole lot better than my file :T seeing as its all settled a while ago it should not be any problem.

how did santander manage to make such a mistake, and why didn't they correct it without ombudsman??

when it goes through you should use some soft searchers like the barclaycard one to figure out if you are prime again

It all started with there bank charges and charging 50p a day for being overdrawn i asked them suspend my account and wait for the test case in 2010 to be done. when the test case was lost with high court they started asking for the money back. i asked them if we could do £40 PCM. they said thats fine just pay it in. was a sort of informal agreement. however they recorded it as me being 3 months late.

Honestly i can't tell you how much arguing and ongoing problems i have had with Santander over it, basically they thought they had done nothing wrong. however i thought and the ombudsman thought differently.

they were in the opinion of doing this;

0 0 0 0 0 3 3 3 3 3 6

The 3's being a " compulsory account closure " i didn't agree with it and now and i went to the ombudsman to get them to remove it. they removed the 6 before the ombudsman decision however that was on there for about 1 year. couldn't get anything. not even an O2 contract with the 6.

Turns out now they have to remove all the adverse data. can't fault the ombudsman tho. all the way thought they did everything perfect. just took FOREVER. 2 years in total :eek:

YorkshireBoy

jon142 wrote: »

I settled the card in August 2010. Settled it as I'm closing the card down and it showing as Settled on my credit file.

You would have been better leaving the card open and using it a little (if MBNA would allow it).

As it is, that AP and the late payment markers are going to remain for 6 years from the settled date, so until 2016. Had you left the card open they would have dropped off after 3-4 years (depending on the CRA), so by 2013/14 they'd have gone.

jon142

YorkshireBoy wrote: »

You would have been better leaving the card open and using it a little (if MBNA would allow it).

As it is, that AP and the late payment markers are going to remain for 6 years from the settled date, so until 2016. Had you left the card open they would have dropped off after 3-4 years (depending on the CRA), so by 2013/14 they'd have gone.

I know, experian is 3 years and equifax 4. so it turns out its worse to close an account than leave it open interesting.

I don't understand because it advises in the data protection technical guidance that a debtor shouldn't be in a worse position than if they made no attempt to pay at all. and with AP markers its breaks this.

For example i have a debt in 2006 and i pay with AP till 2010.

Its then settled in 2010 til 2016 until it drops off.

If i defaulted in 2006 it would drop of by 2012.

Its just silly.