this is a little complicated ?

andilong

GMS wrote: »

If they have admitted it was put on in error then you really need to ensure they remove it completely. Marking it as satisfied will look better than it not being but will probably not be enough for what you need at this time.

how do i go about continually checking to make sure it has been removed, without it looking like continuous searches on my file (is this not also bad!)

the default status at the moment is satisfied, she says they will remove the default on the next update cycle today? not really sure if that means it will update experian today ?

also is it not enough that i have a letter saying the default is in error ? or is it simply a case of :- you have a default that is settled, we dont care about the explanation ?

Dave_Ham

Great news - should now be achievable !

Cycle could be anything up to 30 days I believe, although this is reliant upon human interaction and being done appropriately.

Searching your report on Experian will not dramatically effect your underlying score. Emotionally you may want to think about just checking once a week though..

The letter would maybe work with a more flexible lender, although these will not be on the best rates. The computer says yes/no will be the way forward but will only say yes when default is removed.

Would get a broker on it and start preparing, or wait till default drops off if you are going direct or to your bank...

andilong

Hi Dave,

Thanks so much for your continued advice, i will wait until i have received the email and then give it a week and re-check my experian report.

Then this time next week will contact a broker hopefully with all clean credit file.

Would my application be effected if i had a previous default from 8-9 years ago which has been off my files for a few years ?

Dave_Ham

Not likely, unless you apply to the bank/provider who previously defaulted you.

Be mindful that some organisations have visbility of each others internal scores now, approach with care..

Fingers crossed it comes off your file quickly..

andilong

A Quick update on this for you,

Email from OUSBA arrived this morning :-

"Dear Mr Long,

This email is to confirm that your OUSBA account is fully settled as at the 7th October 2011.

I can also confirm that the default originally recorded on your credit file was placed in error and that this has now been removed.

We have informed the University that no further monies are owed by you to OUSBA.

With kind regards."

I then asked when this was likely to be removed as i had checked my file today and it was still on ( I hadnt but wanted some commitment it was being done)

I then received this reply :-

"Dear Andrew,

The arrears will be showing on your file – but the indicator of “8” (an official default) should be removed – it was removed Friday

Kind regards"


So i have ordered a Stat copy of my credit file from experian today so will have to wait 3 or 4 days for it to arrive to see if it has indeed come off !

andilong

A Final update to put this to bed (for now at least)

My Stat experian credit report has arrived and to my delight the default has indeed been removed.

So clean and clear and ready to apply for my mortgage, just waiting for the EA to come back with a value so we can see if we can afford it

Thrugelmir

andilong wrote: »

The arrears will be showing on your file – but the indicator of “8” (an official default) should be removed –

The fact that your account was in arrears will be detected by mainstream lenders credit checking procedures. As lenders access different datasets to the reports generated for consumers. How much this affects your internal score depends on the length of time the account was in arrears.

andilong

Thanks for that additional information, the account was classed as in arrears for 2 months i think this shows on my credit file as "1" for the first month and "2" for the second.

all other months are currently displaying "0" hope this wont have too much influence on my mortgage decision the two dates in question were june and july last year :-s

Dave_Ham

Its much better news, but still not ideal.

I would be mindful of the type of lender you approach as and when you are ready.

Still, much better though so well done and good luck

andilong

Thanks Dave,

I have made initial contact with l&c after information found on this site, the advisor claims there shouldnt be much of a problem, but obviously this is going with the fact no application has at this stage been made.

I have to go back to them when the house has been valued and see where the land lies.

do you have any clues which lenders to maybe avoid ?