"Satisfied" balance on Credit Expert

complimentschemistry

Hi there,

Could someone with knowledge of Credit Expert or credit accounts in general please help me!

I'm very confused by the "satisfied" status on Credit Expert. I am in default with Halifax and there is a default of balance of £315 noted at the top of the account section. However, in the little circles on account status details it says the balance is £0. I've attached the image below of what I can see.



Can anyone please explain what this means? As far as I'm aware I have paid up and they haven't contacted me about any outstanding balances.

Thanks

IDoDoodles

As far as I'm aware, the Default Balance is the amount at which the account defaulted originally at the time of the Default Date, also shown above it.

If the current balance is £0 and the account is registered as Satisfied by Halifax, then you owe nothing more :cool:

Credit Reports can be super tricky as they all have their own ways own displaying the information reported to them, but it looks from here like you've nothing to worry about in terms of the accuracy of the status.

I've been plowing through my own records in the last couple of months (tidying up here and there!), and have had to ask Experian, Equifax and CallCredit similar questions!

Tixy

It means that you did default on the account (as far as halifax are concerned), but that you have since repaid the debt and so satisfied the default.

It doesn't mean you owe anything else - but it does stay on your file for 6years from the defaul, to warn other potential lenders of your past default of a debt for the value of £315.

Do you agree that you did default?

complimentschemistry

Hi Tixy,

Yeah I did default but wasn't sure if I owed anything still. And if you and Doodles think I don't and Halifax haven't written to me then I would assume I'm OK.

Thanks for your help

Lensman_2

The default balance is normally the current balance. It certainly is on my report (3 of them for me).

A note of caution here - sometimes original creditors will mark the debt satisfied before selling it on. The account then resurfaces on your credit report with the original default date and current balance with the new owner against it.

I don't want to scare you and I don't want to undermine the good advice of the posters above.

So this post is only that - a note of caution.

Tixy

Whilst I agree that creditors do sometimes mark a file as satisfied as they sell a debt on, it doesn't seem likely in this case.

The OP knows they have paid it, presumably in June this year as is shown on the file. And haven't been contacted by a debt collector over the last 3 months at all.

I am surprised you say that the default balance on your credit file is reducing. The normal way to report is that the default balance shows the amount of the original default, and the current balance should be updated to reflect payments made that reduce that balance.