Credit File Default

fairystori

Hey I'm new to this site so I hope this is in the right place!

I'm a student and have been turned down for an overdraft extension twice in the last two years. I decided to look at my credit file to see if I could work out why this was.

I defaulted on a Vodafone contract in Dec 2004 through my own poor money management! I paid the outstanding sum of £67 in Jan 2005 but my credit file does not show the account as settled. If I contact Vodafone are they obliged to update my file?

I understand that defaults stay on file for 6 years but was hoping if the account is logged as settled it might improve my credit score?

Any advice would be much appreciated

Snaggles

Yes, if you have paid it and closed the account with them, it should show as settled by now. Might be worth a call to vodafone to see why they haven't marked it as settled.

---lee---

fairystori wrote: »

Hey I'm new to this site so I hope this is in the right place!

Welcome to MSE.

I defaulted on a Vodafone contract in Dec 2004 through my own poor money management! I paid the outstanding sum of £67 in Jan 2005 but my credit file does not show the account as settled. If I contact Vodafone are they obliged to update my file?

Yes. If they won't help, contact the credit reference agencies directly. Experian do a free 30 day trial (remember to cancel before the 30 days is up) which is particularly good as it has an online dispute resolution facility for problems like this.

I understand that defaults stay on file for 6 years but was hoping if the account is logged as settled it might improve my credit score?

Correct. It will look better if it’s settled.

pigsmightfly

fairystori wrote: »

Hey I'm new to this site so I hope this is in the right place!

I'm a student and have been turned down for an overdraft extension twice in the last two years. I decided to look at my credit file to see if I could work out why this was.

I defaulted on a Vodafone contract in Dec 2004 through my own poor money management! I paid the outstanding sum of £67 in Jan 2005 but my credit file does not show the account as settled. If I contact Vodafone are they obliged to update my file?

I understand that defaults stay on file for 6 years but was hoping if the account is logged as settled it might improve my credit score?

Any advice would be much appreciated

Yes if this is settled they should update the entry on your credit file.

I had a problem with an entry on my credit file and I contacted both Equifax and Experian where I had copies of my credit files from and they contacted the company who had made an error on my behalf and it is now up-dated and sorted out.

I think getting them to do it will push Vodafone along a bit quicker than dealing with them yourself

Snaggles

Yes, it WILL look better if it is settled, lee is right. I work as an underwriter for a large bank, and if I did a credit search and a defaulted but satisfied communication supplier account, particularly for a small amount, was the only issue, I would pretty much ignore it - it wouldn't affect my decision to lend you money.

That only goes for judgemental lending though - some banks/companies will just credit score you (ie there wont be a person making the decision, just a computer), so it might continue to affect you for quite a while - it will get better the longer it's been satisfied for though.

fairystori

Thanks for all the advice

I have emailed Vodafone (cant call them as have no credit on mobile till next loan check and have no landline - oh the irony!) If I don’t get a response in the next few days will try the Experian dispute resolution route.