Default questions?

fermi

What does that mean? Does that mean potential creditors can see it, but are told they should disregard it? Or does it mean they don't see it at all?

You website says:

New special instruction "Debt Assigned to CAIS Member" has been introduced. This will enable lenders to reconcile payment history on a CAIS account that has been sold to another CAIS lender by retaining a view of original performance

Which implies the original is still visible, as otherwise that wouldn't work.

bery_451

So lenders can still see 'debt assigned default' on credit report?

If only the debtor can see it then does this 'debt assigned default' effect the credit rating/score of the debtor?

happy_bunny_2

If you email James as above he will look into it for you.

Experian_company_representative

Just checked this out.

If the debt is sold to another data sharer the original entry is marked 'debt assigned to CAIS member' and then is only displayed to you, not lenders. A new entry is added by the new company under their name but with the original default date and this is visible to lenders.

If a debt is sold to a non CAIS member then the original entry is marked as 'debt assigned', is closed and remains visible. No new entry would appear.

Sorry for any confusion.

James

bery_451

Experian_company_representative wrote: »

Just checked this out.

If the debt is sold to another data sharer the original entry is marked 'debt assigned to CAIS member' and then is only displayed to you, not lenders. A new entry is added by the new company under their name but with the original default date and this is visible to lenders.

If a debt is sold to a non CAIS member then the original entry is marked as 'debt assigned', is closed and remains visible. No new entry would appear.

Sorry for any confusion.

James

Thanks for the clarification there. However I like to know does a 'debt assigned CAIS member' default effects credit rating/score in any way?

fermi

bery_451 wrote: »

Thanks for the clarification there. However I like to know does a 'debt assigned CAIS member' default effects credit rating/score in any way?

If potential lenders cannot see it, then no, it would not.

Experian_company_representative

That's right. Where a second entry is added, the first is excluded from credit rating calculations. So really only remains to enable you to see the full history.

James

bery_451

Experian_company_representative wrote: »

That's right. Where a second entry is added, the first is excluded from credit rating calculations. So really only remains to enable you to see the full history.

James

Lowell told me they cleared my outstanding balance, closed the account and removed their default. They did not say they passed the debt back to the original lender lloyds or sold it on to another debt collection agency.

So does that mean I do not need to worry about this debt anymore?

Also does the original 'debt assigned to cais default' has to removed as well to reflect Lowell actions? If not what is the purpose of this original default where only I can see it and not lenders?

Experian_company_representative

Just shows you how the original account was managed. Lenders won't see it.

James

fermi

Experian_company_representative wrote: »

Just shows you how the original account was managed. Lenders won't see it.

James

So the document on your website that says

"This will enable lenders to reconcile payment history on a CAIS account that has been sold to another CAIS lender by retaining a view of original performance "

is wrong then?

As that clearly implies that lenders can see it, otherwise they would not be able to use it to reconcile that.