Default questions?

bery_451

Neil_948 wrote: »

All that Lowell can and would have done is passed the debt back to original lender and removed there own default notice (as they can not touch another companies default) and then it would have been left to the devices of the first company to either attempt recovery themselves or re-sell your account on as until statute barred legislation comes into affect (6 years) the debt is still enforceable by the route of ccj

Lowell said in their letter that they will ask the original lender lloyds to remove their default as well months ago which they still haven't.

Neil_948

bery_451 wrote: »

Lowell said in their letter that they will ask the original lender lloyds to remove their default as well months ago which they still haven't.

Hopefully that would be something the Experian rep could help us with then, As I can't see why they would ask the original creditor to remove there default notice unless there is some other underlying issue (like lost cca e.t.c)

Experian_company_representative

Hello Bery-451

Further to this, I have had this confirmation from our compliance department:

"The (debt assigned) account is only seen if they (the lender) do a manual search, or they are looking at raw data, it is not included in credit scoring. The initial account should have the balance marked as zero at the point the Debt assigned flag is added.

At the same time a new account with another CAIS member (generally a Debt Collector) will be added, with the same start date, account type, default date and original default balance. This account will then show the correct current balance remaining.

So lenders could possibly “see” both accounts, but only the newer entry is included in scoring/decisions."

So in conclusion, yes, lenders do have the facility to see both the accounts, but the original will be for information purposes only.

I hope this helps

Regards Jo

bery_451

Experian_company_representative wrote: »

Hello Bery-451

Further to this, I have had this confirmation from our compliance department:

"The (debt assigned) account is only seen if they (the lender) do a manual search, or they are looking at raw data, it is not included in credit scoring. The initial account should have the balance marked as zero at the point the Debt assigned flag is added.

At the same time a new account with another CAIS member (generally a Debt Collector) will be added, with the same start date, account type, default date and original default balance. This account will then show the correct current balance remaining.

So lenders could possibly “see” both accounts, but only the newer entry is included in scoring/decisions."

So in conclusion, yes, lenders do have the facility to see both the accounts, but the original will be for information purposes only.

I hope this helps

Regards Jo

Thanks for the update. It took us 2 years to get to this answer but it was worth the wait and I like to say thank you very much.

I thought only I can see the original default however you say lenders can still see it. I know the original default is not used for credit scoring calculations however a default still looks bad on anyones credit report and because of this I can be declined for a mobile phone contract, utilities for example.

Lenders doing manual searches and looking at raw data basically means a lender just doing a simple credit check on the debtor right?

Members on these forums say credit scoring doesnt mean anything for example experian credit score and each lender use their own criteria when judging a debtor for credit. The only way they can do that that I can think of is just doing a simple credit check (looking at the debtor's credit report) like I said above and they will see the original default on my credit report.

Because of all this its best to get the original default off my credit report dont you think?