Credit Report Value

nigelb4873

Hi There,

I have been on and off here for a little while but I went round to see if we can get some money out of house and we were told that it would be impossible due to the defaults and late payments.
I have managed to log on to Noddle and get my credit report and it is 1 out of 5, if you pay one of the defaults off completely does this move your credit report value up or does it only change it slightly.
I need to get on top of my debts and slowly doing this.

Many Thanks\Best Regards\ Nigel

Tixy

If you pay off a default in full then it would be marked as such on your file, and that looks marginally better than an unsatisfied default.

But if you have other defaults and many late payments then just paying off 1 default is unlikely to make a signficant different and is unlikely to mean you would be able to borrow further funds.

Snowedunder

Well, from my experience, I have no 'bad debts' on my credit report with noddle, most were marked as closed or satisfied over the last few years and have gradually 'dropped off'. All accounts are now showing 'ok' with no late payments etc. and yet I am still showing 1/5. In my own thread I asked why and was told it was because I still had debts. These are 2 credit cards, 1 paid off. 1 mobile phone paid in full each month and my bank account always in credit and 1 catalogue which is being paid off by much more than the minimum payment. I was, upon advice told to build some 'good' credit which I thought I had done, but my thread on here says the reason I am still 1/5 is because I have debt, so it appears that the saying no credit is as bad as bad credit is not true, so I am totally mistyfied as to what I should have done/be doing!!!