Default dates

Thrugelmir

matttye wrote: »

None as nothing is added to someone's credit files to indicate they're on a DMP.

Interesting viewpoint. As far as I am aware lenders flag accounts there are under a DMP. The flag is removed once the account is clear. The flag however remains on the account for a period of 6 years.

fermi

matttye wrote: »

None as nothing is added to someone's credit files to indicate they're on a DMP.

Sometimes a DMP marker can be added. Not very common though. I've seen a hell of a lot of credit files of people on DMPs and I can only recall seeing them infequently.

However, you are correct that if the account has been defaulted, then any previous AP or DMP marker that might have been there is then quite irrelevant. The account then stays at default until settled. And the default, account, status history, balance, markers, EVERYTHING is removed from the credit report 6 years after the default. That applies even if the account/DMP has not yet been paid off at that 6 years point.

So going back to the OPs question, the detrimental factor for the defaulted accounts will the default itself. How long that remains is determined by the default date, so if that is wrong it needs to be corrected, otherwise their CRA record will be harmed for longer than it should be. Settlement of the account will help in the meantime, but the removal of the account 6 years after the default is the overriding factor.

matttye

Thrugelmir wrote: »

Interesting viewpoint. As far as I am aware lenders flag accounts there are under a DMP. The flag is removed once the account is clear. The flag however remains on the account for a period of 6 years.

fermi wrote: »

Sometimes a DMP marker can be added. Not very common though. I've seen a hell of a lot of credit files of people on DMPs and I can only recall seeing them infequently.

However, you are correct that if the account has been defaulted, then any previous AP or DMP marker that might have been there is then quite irrelevant. The account then stays at default until settled. And the default, account, status history, balance, markers, EVERYTHING is removed from the credit report 6 years after the default. That applies even if the account/DMP has not yet been paid off at that 6 years point.

So going back to the OPs question, the detrimental factor for the defaulted accounts will the default itself. How long that remains is determined by the default date, so if that is wrong it needs to be corrected, otherwise their CRA record will be harmed for longer than it should be. Settlement of the account will help in the meantime, but the removal of the account 6 years after the default is the overriding factor.

I didn't realise such a thing existed - I've never seen any mention of DMP markers on this forum before. Learn something every day!

fermi

From the Experian report faq.

UsetheFORCE

http://experian.metafaq.com/help/Statutory/Credit_report/status_codes

Experian_company_representative

Lenders are supposed to add a DMP flag to accounts that are being repaid using a DMP. This Q&A gives a little more advice around this issue.

It is very important that the default date is correct as this affects when the data drops off your report. If your Experian report contains inaccuracies please tell us and we'll investigate for you.

James