FTB Mortgage AIP and old debt

fermi

No. If the account has defaulted on the CRAs, then by definition any AP is no longer current and does not apply.

If a default has been applied to the CRAs, ALL account data is removed at the end of 6 years. The default, previous status codes, AP/DMP markers, EVERYTHING.

You may not like that, but it is what happens.

And the ICO is NOT just interested in accuracy. They are also interested in how long data is processed for under the DPA. Rightly or wrongly, it is considered that a defaulted account and all data should be removed 6 years from the recorded default.

Thrugelmir

I've just read the ICO credit explained customer guide.

Arrangement to Pay - Kept For

Depends on the terms of the arrangement agreed
with the lender

Precisely what I expected.

fermi

Yes, and if the account has defaulted then that arrangement has ended at the point of default. An AP on credit files is an alternative to a default. They do not apply on your report after one one, even if you maintain some informal payment agreement with the lender afterwards.

As said, all account data including previous AP marker is removed 6 years after a default is applied. No exceptions.

Thrugelmir

fermi wrote: »

No exceptions.

Even an IVA ?

fermi

Thrugelmir wrote: »

Even an IVA ?

We are talking credit account data here for AP markers and similar.

An IVA is separate as it is public record information, so instead follows the agreed practice for retention of that type of data on your reports, or the period that the information is retained on the public registers. Usually 6 years from IVA start date, bankruptcy date, CCJ judgment date etc.

Thrugelmir

fermi wrote: »

We are talking credit account data here for AP markers and similar.

An IVA is separate as it is public record information, so instead follows the agreed practice for retention of that type of data on your reports, or the period that the information is retained on the public registers. Usually 6 years from IVA start date, bankruptcy date, CCJ judgment date etc.

I guess that's a waffling way of saying that there are exceptions.........

fermi

Thrugelmir wrote: »

I guess that's a waffling way of saying that there are exceptions.........

No, it's saying that you are not comparing like with like.

I stated that all account data is removed and no longer reported. No exceptions.

An IVA etc is not account data. It is public record information.

Thrugelmir

fermi wrote: »

No, it's saying that you are not comparing like with like.

I stated that all account data is removed and no longer reported. No exceptions.

An IVA etc is not account data. It is public record information.

Again I refer you to the ICO then....... Seems as if there at least 2 exceptions which contradict your statements.

Thanks for updating my knowledge. Been out of this sector of the financial game a while.

fermi

Thrugelmir wrote: »

Again I refer you to the ICO then....... Seems as if there at least 2 exceptions which contradict your statements.

Nothing that contradicts them. You are unfortunately just misunderstanding the application and context.

Thrugelmir wrote: »

Thanks for updating my knowledge. Been out of this sector of the financial game a while.

No problem. It is damn confusing at times, even when you are looking at these issues recently and regularly. There is a lot of conflicting info out there, and even the CRAs and ICO etc fail to make some things as clear as they should.

In recent years I have seen the reports of more people than I can count with defaults, APs etc on them. Have seen exactly what happens and is reported when theose defaults expire and what is not. Have queried the CRAs and the ICO to get clarification on points like this, where the info on their sites does not give the complete picture.

ValHaller

Thrugelmir wrote: »

fermi wrote: »

Thrugelmir wrote: »

Even an IVA ?

We are talking credit account data here for AP markers and similar.

An IVA is separate as it is public record information, so instead follows the agreed practice for retention of that type of data on your reports, or the period that the information is retained on the public registers. Usually 6 years from IVA start date, bankruptcy date, CCJ judgment date etc.

I guess that's a waffling way of saying that there are exceptions.........

No, it is a quite straightforward way of saying that once an account has gone bad (CCJ, IVA, bankruptcy), the information is on record for 6 years after which it comes off. And similarly for DMPs and Defaults.

Fermi is actually saying it is all treated the same - no exceptions. And why should someone with a simple default be treated more harshly than someone with a CCJ which has actually been proven in a court?