help with experian report

sitcom321

I have copied and pasted a post below which i put on bank aco!!!!s forum last week, but I have just seen this new one for credit rating and I am hope someone can help. My son in law has got his experian report which shows his mortgage as being in default. he has now paid the arrears in full. on his experian report it show a loan he had back in 2006 which he defaulted on but paid off in 2008 but it is showing red for every month since then but it says satisfied 2008. can someone tell me why it still shows red if he has paid it off and if there is anything he can do to rectify it


a little advice needed please if possible, my daughter and her husband got behind with their mortgage about 2 years ago when my daughter went on maternity leave, they were in arrears quite a lot, she is now back at work and they have an agreement with the mortgage company where they pay extra every month to cover the arrears. the arrears now stand at £1800 but are coming down steadily. her husband has decided that he and a friend are going to spread their wings and go into business together he is a plasterer and has been working for the same person since leaving school (he is now 30) he has done his research and has secured 18 months of work everything has been going smoothly until he applied for a business account to be set up, he wasnt asking for an overdraft on it, the bank phoned him yesterday to say they have to decline because of a bad debt and that is all they will say. his partner has just got a mortgage 2 months ago so he thinks it must be the mortgage arrears as he has looked on experian and that is the only thing. if I give them the money for the arrears how long will it be before he can again apply for a business account

fermi

sitcom321 wrote: »

I have copied and pasted a post below which i put on bank aco!!!!s forum last week, but I have just seen this new one for credit rating and I am hope someone can help. My son in law has got his experian report which shows his mortgage as being in default. he has now paid the arrears in full. on his experian report it show a loan he had back in 2006 which he defaulted on but paid off in 2008 but it is showing red for every month since then but it says satisfied 2008. can someone tell me why it still shows red if he has paid it off and if there is anything he can do to rectify it

When a default is satisfied/settled, it still remains a default. Just then a settled default.

What is the initial default date for that?

If settled in 2008 and defaulted before that, it will be due to come off his report in it's entirety this this year or next depending on the exact default date.

sitcom321 wrote: »

a little advice needed please if possible, my daughter and her husband got behind with their mortgage about 2 years ago when my daughter went on maternity leave, they were in arrears quite a lot, she is now back at work and they have an agreement with the mortgage company where they pay extra every month to cover the arrears. the arrears now stand at £1800 but are coming down steadily. her husband has decided that he and a friend are going to spread their wings and go into business together he is a plasterer and has been working for the same person since leaving school (he is now 30) he has done his research and has secured 18 months of work everything has been going smoothly until he applied for a business account to be set up, he wasnt asking for an overdraft on it, the bank phoned him yesterday to say they have to decline because of a bad debt and that is all they will say. his partner has just got a mortgage 2 months ago so he thinks it must be the mortgage arrears as he has looked on experian and that is the only thing. if I give them the money for the arrears how long will it be before he can again apply for a business account

Depends entirely on the bank/lenders own internal criteria. They may be happy with the arrears having been paid off, or more likely they may want things paid up to date for some months or years before they will look at giving an account. Not really possible to say with any degree of certainty or reliability.

sitcom321

All I really know is that it was settled in 2008 not actually sure of the original default