Monthly account info - can it be changed?

nicp60

Hi,
I'd be grateful for some info if anyone can answer my question below!

I have an ongoing dispute with Santander about how a defaulted account (current account with overdraft) has been reported on.

I entered a DMP and the account defaulted in April 2008 (correct default date on Experian). I made regular payments, finally clearing the debt in May 2011.

Santander continued to report on this account, updating it monthly with an 8. The last update was on 22nd May 2013. I complained about this in November, but they didn't fix it, and last month I went to the FOS for help.

Santander have said that:

• the satisfaction date wasn't recorded properly, which meant that it was updated monthly for 2 years after it was settled, they've admitted their error and have changed the satisfaction date which should stop the account from being updated on Experian
• these monthly updates would not affect my credit worthiness anyway, as it's a default anyway.
• It is impossible for them to change the last 2 years' of entries

My argument has been that although they have now changed the satisfaction date to May 2011, the 2 years' worth of 8s remain and this is an inaccurate representation of the account and would affect whether I can get credit or not.

I'm awaiting written confirmation of their actions and will then decide whether to take it further with the FOS. I have 2 questions:

• Does anyone know iff it would actually be possible for them to delete the monthly updates that were put on the report, or change them? Or are they being truthful when they say they can't?
• Would it actually make an impact anyway?

The default is just over 5 years old, so would be coming off next April, but I'm pretty sure that it's this entry which has stopped me from getting a mortgage recently.

Any help would be appreciated!!
Thanks!

Experian_company_representative

Defaults are kept on your report for six years from the default date, which should not change. The satisfaction date does not affect how long it's kept for.

James

nicp60

Hi James,
Thanks for your response, but that wasn't my question. I know the default will remain for 6 years and I know about the satisfaction date - that's not an issue.

It's the monthly updates of '8' even after the account had been settled that I am concerned with.

I have been told that lenders cannot edit old monthly data (in this case automatic updates since May 2011), my question was whether this is true or not. Credit reports are supposed to be an accurate representation of how an account is run, and having 2 years worth of 8 markers does not reflect the fact that this account was paid off and closed in May 2011.

Thanks.

rizla_king

Creditors can backdate amendments. Santander are fibbing or just plain wrong.

nicp60

Thanks Rizla, that's pretty much what I expected, but just wanted to be sure before going back to the FOS.

rizla_king

About the only reliable thing with Santander is the regularity that their customer services feed you nonsense in response to a complaint.

nicp60

And how rude they are, even when they're in the wrong!

Ken100464

nicp60 wrote: »

Hi,

The default is just over 5 years old, so would be coming off next April, but I'm pretty sure that it's this entry which has stopped me from getting a mortgage recently.

Any help would be appreciated!!
Thanks!

I would really be thinking its the default thats causing your mortgage problem not what the monthly markers are saying. They wont even look past the default.

Default=no prime mortgage.

If its defaulted then it goes at 6 years. Everything so monthly markers wont be an issue.

Unless your challenging the default then I would wait till April. Just make sure all three CRA's if they are showing this account are also showing a default date.

nicp60

Thanks Ken. I thought that too. My mortgage broker though is pretty confident that these markers have had an impact - we have a big deposit and are looking at only 2x my salary for borrowing purposes. I can demonstrate a pretty spotless history for the last 5.5 years. I wasn't even going to bother looking at property until it had dropped off, but was curious about my chance. Then the broker was very confident about getting a decent deal.

Either way, lenders need to report more accurately and responsibly. The number of threads on here with mistakes which lenders refuse to rectify is staggering. I'm not too put out at having to wait, after all I did default in the first place, but furious that some banks seem to think it's acceptable to report untrue information and then not bother to rectify it!! I guess I'm just sick of the attitude that they're doing us favours by deigning to allow us to be customers.
Eeek, rant over!!!

oopsadaisydoddle

I got a good mortgage with a nearly gone default so it doesn't always mean sub prime rates.

I do believe that the monthly 8's will be making things worse because that shows that the default has only just happened and although a lot of people won't lend to you with any age of default, you would have more chance if it was old and the rest of your file was ok.

I would take it to the FOS because I am sure there is some rule that means a default cannot be recorded more than once for the same agreement....and with them reporting it monthly, they are in effect, adding a new default every month.

They are also talking ball hooks when they say the can't change the data. They will have a team specifically for credit file queries who can add and remove or amend any info!

nicp60

Well I took this matter to the FOS and they called me on Friday. They told me that Santander had changed all the monthly default markers for the last 24 months.

They hadn't, and I downloaded my Experian file and emailed it to the FOS guy to show him. I can't believe they told him that they'd changed it when they hadn't!!!

Anyway, I'm 9 months preggo, so it's no longer a matter of getting a mortgage (the whole entry drops off in 7 months anyway), it's a matter of principle and I am bl00dy well right on this one!!

I'll update again when it's sorted!