Credit scores after partial settlement?

jimbocrow

Hi,

Ive been in a DMP for about 6-7 years now, and am in a position to be able to make a full and final settlement offer now.

As it stands, my credit score is looking better than expected, on about 850 through experian, with all but one of my creditors no longer showing. What I'm trying to find out is once i have settled with my creditors, will a new entry be made on my file showing partial settlement, even though the original debt was over 6 years old? Itd be a shame if i needed to wait another 6 years to have a fairly good credit file again!

Thanks

The_Boss

Nope and the default should be off after 6 years anyway. Is it still showng?

The Experian credit score doesn't mean much at all.

jimbocrow

Thanks. No, the only default showing is 6 years old in December. Good news that nothing extra will show up though.

Is there a better credit report i can view? I'm thinking more about a couple of years down the line trying to get a mortgage.

The_Boss

jimbocrow wrote: »

Thanks. No, the only default showing is 6 years old in December. Good news that nothing extra will show up though.

Is there a better credit report i can view? I'm thinking more about a couple of years down the line trying to get a mortgage.

The Experian report data is fine, just ignore the scores. The important bits with the data is how the accounts have been managed, whether you are on the electoral roll, credit searches being kept down if possible and ensuring address information is correct. Also get your report from Equifax (again ignoring the score) and check the same data. You only need the £2 statutory reports after free trials have ended.

InsideInsurance

jimbocrow wrote: »

am in a position to be able to make a full and final settlement offer now.

As it stands, my credit score is looking better than expected, on about 850 through experian, with all but one of my creditors no longer showing. What I'm trying to find out is once i have settled with my creditors, will a new entry be made on my file showing partial settlement, even though the original debt was over 6 years old? Itd be a shame if i needed to wait another 6 years to have a fairly good credit file again!

If its a full and final settlement then you wont get a partial settlement by the very definition of the full word.

A settled debt normally will show on your CRA for, on average 6 years from the date of settlement. If they have already stopped reporting then it may well be that they don't bother reporting the settlement (full or partial) but they'd be entitled to do so if they wanted.