Credit Agreement Advice

MattyLloyd

Hi,

I had car finance in 2008, it's since been settled but during the agreement I was made redundant twice (bad times!) I didn't have any insurance cover for this on the agreement so arranged with the company I'd make half payments and they agreed.

Moving on they have me down as being 5 months in arrears on my payment history for 13 months in total even though I was making the agreed payments, this goes back to green as once I was back in work as I was making over payments to catch up and then settled the account a few months early in February 2012.

Where do I stand with this now as it's having an impact on my credit history... can I call them to remove this information as it's settled? Can I have the agreement removed from my file as it's settled and not a default? Or can I get them to change to information contained in the file as it was an agreement on the payment terms, I didn't think they'd put me down for 5 months in arrears... :mad:

Also, I've noticed that it's now against my current address where previously it was on my old address but only recently moved across (in the last month)

Any advice appreciated as always..

Matty

YorkshireBoy

What does your payment history show on your CRA file?

S00000543210000000....

or

S00000111110000000....

I would have thought it should have shown:

S00000AAAA10000000....

Obviously all the above are bad!...but perhaps the one showing A (arrangement to pay) is worse?

They won't wipe the file (or modify the data)...that will happen automatically 6 years after it was settled.

You have 2 options really...

1. Appeal any credit decline citing the reasons for the markers, or

2. Add a notice of correction to your file, explaining (briefly) the circumstances surrounding the missed/reduced payments and highlighting the fact that the agreement was settled early.

Option 2 will mean you'll never get an automated acceptance for credit, and all your applications will be referred to an underwriter for manual assessment.

fermi

Unless you formally signed a new/rescheduled agreement for reduced payments, then any "agreement" to reduced payments would only be an informal agreement.

As such, and with the original payment terms still being in force, a record of arrears and then a catch-up would be an accurate reflection of the account history.

Settled undefaulted accounts remain on your report for 6 years from the settlement date. You can't just have them removed for no reason.

MattyLloyd

Ok, fair enough, I'm not looking for it to be removed for no reason just to be a bit more reasonable (just taken by surprise it's in the state it is) as no mention it would affect my file in such a manner, i.e. '5 payments late' when the 'agreement' was proposed.

It was previously on my old address where the agreement was taken out and it's now showing on my new address, should it have stayed on my old address? Just checking...

Matty

Tixy

MattyLloyd wrote: »

It was previously on my old address where the agreement was taken out and it's now showing on my new address, should it have stayed on my old address? Just checking...

Your credit file is individual to you, not to you at a specific address. So it is correct for it to show any credit accounts you have had in the last 6years regardless of the address.