credit score

mrsbowie1

Hi all
I recently checked my credit report/score - it was between fair and good but I was a little disappointed that it wasn't better. I pay all bills by dd, never miss payments, have a good job and a very regular income. When I checked the negative factors it said that I had one unsettled credit account - this confused me as all my linked credit cards except for the one I use/pay regularly had a zero balance. This related to my first ever credit card which I took out in 2003 with a whopping £500 credit limit. When I rang the bank they said this was because the card had been revoked following three missed payments in 2003. I had been forced to quit my job at this time due to ill health anyway payments resumed with none missed and I finally paid it off in 2008 - I was innocent about money then and didn't realize that I could have transferred the balance to an interest free card and paid it off a lot earlier. Anyway the bank was really unhelpful, couldn't give me any information and told me I would have to put any queries in a letter. They said that the card would not drop off my credit report until Jan 14 - I argued that there was zero owed on the card so my debt with them was settled. I was under the impression that unpaid debt stays on your credit report for 6 years - but surely not one that was paid off in full over 5 years ago. I also noted that this card is also still linked to my online/telephone banking acc so I asked them to remove it - they said again that I couldn't do this until January 14?? Anyone got any ideas on this? All help appreciated and sorry for long winded-ness - it's my first forum post

Tixy

Accounts stay visible on your credit file for for 6 years from the date they were settled or the date of default, whichever is earliest.

So if you didn't have a formal default on this account then it will stay on your file for 6 years from the date it was settled, and the payment history will also remain visible, does that show missed payments in the detailed credit history section.

mrsbowie1

Thanks Tixy I assumed wrongly that the 6 year rule applied to outstanding debt only. I still don't understand though why they won't remove it as a linked account from my current account! Strangely I also have a current loan from the same bank coming to an end which does not show up on my credit report and only some of my accounts with utility companies show. Happily I noticed from the old statement that I had been paying ppi on that CC - so my reclaim letter is in the post!

Tixy

It may be that you current loan shows up with one of the other 2 credit reference agencies?

A lot of utility companies didn't traditionally report, and some still on report if an account holder defaults.

I wouldn't have expected the account to be visible on yoor online banking still though. It does definitely show as closed doesn't it? not just that you paid off the debt but left the card account open?

mrsbowie1

Yes they assured me in was closed - the reason I asked was because I thought I had closed a CC with Virgin - it was showing up as unsettled but it turns out this because they owed me £68 pounds :-) So I asked why this old CC was still linked to my current acc and could they remove it and they said no! Confused!!