Is this still affecting my rating????

debs9876

Hi

Hoping someone might be able to help me or at least answer a question,

In 2009 I got into a bit of trouble financially...anyway to cut a long story short, I have worked hard for years now to get myself back on track and have recently checked my credit file. My question is I have 2 defaults on my account going back to 2009, both show as satisfied one was last updated in 2009 and the other one keeps updating every month with a big fat 8 in red ???? Why would this still be doing this when the account was paid off 4 years ago....my question is although it shows as satisfied why would it keep updating with a big red 8 on a monthly basis....will this be affecting my credit? The other default i have does not update nor has it since 2009.

I rang the company up to ask but they were not helpful, as they said they sold the debt to a company so I must contact them. I said why would I contact them when your name is showing on my file and not theirs.

Can anyone advise please?

Thanks in advance

Caz3121

the default will drop off after 6 years
sounds like the other one believes there is still something outstanding. Maybe there is some residual interest from when you paid it off 4 years ago

debs9876

Hi

Thanks for replying, the company in question have told me there is no balance outstanding on the account.

IainHL

Some creditors do continue to report defaults on a monthly basis. The important thing is the balance showing on that account. If it is showing as settled, or balance £0, then it really doesn't matter. As Caz says it will disappear 6 years after the date of default.

However, if it is still showing a balance outstanding, although you have paid it off, then I would suggest you write a "formal complaint2 to the company (and that would be the original creditor who are reporting on your credit file, not whoever they may claim to have sold it on to).

debs9876

Thank Iain for the reply....the balance is showing as zero...I was just concerned that it was being updated on a monthly basis and may affect any future credit i apply for.

nicp60

Hi Debs,
I had a similar problem - an account which had been settled over 2 years ago was still being updated monthly. I don't think it actually had a massive impact on my report, as the default date was correct, but the information itself was obviously wrong. They shouldn't keep updating a settled account - the FOS told me this.

I would write to them saying that they should not be continuing to update the account monthly, and that you'd be grateful if they could check that it's showing as satisfied on their records (this was the issue with mine). Give them 28 days to correct the info and then you can go to the FOS and get them to sort it.

Hope this helps.