Help understanding experian credit expert report

happybunny86

Hi,

I have two entried on my experian credit expert report that have status as defaulted but balance as satisfied. I think this was because they were both passed on to a debt collection agency who I have since paid the debts off to.

Is the fact it still says its defaulted bad? Why does it also say satisfied and not settled? Is this affecting my credit report?

Many thanks,

Leanne

National_Debtline

Hello there,

The defaults are likely to have an effect on your credit score as they represent a point in time when the breach took place. That said, the fact that you have cleared the debts should go in your favour - as you have cleared your liabilities. I believe that settled/satisfield could well be interchangeable. We've a useful fact sheet on credit referencing which you can fine here:

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=05_credit_reference_agencies

Best wishes,

David @ NDL.

happybunny86

I don't understand why they are submitting its defaulted every month though. Even last month if its marked as satisfied? Shouldn't they stop submitting defaulted notes if its satisfied?

Tixy

This article may help - How long do accounts/defaults remain on your credit file?

It isn't a new default each month. It just indicates that you did originally default on that account. It will still drop off your file 6years from the actual default date shown on your file.

It shows as satisfied because it has a default. Settled is used for a closed account that does not have a default.