Why so long to long a default?

ryantcb

I missed the minimum payment 3 times in succession in 2005. My credit report shows this. It also show account paid up and cleared on the 4th month. Thing is they logged a default on the account in 2008 meaning it still (until December) affects my credit score. Are they allowed to wait 3 years to log the default as it seems unfair to miss payment in 2005 and they don't log in until 2008 and it still affect me in 2014.

fermi

Assuming that you didn't default again later and this is from that instead then no, it is not fair to log the default as dated 3 years down the line.

Complain that the recorded default date is not accurate so is in breach of the Data Protection Act, gives a misleading account history to anyone checking your file, and unfairly harms your credit file by leaving the default record visible longer than should have been the case.

ryantcb

fermi wrote: »

Assuming that you didn't default again later and this is from that instead then no, it is not fair to log the default as dated 3 years down the line.

Complain that the recorded default date is not accurate so is in breach of the Data Protection Act, gives a misleading account history to anyone checking your file, and unfairly harms your credit file by leaving the default record visible longer than should have been the case.

Complain to whom? The company that logged the default or the credit reference agency?

fermi

Both. Ask the credit reference agency to mark it as disputed, and complain in writing to the company itself. Attacking it from both angles often gets it sorted quicker, and if you do have to complain to the authorities then it helps to show that you have tried both.