Default paid off - timescales?

chicha

Hi all,

I had a default in my credit file, which I paid back bit by bit ahead of clearing the remaining balance in full on 21st Jan.

This is still showing as default in my credit file, despite Santander confirming on the phone in early February that they've received the full remaining amount. The last Santander update on my credit file is January 27 - whereas I thought these were updated once a month?

Anyone have any ideas how long it usually takes for your credit file to truly reflect the situation? A little annoying - they are lightning quick to add the default to your file, yet sluggish when it's the other way round..doesn't seem right to me..

Thanks!

No1Stoney

If they haven't specifically said they will remove the default then it will stay on your report for 6 years.

A default doesn't simply remove itself once the debt has been repaid and goes on your credit file to show other lenders that you missed payment (s) it's a tough reality I'm afraid.

MrSilk

Even thought the default is paid, it shall stay on your credit file for 6 years.

fermi

A default remains a default and stays for 6 years - it is just updated to be a settled default that is all.

cat1978

Yes, afraid so

Buzby

All that happens is the status of the default changes - it should now show Satisfied / Settled. It will not be removed, and if you were hoping for this, you'll be disappointed.

This is one of the reasons why 'doing the right thing' is so wrong. Unless the creditor agrees to the full removal following payment, you might as well keep the money in your pocket as there is no incentive to do so.

chicha

Thanks all for the replies.

My bad as I should have been a little clearer...I was mainly wondering how long it takes to update from a status of 'default' to 'satisfied'? Especially given that I made the payment nearly 7 weeks ago.

Thanks again!

fermi

A creditor can update once per month, or if they feel like it they can do a rapid update (via Experian for example) in 24hrs.

So if it's been over a month I would chase it up with Santander.

chicha

A very delayed update - I complained to Santander as it was their fault the default occurred in the 1st place (claimed to be sending me mail, but had my old address on file despite me having a mortgage with them!!).
Wrote to the CEO complaining - got the default removed immediately and £675 compensation covering charges I'd incurred, and a little extra on top.