confused again - Experian/MM Finance

aymz1983

Hi sorry to put another post up, but I'm hoping someone experienced can help! Perhaps even the experian man as I've a query with my experian report.

Checking it again today, and I don't know why I didn't notice this before.

I had an entry on my file from Lending Stream for a balance of £9. Yes, £9! No default date although I know it had defaulted. This is on my reports when i checked in April and May.

When i checked today it had been changed to settled from 13/02/14 and current balance £0! It was like that on previous reports from 13/06/14.

The only debt I've paid was last day in May for Motormile for £39.41 for a Lending Stream account, but I've had two, and as this was for more than the £9 I presumed it was for the other one. (Which has remained unchanged on file)

So now I'm thinking Motormile paid this LS debt of £9, but where did the other £30.41 go? If MM bought the debt, why is the entry on credit file not in their name and still in LS name? Why is being shown as settled from 13/02 if it was paid at the end of May?

I'm cross as now it will stay on my file for another 6 years when it would have been due to go off in 18 months or so. Really want to improve things, but things like this feel like a huge setback.

Any advice would be most appreciated.

Thank you

Tixy

So you have 2 lending stream accounts on your credit file?
One for £9. What is the balance showing on the other?

When you made a payment to motormile how did you do this? if by phone did you quote an account number or letter reference? and they told you the outstanding balance was £39?
Are they definitely collecting both of your LS debts?

It is quite common for a debt to remain in the name of the original lender, either because the debt is still owned by the original lender, or because the 2 have agreed that the will continue to report.

Another thing that commonly happens is that if a debt is being sold to a new third party sometimes the creditor marks their entry as satisfied, and you then receive a letter from a debt collector a few weeks later.

You need to establish which account you paid motormile for and if it is the other account then it may be that motormile have not yet sent the update to experian to show it is settled (as it is only just a month ago).

If they say you did pay the smaller account (that showed a balance of £9) then you could ask them to explain how they came to the balance of £39 and what fees/interest had been added.
You say this account does not show a default. How does it show on your file? does it show lots of missed payments or does it show a black or 'U' in the payment history?

aymz1983

Thank you

Think I will have to speak to MM. I'd had a letter from them, which i saw again when i was collecting letters to go through what i owed. As the amount was so small, i called them, giving the ref number over the phone, and agreed they would take payment at the end of the month.

I just can't understand why it would show as debt satisifed and balance settled 3 months before i potentially paid it?! Experian file entry gives usual personal details, then alongside gives when it was started (2010) and current balance (settled) underneath it gives settlement date (feb 2014) then the red and green circles giving payment history. Previous reports give a default date of 2011.

Experian_company_representative

Hi Aymz1983,

If the Lending Stream account is marked as settled and does not have a default date recorded, it sounds like it has been updated to show as a closed account, and not a default.

A settled account would be more beneficial to your report than a defaulted one. It also sounds like it was settled a while ago, and not as a result of your recent payment.

To get a clear picture of what is happening on your report I would really need to take a look at it.

If you [EMAIL="Uksocialsupport@experian.com"]email [/EMAIL]your details to me I will be happy to do this .

Kind Regards
Neil

cheops2006

With regards to this

A settled account would be more beneficial to your report than a defaulted one. It also sounds like it was settled a while ago, and not as a result of your recent payment.

How much more beneficial is it say after 4 years?

aymz1983

Experian_company_representative wrote: »

Hi Aymz1983,

If the Lending Stream account is marked as settled and does not have a default date recorded, it sounds like it has been updated to show as a closed account, and not a default.

A settled account would be more beneficial to your report than a defaulted one. It also sounds like it was settled a while ago, and not as a result of your recent payment.

To get a clear picture of what is happening on your report I would really need to take a look at it.

If you [EMAIL="Uksocialsupport@experian.com"]email [/EMAIL]your details to me I will be happy to do this .

Kind Regards
Neil

I have done this now, thanks.