Lowell Portfolio showing "default" on excellent credit rating - HELP!!

ShootForTheMoon

Hi Guys, hoping someone can offer some advice...

Yesterday, I popped into TSB with OH to open a joint account and open an account for OH. I already have two of their "classic plus" accounts with £2k sitting in each.
OH's account was opened no problem, but when it came to opening the joint we were declined - to mine and the bank manager's shock!

So, I went home and logged onto Experian... My current credit score was showing as 972 - excellent...
When I looked into it in detail however, I found an entry which was updated on 05/10/2014 saying:
status = default
balance = satisfied.

I know what this is referring to, an old phone contract from 2009 that I had completely forgotten about! I received a letter from Lowell and paid the full balance over a year ago over the phone... I assumed this was end of story!! Clearly not!

Lowell do not open their phone lines until tomorrow, so was just hoping for some advice... Can I make a complaint, as this has stopped me from opening a bank account despite the debt being settled immediately I was aware of it, and some time ago...

Thanks in anticipation,

Shoot x

rizla_king

What are the default and satisfaction dates? Ignore the updated date. It means sød all.

ShootForTheMoon

Default date is showing as 02/10/10 and it just says "current balance = satisfied"
Sorry, completely new to this side of things!!
I'm just a little worried as the "updated" date is obviously what's affected the bank account opening... There's no other reason...

Hazzinho

The default will drop off 6 years from the default date, once again this shows why credit score are meaningless, lenders don't see people with defaults on their file as excellent. Defaults are a big negative when applying for credit.

You can't really complain, you didn't get the account because you have a default which you admit is correct.

Experian_company_representative

Hi Shootforthemoon,

As the default is marked as satisfied, it has been cleared and Lowell Portfolio won't be looking for any further payment on it.

A default will stay on your report for six years from the default date, but as it gets older it will generally have less impact on applications that you make.

You can add a notice of correction to your report to explain any reasons behind the default occurring, lenders can then take this information into account, when making their lending decision.

You can find our more about adding a notice of correction here.

Regards
Neil

chanz4

don't bother with noc, they will cause you more issues

LplateSaver

Why did TSB allow you to open 2 accounts but decline the joint one? Surely if the settled default was a big deal they wouldn't allow you to open any? Is there a chance the OP can appeal successfully?

ShootForTheMoon

Thanks for the replies... What I can't understand is why it's just become an issue out of the blue when it was settled ages ago...

It only appeared on my credit file in October this year, in the period in between I've opened accounts with First Direct and TSB and have a decent amount of savings in both... I just think it seems a bit bizarre!

I'm not overly worried about it, I was just hoping to find a home for some more savings, but I guess I'll just stick with what I've got until the default disappears in 2016.
Is it worth speaking to Lowell about this? Or may that just open a can of worms??

Shoot x