Default Drop Off

TakeItAsRed

I am hoping there is someone here who can settle a slight argument / debate on a default notice.

My partner has 3 of them. 2 from 2010 and 1 from 2011, all within the middle of the year, so i suppose you could say the oldest is 4.5 years old and 2 which are 3.5 years old. Values are low and settled (satisfied all within a couple of months of default). 1x 545 pounds, 1 x 120 pounds and 1 x 376 pounds.

Whilst we both agree that these defaults are not the best, my partner has recently been told from the bank, that the default from 2010 (545 pounds) was entered incorrectly and will fall off within the next 28 days.

Is it the case that as 1 default will drop off, there will be a rise in credit worthiness, whereas myself, doesn't think the position will change a whole great deal as there are 2 still defaults showing on the file.

Its worth noting that since these defaults, there hasnt been a single missed payment on a personal loan that has been taken out since. Everything is showing on CreditExpert, which is the only system we have checked.

Thanks in Advance!!!

Candyapple

TakeItAsRed wrote: »

I am hoping there is someone here who can settle a slight argument / debate on a default notice.

My partner has 3 of them. 2 from 2010 and 1 from 2011, all within the middle of the year, so i suppose you could say the oldest is 4.5 years old and 2 which are 3.5 years old. Values are low and settled (satisfied all within a couple of months of default). 1x 545 pounds, 1 x 120 pounds and 1 x 376 pounds.

Whilst we both agree that these defaults are not the best, my partner has recently been told from the bank, that the default from 2010 (545 pounds) was entered incorrectly and will fall off within the next 28 days.

Is it the case that as 1 default will drop off, there will be a rise in credit worthiness, whereas myself, doesn't think the position will change a whole great deal as there are 2 still defaults showing on the file.

Its worth noting that since these defaults, there hasnt been a single missed payment on a personal loan that has been taken out since. Everything is showing on CreditExpert, which is the only system we have checked.

Thanks in Advance!!!

The bit in bold is correct.

When you say you were told by the bank that the default was entered incorrectly, was it the bank in question who applied the default in the first place? If so, do you have what they said in writing?

I would obtain copies of credit reports from all 3 agencies as CE is Experian only.

TakeItAsRed

Yes it was the bank who applied the default in the first place.

There has been nothing sent in writing, but the adviser called this morning to advise it had been removed. Apparently they had some issues finding the "entry" on the credit file, and wanted the entry number.

Thanks for the swift reply

Candyapple

In that case, your partner needs copies of their credit report from all 3 agencies to check that the default has been removed from those records too.

I would also advise that you get your partner to call the bank again and ask for them to put it in writing as if the information is showing on the other files, they will need proof before they remove it.