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Credit score confusion
in2deep_2
Posts: 363 Forumite
I had two CC debts that are now owned by Cabot.
I have an agreement in place to pay a certain amount each month...and i do pay it.
Why are Cabot allowed to default my credit score when i havent done anything wrong in terms of our agreed amount.??
I have an agreement in place to pay a certain amount each month...and i do pay it.
Why are Cabot allowed to default my credit score when i havent done anything wrong in terms of our agreed amount.??
'Beware of little expenses. A small leak will sink a great ship'. -Benjamin Franklin.
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Comments
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It reflects the fact you have defaulted on the original agreement.0
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yes but it implies that i have defaulted with cabot and i havent.
Also the date of default is 2009.?? thats when i originally entered into a payment arrangement with the CC.!! what the hell has that go to do with cabot since they have only owned that account for 2 months.!!!!!!'Beware of little expenses. A small leak will sink a great ship'. -Benjamin Franklin.0 -
The account can only default once, Cabot are just reflecting this fact on your credit file, it will show as defaulted on your file for 6 years, settled or not.
Whatever agreement you have in place to repay the debt, is irrelevant in regard to the default.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
The default will have been issued by the original creditor and Cabot are now reporting on the debt as they have bought it but they can't default you again so they are just reporting the original default date of that debt. As it is a 2009 date the record will fall off your file soon. I don't really see a reason for you to be unhappy with this to be honest as they will be gone soon.0
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Exactly they cant default me again, But seems they are as the original CC company has disappeared from the record and now cabot are the ones named as defaulting me.
This is a retrospective default.
Im just confused as to why it isnt just recorded as a new account on my file.'Beware of little expenses. A small leak will sink a great ship'. -Benjamin Franklin.0 -
Exactly they cant default me again, But seems they are as the original CC company has disappeared from the record and now cabot are the ones named as defaulting me.
This is a retrospective default.
Im just confused as to why it isnt just recorded as a new account on my file.
Cabot will of bought the debt, hence they are now the creditor, that is why there name appears on your credit file, instead of the original creditor.
They will just continue to report the same default, the date of default should not change, if it has, then you have grounds for complaint.
This is normal practice for when debts are sold on.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Maybe my post was confusing sorry. I don't think that Cabot have defaulted you again. Cabot are not being named as defaulting you. They are reporting the debt they now own. The default date is attached to the debt regardless of who owns it. It sounds like it is all being reported correctly to me and is nothing for you to worry about.0
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