Default query

dwill1503

We had credit cards with barclaycard and nationwide and a loan with barclays that we had been behind with but we paid them off in full in September. We have just checked the credit report though and it says they still have a balance and the status is "default" although the n/w card says zero balance, but still "default".

Will these update at some point or do we need to contact someone?

fermi

It will remain a default, even when settled, but should be marked as a 'satisfied' default in some way.

Should show that the current balance is £0 or satisfied, but don't mix that up with the 'default balance' which is the balance at the time the account first defaulted, which does not change.

CallCredit or Equifax may show a S or similar for in the monthly status history when satisfied.

If they still do it the way they used to, Experian still shows an 8 as the last entry, even when satisfied. Just the way they show it, so not 'wrong' on their reports.

If something is wrong, and it's not updated soon, then register a dispute.

dwill1503

Ok, thank you. They don't mention settled anywhere so I will follow up.

dwill1503

Another quick question on this - there was a default that was outstanding. Our mortgage adviser said that we would have to wait a year from that date before applying for a mortgage but when i told him it wasn't our fault he said if they remove it we can apply. I have now spoken to the company the default was registered with and they acknowledge partial blame but I have had to pay 30% to get it marked as satisfied. Our adviser is not available today but I wondered if it being satisfied will mean we still have to wait a year or can we apply?

sourcrates

dwill1503 wrote: »

Another quick question on this - there was a default that was outstanding. Our mortgage adviser said that we would have to wait a year from that date before applying for a mortgage but when i told him it wasn't our fault he said if they remove it we can apply. I have now spoken to the company the default was registered with and they acknowledge partial blame but I have had to pay 30% to get it marked as satisfied. Our adviser is not available today but I wondered if it being satisfied will mean we still have to wait a year or can we apply?

The only thing I can tell you is that the further back in time negative information is, the less effect it will have on you.
Different companies have there own credit scoring systems, some look at six months history, some twelve months etc etc.

No way to tell how it will affect you.