Late Payments - how long do they significantly impact your score

AJ87

Long story short, an ex-partner failed to settle our npower account (in joint names), despite telling me that she had.

The account was 6 months late for 8 months - however it never officially defaulted. As soon as I found out about the debt I settled it. There are no negative markers on the account since August 2015.

I have no other negative credit markers whatsoever - however my Experian score is still 'very poor' (612). I am aware that the late payment markers will stay on record for 6 years. Realistically how long will I have to wait to see a decent improvement to my score?

Many Thanks in advance,
AJ

[Deleted User]

Your score means nothing, so ignore it.

The older the late payments, the less lenders will worry about them.

GingerBob_3

AJ87 wrote: »

Long story short, an ex-partner failed to settle our npower account (in joint names), despite telling me that she had.

The account was 6 months late for 8 months - however it never officially defaulted. As soon as I found out about the debt I settled it. There are no negative markers on the account since August 2015.

I have no other negative credit markers whatsoever - however my Experian score is still 'very poor' (612). I am aware that the late payment markers will stay on record for 6 years. Realistically how long will I have to wait to see a decent improvement to my score?

Many Thanks in advance,
AJ

A couple of issues here: it's never a good idea to have joint accounts on anything other than a bank account, and even that can have its disadvantages. Absolutely do not have joint names on utility accounts and so on. One of the lies told by the CRAs is that utilities and the like can't create financial associations, but then they allow them to do so.


Write to the CRAs demanding they disassociate you from your ex. This is something you shouldn't have to do, but lax regulation of the CRAs allows them to publish libellous information such as this.

AJ87

GingerBob wrote: »

A couple of issues here: it's never a good idea to have joint accounts on anything other than a bank account, and even that can have its disadvantages. Absolutely do not have joint names on utility accounts and so on. One of the lies told by the CRAs is that utilities and the like can't create financial associations, but then they allow them to do so.

Write to the CRAs demanding they disassociate you from your ex. This is something you shouldn't have to do, but lax regulation of the CRAs allows them to publish libellous information such as this.

Thanks for the response. Npower have told me that they no longer offer joint accounts for that reason.

My ex is not actually listed as a financial associate on my experian report (or any other). Do you still think it's worth writing to them to disassociate myself from my ex?

sourcrates

ZX81 sums it up nicely.


Your credit score is meaningless to potential lenders, they don't see it.


Usually the father back in time negative information is, the less effect it will have on credit applications.


Most banks, lenders, only look at your last 6-9 month credit history when making lending decisions.

Kim_13

I think a notice of correction is what you need. Anyone who searches your file will read it and will have to take it into account when making decisions, so you'll need to get it removed once the late markers fall off 6 years from the date they were put there.

It's just a note to explain that the late markers relate to a joint bill that your now ex said she had paid, and that you paid it as soon as you discovered otherwise. Lenders may then have a more favourable impression of you as the remainder of your file will back up that you are a reliable payer.

DCFC79

AJ87 wrote: »

Thanks for the response. Npower have told me that they no longer offer joint accounts for that reason.

My ex is not actually listed as a financial associate on my experian report (or any other). Do you still think it's worth writing to them to disassociate myself from my ex?

Well if your sure your not linked on your reports then Id say your not linked.