Confusion over default

Kimmyhope

I cleared my debt this August & the credit card companies said it would say fully satisfied after 8weeks but on clear score says still in default & it doesn't matter as it will stay on my file for 6 years from when I defaulted😥:(

PixelPound

Contact your CC companies and ask why the default marker has been put on, and let them know what you were told. They can remove it if it was put on in error

sourcrates

The default will stay on your file for six years regardless.

Clearscore does not update as quickly as the others do.

Give it some time, to be fair, it matters little weather it says settled or not.

It's the actual default that will ruin your chances of further credit, should you wish to get into debt again that is.

Kimmyhope

Clear score have told me that lender's can't see it. We hoping to move house next year& on paper everything is great but I'm worried about my credit score now. It's been 11weeks since everything was paid ��

Candyapple

Kimmyhope wrote: »

Clear score have told me that lender's can't see it. We hoping to move house next year& on paper everything is great but I'm worried about my credit score now. It's been 11weeks since everything was paid ��

I think you are getting confused here. If your accounts were defaulted, then they will remain as defaults for 6 years from the date they were defaulted.

Just because you have now cleared the debt(s) doesn't mean the default drops off or goes away, it will remain for 6 years. All that will happen now is when your credit reference files get updated it will show as 'Satisfied'.

The lenders can't see your 'score' with ClearScore. Lenders can most definitely see your defaults and this is what will cause you credit problems in the future until they have dropped off your report.

Kimmyhope

Not sure how to reply with the answer. That's what I thought it say fully satisfied & that's what the credit companies said it would state. I don't understand why it's not saying satisfied - I hope I'm explaining myself lol :j:eek:

Kimmyhope

Candyapple wrote: »

I think you are getting confused here. If your accounts were defaulted, then they will remain as defaults for 6 years from the date they were defaulted.

Just because you have now cleared the debt(s) doesn't mean the default drops off or goes away, it will remain for 6 years. All that will happen now is when your credit reference files get updated it will show as 'Satisfied'.

The lenders can't see your 'score' with ClearScore. Lenders can most definitely see your defaults and this is what will cause you credit problems in the future until they have dropped off your report.

How long will it take for my credit files to be updated to satisfied ? I thought it was updated every month

MallyGirl

generally yes - but if the provider submitting data to the CRA also only does that every month, and happened to do so almost a month after you settled, and the updated arrived at the CRA the day after they did their monthly update then it could take a couple of months to see the effect.

Kimmyhope

MallyGirl wrote: »

generally yes - but if the provider submitting data to the CRA also only does that every month, and happened to do so almost a month after you settled, and the updated arrived at the CRA the day after they did their monthly update then it could take a couple of months to see the effect.

Ah ok many thanks. It's been 11 weeks so ill have a look after Xmas:o:j