Error on file for 3 years.

Gemtrix

I recently checked my credit file and saw an open account with a default on it which I had actually satisfied in November 2013. I rang the company and they agreed that the account had been satisfied and closed but that they had made an error in recording it. They have apologised and agreed to address it. I know that this will have affected my credit rating over the last three years but will it 'bounce back' now as if the default was never there or will it have to build back up over time?

National_Debtline

Hi

Your credit history will look as if the default was never there once it’s removed, and it shouldn’t have a negative impact on credit applications.

You don't have one definitive credit rating, just rough guides created by the credit reference agencies. I'm not sure how long those ratings take to update but they shouldn't need to build back up as I think they're be based on a snapshot of your credit history at the time they're calculated.

James
@natdebtline

Candyapple

3 years with a default on your account that should never have been there is big compensation. Make sure you chase this company for it, they know they've messed up and are trying to get out of paying you by acting like they're doing you a favour by removing it now without any recompense.

Some examples here:
http://www.financial-ombudsman.org.uk/publications/ombudsman-news/117/117-credit.html