PLEASE HELP: Settled accounts on credit report. Good or bad?

ukamber1

Would really appreciate if anyone could help with this question..


I've had a default removed from my an old mortgage account that was included in a bankruptcy 7 years ago, but Lender had originally set default long after the bankruptcy. Lender has correctly removed the default marker and all record of missed payments from the account and its now showing as up-to-date, closed with a full settlement date.

The only issue is that the Lender has correctly removed the default but not corrected the settlement date.

My question is, Would it be better for my credit reports if I get the settlement date backdated, so the closed account drops off sooner OR as the account is now up-to-date, closed with full settlement, should I just leave it to drop off automatically?

Many thanks for any help.....

PixelPound

A closed and settled account is a positive, if all the payments now show as up to date.

dumpyboy

Get it changed to the correct date,it will drop off quicker, if it was seven years ago it should then go from your file,if it was include in you bankruptcy it should have been gone

ukamber1

nic_c wrote: »

A closed and settled account is a positive, if all the payments now show as up to date.

Thanks for your quick reply Nic_c! Appreciate your help.

Yes, as the default and all missed payments have now been correctly removed by the Lender, the payment history for the account is now showing as perfect and up-to-date, until the account was closed/settlement date. As the repossession was included in a bankruptcy 7 years ago, the settlement date should have been recorded as settled on my discharge but account is still showing on my credit file because the Lender set settlement date 20 months after my bankruptcy.


If a closed/settled/up-to-date account is seen as a positive, it would makes sense, just to leave it to drop off automatically.

Thank you again for your reply

ukamber1

dumpyboy wrote: »

Get it changed to the correct date,it will drop off quicker, if it was seven years ago it should then go from your file,if it was include in you bankruptcy it should have been gone

Hi dumpyboy,

Thanks for your reply. Yes, closed accounts drop off your credit file 6 years after the date they are closed, so it would drop off almost right away but as its taken me nearly 5 months to get the Lender to remove the default, I just wanted to check with those more experienced than myself, to see if a closed/settled/up-to-date account is a positive, if so, then I would let it drop off automatically....if the general feeling is that there might be a negative impact on my report by leaving it on, I would continue my fight with the Lender...

Thanks again,

mrmagooooooo

Id just leave it as it is. Its doing no harm and is a positive on your files as it stands