Credit Reports and Arrangements to Pay

ChairmanMeow

Hi,

How should 'Arrangements to Pay' be shown in credit reports - the little summary symbol thing? In my Experian report it (or at least the only account it shows) is set as 'OK', but in MyCallCredit they are 'D' for default (although I am not sure they actually know that I have set up arrangements).

Basically, I guess what I'm asking is do arrangements to pay count as defaults?

Best wishes,
James (dazed and confused)

tigtag02

:hello: James ~ welcome to MSE.

I think that a default will be recorded as soon as you miss or make a late payment. So it depends on the situation before an agreement was made.

If you have just come to a new arangement then this shouldn't make a difference on your file <I think>

Some cleverererer DFWer will no doubt correct or confirm me

Me_Myself_2

A default is a legal thing. You would be issued a default notice, giving you 28 (i think) days to correct the situation or they would then default you. After this time period (and overdue not paid) they would finally default you and it would show up on your credit ref files (with the date).

Arrangements to pay are dealt with differently. It is up to the creditor whether they put it on your credit ref. I have seen them shown as ATP (arrangement to pay) and they are not as 'bad' as defaults.

Although both of these are taken into consideration they do not automatically mean that you cannot get further credit.

MM

ChairmanMeow

Thanks folks.

I think I'll have to ask MyCallCredit if they are showing things incorrectly. I just hope they don't say no!

Generally, I think it's so stupid there are three agenices to have to check all the time. Talk about making things difficult.

Cheers,
James