Full Balance Paid - still default

CharlotteElizabeth

Hello,

I paid the full balance off of a debt but when I check my credit report it shows as default/ended - and shows as red on the MSE credit report. I paid it off 2 months ago. It's also not showing as a closed account.

Why is it still showing as red when it's been fully paid off? is this normal?

sourcrates

Hi,

Unfortunately paying off a defaulted debt does not remove the default, you are stuck with that regardless now for the full 6 years.

It will be updated at the creditors discretion to show its been satisfied.

If it hasn't been updated by next month, write and complain.

CharlotteElizabeth

Thanks for the info!

Also another quick Q. Why is my credit rating Poor on Experian (my report was renewed today) but when I look on MSE credit club it's fair? I haven't taken out any credit recently and have been paying debts off

chanz4

simple answer neither provide credit

sourcrates

Your credit score is a number generated by the credit reference agencies, which gives you a basic idea of how they view your credit worthiness.

Its based on your credit file, the information they hold on you, and various other factors.

It can never be taken as a green light that you will be accepted for further credit though, as every lender has there own credit scoring system, and you may not tally with the type of borrower they are looking for.

Remember your credit score is generated by a company that does not provide credit, so can never be relied upon to be accurate.