Effect of old Defaults

Bruce1987

I have had a default on my account since 2012 which has absolutely decimated my credit score.

I believe the debt was wrongly placed on my account but nevertheless I accepted that I was stuck with the default and decided to wait for my score to get better.

My score has gotten progressively worse however, the default is the only negative factor on my account and the Experian website states:

"As your most recent delinquent or defaulted credit account increases in age, the negative effect this has on your Experian Credit Score reduces."

Is this a lie or is your credit score supposed to get better as a default ages?

StopIt

Ignore the score.


What other credit history have you built since the default.


One default and other accounts being managed well will means some lenders will be more forgiving of the default as it is 5 years old. Some will automatically refuse you until it's gone next year but your score will not tell you anything useful on that front!


You can always dispute the debt as long as the default is on your files (And longer but frankly after then, why bother if it's not being chased).


What was the default for, what was the dispute?

Bruce1987

The default was when my student overdraft was called in as Lloyds and the TSB became seperate banks again. I had no notifaction and when I tried to fight it Lloyds told me they couldn't help because I was a scottish customer and TSB told me they couldn't help because the account was opened via Lloyds. Whatever that means. I know to ignore the score, the frustration comes from the fact that; "As your most recent delinquent or defaulted credit account increases in age, the negative effect this has on your Experian Credit Score reduces." - is clearly a lie.