What is a bank default?

MickGT4

Hi all,

I stumbled upon this place (although I have heard plenty of references to MSE and the wealth of knowledge on here) when I was doing a google search to try and find out what a "bank default" is and specifically in connection with something that was registered against myself on Experian. Equifax and Call Credit back in October 2016.

But just to put some meat on the bones I first got alerted to something being added to my credit file in October 2016 by TTI-SPC on behalf of TDX Group (whoever these are) via Equifax, I naturally then looked at all 3 of the credit reference reports to see exactly what this was and saw that with Call Credit and Experian it was a default against me dated 22/12/2011 and for £6861, Equifax however were listing a bank default with no start date, no start amount, no monthly payment details, no defaulted amount and were actually showing a partial settlement and with the debt having been satisfied.

Naturally I wanted to get the bottom of this as up until the point that the default got registered with me I had managed to get 2 mortgages at the address where the default had been listed, an address that I had been living at for at least 3 years prior to the default being added to my credit file and both my wife and I had no adverse credit at all.

Cutting a long story short and on the back of TTI-SPC having failed when I emailed them to furnish me with any details as to what it was for (they would only do that if i phoned them, which I was not prepared to do) I took the advice of Experian and Call Credit who simply advised that if it was not affecting my credit score (which it has not) then I should just let it run until 22 Dec 2017 when it would just drop off.

This has now happened and as of 22 Dec 2017 it has been removed from both Experian and Call Credit.

However Equifax remains unchanged and having spoken to them today it now appears that I need to raise a dispute because there is no default start date or any other details for that matter, Equifax however have stated that there doesn't need to be one because it is a bank default??

What concerns me also is the partial settlement as the credit report suggests that it was settled on 08/0916 (Equifax state that it is also not affecting my credit report?)

A default is a default surely??


I am going to get to the bottom of it and I do have a sneaky suspicion that the reason that has landed at my doorstep is possibly due to my ex wife having failed to pay a bill on time that would have been in both of our names but I haven't seen her since 2004 and I am pretty sure at some point in between 2006 and 2008 she declared herself bankrupt or something along those lines.

My only real concern I suppose is if 2 credit reference agencies are using one set of information that allows this to drift away after 6 years, how can another accept default information that has no start date?

I promised to keep it short and failed!!!

Merry Xmas and a Happy New Year!

[Deleted User]

Having raised the dispute, it should now be resolved shortly and will fall off your file.

MickGT4

Many thanks for the quick reply!

I am pretty confident that it will disappear as suggested, but is there any reason why 2 credit reference agencies get different information to Equifax?

Call Credit and Experian are quite specific

Recorded as a defaulted or delinquent account on 16/10/16 with a default date of 22/11/2011 and for £6861

Equifax

Recorded as a bank default on 31/10/16 and settled 08/09/16


The lady I spoke to at Equifax suggested that because it was a bank default it was different and it didn't necessarily require a default date, but she did find it strange that it had no other information which is why she suggested that a dispute should be raised against it.

Monthly Terms 0 @ £ 0 Status Settled
Payment Frequency Monthly Current Balance £ 0
Start Balance £ 0 Credit Limit £ 0
Default / Delinquent Balance £ 0
Start Date
Date Updated 31/10/2016
Date Last Delinquent
Date Satisfied 08/09/2016
Default Date

Customer Account Update
>Status >Explanation
PARTIAL SETTLEMENT Payment received as a full and final settlement although the payment
would not fully clear the balance.

[Deleted User]

Equifax have either made an error in recording it, or the lender did. Each CRA is entirely separate.