81 Point Drop - Mistake?!

AmyE1970

HI,

Looking for advice please.

I took out a car loan from Clydesdale Partner Finance in 2012 and, long story short, wrote off the car without gap insurance, couldn't work for a while and the loan went into default.The debt got passed to a company called Credit Resource Solutions who I have been paying monthly ever since, with no missed payments. Debt has reduced from £6000 to £2000.

Unbeknownst to me, they take the payments monthly by standing order, not DD. Last month, I got a text saying my payment was late and phoned them immediately and discovered that the payment had not gone through as my card had expired. I immediately paid and gave them my new card details - the payment was one day late.

Today, I got my new credit report through and my score has dropped by 81 points!! It says:
-You opened your Clydesdale Finance Account
-Your Clydesdale Finance Account went into default
-You closed or settled your Clydesdale Finance account.

Argh! What does this mean? I didn't open it, it went into default ages ago, and I certainly have not closed or settled it (although, on Clearscore, it is showing in the "closed account" section of my report despite having a £2000 balance).

What do I do? I've worked so hard for 2 years building my credit score by over 300 points and this wipes out a third of it with an innocent mistake!

Thank you in advance

Shakin_Steve

They weren't taking payments by standing order, that's something you set up. They were taking it by CPA (continuous payment authority).
The only sense I can make of the three items listed is:
You opened a new account by setting up a new CPA
Your account went into default because you missed a payment
You closed or settled your account because the old CPA ended.
All strictly true.....when you think of how these companies work.

Shakin_Steve

Someone will be along in a minute to tell you to ignore the credit score...it means nothing and only you can see it.

AmyE1970

Thanks Steve. Do you think if I were to phone CRS and perhaps plead that they could have given me advance warning or something that the payment would not be successful then they may be able to "re-report", or however it works, to the CRAs?

Shakin_Steve

AmyE1970 wrote: »

Thanks Steve. Do you think if I were to phone CRS and perhaps plead that they could have given me advance warning or something that the payment would not be successful then they may be able to "re-report", or however it works, to the CRAs?

Sorry...no. The way these things are done is somewhat mercenary but, if you think about it and put aside your personal circumstances, they are a true reflection of events.

AmyE1970

Yes, very true. So disappointing though!

DCFC79

So do your best to not miss any more payments.

Its 1 missed payment, over time it will have less and less of an impact.

You might find it doesn't have much of an impact now, all lenders may well treat it differently.

[Deleted User]

Why would they change or re-report what is actually a true reflection of what happened?

And yes others are right - ignore the score and focus on the history and data

pcman1985

Shakin_Steve wrote: »

Someone will be along in a minute to tell you to ignore the credit score...it means nothing and only you can see it.

Calling ZX81. Calling ZX81!
Where are you?!

daveyjp

If you need a card to pay its not a standing order its a continuous payment authority.

Thomas_The_Tank_Top

You dropped 81 points! Eighty One points!

Right. That's it. You can stand facing the wall until the bell goes.