Is this causing me issues?!

jambof

Hi,

I was in a DMP which I have now paid off early - happy days you might say but I'm getting refused for credit (car loan/overdraft) which i was hoping to get to boost my credit report.

I have a capital one credit card which is being used for fuel and paid off in full by direct debit every month.

One of the creditors on my credit file shows as the following and i think this may be causing me issues :-

Status - Settled
Current Balance - £0
Default/ Delinquent Balance - £3,963
Start Date - 15/03/2013
Date Updated - 01/07/2018
Date Last Delinquent - 05/18
Date Satisfied - 22/06/2018

Payment history shows the following :-

Green from July 14 to November 15
Yellow 1 from December 15 to January 16
Yellow 2 February 16
Red 3 March 16
Yellow 2 April 16
Red 3 May 2016
Red 4 June to July 16
Red 5 August 16
Red 4 September 16
Red 5 October 16
Red 6 November 16 to May 18
Green S June 18

There is a status on my Equifax report :-

DEBT MANAGEMENT PROGRAM - Explanation - The account is being paid as part of a Debt Management Program.

Could this reporting be causing issues with my report? Should the account have been defaulted? Are the red numbers actually late payment markers?

The other accounts I had were defaulted in 2015/16.

Any advice would be appreciated.

Willing2Learn

Hi,

You want all debts recorded with all CRAs to be defaulted, back-dated to when you were 3-6 months in arrears.

The reporting of defaults 3-6 months in arrears is in accordance with ICO guidance. So, if they refuse to change the data recorded in your files, you would have grounds to complain to the ICO.

Edit: See the thread linked below. Pay particular attention to post #4
https://forums.moneysavingexpert.com/discussion/5598629/punished-for-dmp

[Deleted User]

Is the satisfied date correct? That's the important thing.

jimbo26

You have defaults on your credit file, this is what will make obtaining credit difficult.

jambof

Thanks Willing2learn - I have spoken to the lender and they are under the impression that they have reported correctly to the CRAs. It seems that I may have to go directly to the ICO in this instance to have this rectified.

ZX81 - Yes the satisfied date is correct. If defaulted should this not drop off my file 6 years after the default? The way its showing just now, it would drop off 6 years after the satisfied date?

Jimbo26 - thanks for the insight - I wasn't aware of that

Willing2Learn

jambof wrote: »

Thanks Willing2learn - I have spoken to the lender and they are under the impression that they have reported correctly to the CRAs. It seems that I may have to go directly to the ICO in this instance to have this rectified.

You need to make an official written complaint to the lender first. Only if and when there is an unsatisfactory resolution, can the complaint be escalated to the ICO.