Explanation note next to default marker

Scott1875

Hi all.

On your credit report with the three CRA's it's possible to add a note next to a default/missed payment marker explaining the reason for it, i.e redundancy etc.

How much, if any difference does this actually make? Say for instance you had one default a few years ago but the rest of your history was very good. Would the note maybe help tip things in your favour?

Wondering if it might be worth doing. Nothing ventured nothing gained and all that.

Many thanks

[Deleted User]

Don't do it. It will just slow down the process and won't help in any way.

For a default of that age, it'll make things worse.

Fergsteris007

Would it be better to wait for it to be removed? Or what if you pay it off if you come into some money?

PRAISETHESUN

I've heard mixed things regarding notices of correction to be honest. For some things it can help (eg. explaining you are not on the ER due to ineligibility to vote because of nationality) whilst for other things it can slow things down since it forces a manual review of your application. Either way a notice in this instance isn't really likely to help since the underlying fact that you missed payment/defaulted on your credit is still there. Probably best to satisfy the default if possible, otherwise you'll probably have to wait until it gets older and falls off your file.