Possible incorrect default date

ahd91

Hello all. Back in 2013 I fell into arrears on a Co-Op overdraft, and at some point in 2014 the debt was defaulted and sold to Cabot. This is the only black mark on my report, so naturally I'd like it to drop off as soon as possible, particularly as we're looking at a mortgage late this year (CV19 permitting!).

Here's where I'm not sure about things. I've checked the three CRAs through Clearscore, Credit Karma and MSE Club. Clearscore/Equifax is showing that Co-Op closed the account in May 2014 (with no default). MSE/Experian is showing the account as 'Default/Ended' in May 2014. Co-Op are not appearing at all through Credit Karma/Transunion. All three CRAs are showing that Cabot are recording a default in Nov 2014 however. I have no documentation any more unfortunately, so I'm trying to work out what has gone on here. Can Co-Op have closed my account in May 2014, and then not recorded a default until Nov 2014? I thought this wasn't supposed to happen? Or should the default be dated May 2014 when the account was closed? There appears to be no report for when Cabot took over the account.

Many thanks for any help!

Willing2Learn

An account is typically defaulted once it is 3-6 months in arrears.  Because an overdraft cannot be in arrears, then that bit of guidance is probably a moot point.

If all three CRAs are reporting that the account defaulted in November 2014, then it will be automatically removed from your credit files in November 2020 

ahd91

Thanks. My angle is that getting the date moved from November would be a big help, and I have seen elsewhere that a default should have been registered when Co-Op forcibly closed the account. Will try to find more documentation I suppose!

D3xt3r5L4b

Forcibly closed the account?
You were in arrears and they sold it onto a collection agency. 

How is that “forcibly closing”!?

PaulW922

Default dates on credit agreements such as loans or cards are clearcut. With current accounts it is less so. However I would say that the point the bank closed your account and demanded repayment of the full balance is a good choice for a default date. November 2014 is probably when Cabot bought the debt and so is almost certainly wrong. It is probably worth pursuing, but don't expect much cooperation from Cabot.