Credit File Entries

James81x

Hi
I have an account showing from Oct 2014 that has recorded 1 payment late every month since then.
My concern is that as they never defaulted this account it will not disappear after 6 years and will just carry on been reported as 1 month late month after month.
Is this correct and is the creditor correct to report this way as a payment cannot be "1 month late" every single month?
Many Thanks
James

[Deleted User]

It can be, if you pay late each month.

What is the reality of the account?

James81x

Thank you for your reply.
It is an old account from 2014 when unfortunately I got into debt due my circumstances and missed the payments on the loan.

Instead of defaulting the account like normal it seems they have just been reporting it as 1 month late payment for nearly 6 years.

The default would drop off after 6 years but seems they are just continuing to report it like this so it stays on my file.

Fighter1986

Did you every repay the loan?
Is the outstanding balance accurate?

James81x

No it was 1 of 3 i defaulted on at the time.
The other 2 defaulted, now satisfied and due to drop off this year but the other 1 just sowing as 1 month late nearly 6 years later so was wondering how they can report it as 1 month late 6 years later instead of defaulting the account.
It cant be accurate reporting surely as its more than 1 month late?
I just wanted to know what to do about it as this will be the only thing left on my file.
Thanks

funkycredit

It all depends as to what's happened in the previous 6 years. So if you've not paid, not set up a DMP or anything and literally just went off the radar, then they can't do this. They abide by the principles of reciprocation which stipulates the lender must accurately record the facts. If no payments by month 3 they should then look to be defaulting the account with the CRA. This isn't the same as a formal s.87/88 default notice which entitles the lender to call-in the debt. 

So in your case, if you've not agreed to a DMP or set up a payment plan (regardless if it failed) then the lender is in breach and you can have it fixed. As it's only a few months away now, you'd be best waiting till end of October and get your reports. If it still shows late markers then start a dispute with each of the CRA's and request the entry is removed as it's unlawful for the lender to apply 60 late payment markers according to the principles. The CRA's should recognise the fault once you bring it up as a dispute.