Settled account on Experian

magicno1

Hi.
we are in the process of remortgaging but we have one hurdle in that an interest free loan for a sofa which was paid off in full a month ago is showing zero balance but not settled and the lender won’t move forward until it shows settled. 

We have spoken to Creation and they say they have updated their end on 26th Nov but not showing as yet on Experian.
Any ideas how long this could take? Very frustrating trying to talk to these companies at the moment but it’s so critical for us so maybe just have to wait I guess!
thanks 

Bazillion4

Is it possible that whilst they have updated the records they only report to the CRA's once a month?

magicno1

It could well be that so considering it was paid off 4 weeks ago and only so called updated Thursday it could take any amount of time.
in this day and age things should be a little more instant. It’s ridiculous regardless of Covid that files take so long sometimes even 2 months to update!

JP2019

magicno1 said:

It could well be that so considering it was paid off 4 weeks ago and only so called updated Thursday it could take any amount of time.
in this day and age things should be a little more instant. It’s ridiculous regardless of Covid that files take so long sometimes even 2 months to update!

Its absolutely criminal in my opinion... We are held to ransom by CRA's and companies every day of our financial lives and they don't even have the decency to update records promptly.

magicno1

I totally agree drives me mad!!!!

MoodyGit

I came here looking for answers as well.
I cleared some quite large credit card balances [all 0% interest] a couple of months ago but they still show on the moneysavingexpert.com/creditclub

magicno1

Have spoken to creation and they say that they have updated the CRA’s 26th Nov but Experian still not showing the acc as settled.
Have spoken to Experian and numerous emails but cannot get answers it’s ridiculous. I’ve questioned the system but they don’t want to know! 

It’s about time they got on top of this crap system and employ people that know what they are doing and stop messing with peoples lives.

adamp87

Can you not show the broker proof you've paid the debt either by statement/payment? That should suffice if the CRA isn't updating sometimes

magicno1

Sadly no they won’t do that they need to see it’s settled.
I asked that same question but these lenders can be awkward.
we have 100 odd K equity too and are squeaky clean- it’s a bloody nightmare!

maxximus75

I recently lost a house purchase due to my credit reports being months behind and even though I was happy to produce statements showing debts completely paid, they would not budge stating it "had" to show on my credit reports and they could not accept anything else.

Absolutely gutted so I feel your pain.