Excessive Defaults listed?

jbindebt

I know four Defaults doesn't paint a very good picture but can someone tell me if this is being shown correctly as six? I did query this with the reference agencies and their reply was "this is the correct way to show this". I had four payment arrangements which were showing as defaults and I was making payments without issue. MBNA sold two accounts to PRA and I am now paying them instead, its the same debt. When I asked why the same debt is now showing twice and turning four defaults to six they say its correct. Could someone please advise?

   

finalfantasist

Yes, that's correct.

Fighter1986

If MBNA have assigned your account to a third party then all trace of the MBNA account should be expunged and replaced with the firm who bought the account - there should not be two separate accounts listed for the same debt.

When a potential lender sees your credit file, they do not see the name of the lender, they only see that you have defaulted on six separate credit agreements.

This is a material inaccuracy. You have defaulted on fewer.

You do have the right to dispute this data directly with MBNA - I suggest writing to their data controller.

I do however, doubt the merit of doing this.

Your creditworthiness will in part be asessed on 

1. Whether you have any outstanding defaults
2. How long ago the most recent one was recorded

Having six settled and two outstanding defaults from, say, three years ago, is no more harmful than having two settled and two outstanding defaults from three years ago - the fact remains that 1. you still have outstanding defaults, and 2. the most recent one was x amount of time ago. 

jbindebt

I am prepared to accept "That's correct" if it is clearly explained to me but no one from MBNA/PRA/Experian/Equifax has. Indeed, I am now looking at six Defaults when I only have four defaulted credit accounts, what's to stop the other two doing the same and me starting to look like a serial defaulter? I have spoken with others who have Defaults and they have not seen this before. I will take your advice and go back to MBNA and see if I can get this resolved. Thank you.

finalfantasist

jbindebt said:

I am prepared to accept "That's correct" if it is clearly explained to me but no one from MBNA/PRA/Experian/Equifax has. Indeed, I am now looking at six Defaults when I only have four defaulted credit accounts, what's to stop the other two doing the same and me starting to look like a serial defaulter? I have spoken with others who have Defaults and they have not seen this before. I will take your advice and go back to MBNA and see if I can get this resolved. Thank you.

The other debt has been marked as a zero balance and presumably satisfied.  That's the correct way of reporting it.

People who check your file won't see the double defaults, they'll only see one.

https://debtcamel.co.uk/lender-written-off-debt/

adamp87

Fighter1986 said:

If MBNA have assigned your account to a third party then all trace of the MBNA account should be expunged and replaced with the firm who bought the account - there should not be two separate accounts listed for the same debt.

When a potential lender sees your credit file, they do not see the name of the lender, they only see that you have defaulted on six separate credit agreements.

This is a material inaccuracy. You have defaulted on fewer.

You do have the right to dispute this data directly with MBNA - I suggest writing to their data controller.

I do however, doubt the merit of doing this.

Your creditworthiness will in part be asessed on 

1. Whether you have any outstanding defaults
2. How long ago the most recent one was recorded

Having six settled and two outstanding defaults from, say, three years ago, is no more harmful than having two settled and two outstanding defaults from three years ago - the fact remains that 1. you still have outstanding defaults, and 2. the most recent one was x amount of time ago. 

That's incorrect I'm certain.
To the lender it doesn't show 6 defaults.
It will just show a new owner only one default applied per account.
The data is their for historical purposes and accuracy 

macman

jbindebt said:

I am prepared to accept "That's correct" if it is clearly explained to me but no one from MBNA/PRA/Experian/Equifax has. Indeed, I am now looking at six Defaults when I only have four defaulted credit accounts, what's to stop the other two doing the same and me starting to look like a serial defaulter? I have spoken with others who have Defaults and they have not seen this before. I will take your advice and go back to MBNA and see if I can get this resolved. Thank you.

So you don't think that 4 defaults makes you look like a serial defaulter already? The first 4 have already done the damage; 2 more are not going to have a material further adverse effect.

sourcrates

PRA group have bought your MBNA accounts.

The original MBNA default entries should show as settled, with a zero balance, and the original default date.

The PRA entries should show the original default date, plus the outstanding balance.

Each is just one default, but reported separately by both creditors.

All will drop off your file after 6 years.