We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Questions about credit reports

Options
cybertortoise
cybertortoise Posts: 269 Forumite
First Anniversary Name Dropper Photogenic Combo Breaker
edited 13 September 2022 at 12:09PM in Debt-free wannabe
Hi all,

1. My credit reports shows 8 defaulted accounts. For one of them I owed Novuna and the account had defaulted, they transferred the balance to Lowell which also shows the same account on the same credit report as a second default. Is this normal to have it defaulted twice on the report? I've not seen it before so it may be normal.

2. Closed accounts - do these affect your credit? The balance is £0 on all of them. They show account settled, do they drop off 6 years from the date they're settled? I can't see a default date on them.

3. I have access to CreditKarma, Clearscore, & the MSE Creditclub. Does this cover everything or have a missed one?

4. I am paying off an item I got from Brighthouse via Zinc Group. The Brighthouse account shows as open on my credit report but says I've missed payments for 18 months but my balance is going down as I pay Zinc. Is this just because I am paying less than the contracted monthly amount? So it counts as missed?

Many thanks, CT


Restarted my journey toward financial stability on 1st September 2021 - I will succeed!

Total debt - £39888.13 @ 31.08.21

Current debt - £21270.51 @ 29.12.2023
Paid to date: £18617.62

DFD: Aiming for end of 2028

Comments

  • cybertortoise
    Options
    Also I assume it does more to repair my credit if I pay off the ones still showing active on my reports rather than focusing on those that have dropped off the reports?

    I've been paying them off for years in some cases so looking for where I should focus my efforts. None of them are increasing due to interest. Thanks again
    Restarted my journey toward financial stability on 1st September 2021 - I will succeed!

    Total debt - £39888.13 @ 31.08.21

    Current debt - £21270.51 @ 29.12.2023
    Paid to date: £18617.62

    DFD: Aiming for end of 2028
  • sourcrates
    sourcrates Posts: 29,154 Ambassador
    First Anniversary Name Dropper First Post Photogenic
    Options
    Hi,

    (1) Lowell are debt purchasers they will have bought your debt.
    It is only one default, not two, the original creditors entry should show the date of default and a zero balance, Lowell`s entry should also show the date of default, and the outstanding balance.

    You may find the original entry will vanish in time, as it sometimes does, but not always.

    (2) Only if there were late or defaulted payments on any of them, otherwise no.

    (3) More or less, the 3 main CRA are Credit Karma/Experian/Equifax.

    (4) That is most likely correct, yes.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • cybertortoise
    Options
    Thank you @sourcrates
    Restarted my journey toward financial stability on 1st September 2021 - I will succeed!

    Total debt - £39888.13 @ 31.08.21

    Current debt - £21270.51 @ 29.12.2023
    Paid to date: £18617.62

    DFD: Aiming for end of 2028
Meet your Ambassadors

Categories

  • All Categories
  • 12 Election 2024: The MSE Leaders' Debate
  • 344.2K Banking & Borrowing
  • 250.4K Reduce Debt & Boost Income
  • 450.1K Spending & Discounts
  • 236.3K Work, Benefits & Business
  • 609.7K Mortgages, Homes & Bills
  • 173.5K Life & Family
  • 248.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards