Questions about credit reports 13 September 2022 at 11:02AM edited 13 September 2022 at 11:09AM in Debt-free wannabe 3 replies 165 views

cybertortoise

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

cybertortoise

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

sourcrates

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.

cybertortoise

Thank you @sourcrates