Company on my credit file been sold

Hello, I'm interested to know if Shell Energy are legally obliged to remove their details from my credit report now that they have been bought by Octopus? I still owe them £1340 (not been with them since 2017) but it says account won't be removed until 6 years after closure. Well, surely that account is now technically closed? bit like a forefeit of contract as they no longer exist. Many thanks.

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  • DullGreyGuy
    DullGreyGuy Posts: 9,119
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    No, Shell Energy Retail Limited still exists and thats who you owe the money to, the fact their parent company has changed doesn't make any difference (unless you had a CoC clause in your contract which would be exceptionally unusual)
  • cymruchris
    cymruchris Posts: 4,882
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    If the information is factually correct, then it'll be on there until 6 years has passed from date of default or account closure. All of your existing accounts that you may have closed over the years follow the same pattern - whether it's a current account, credit card or mobile phone contract - 6 years from account closure or default is the time it drops off. Credit history is just that - history - it records what you have and haven't paid and when, so future lenders can make an informed decision on your credit risk. If accounts were removed every time they were closed, some people's history would be limited. There have been instances in exceptional circumstances where data is removed from a credit history - but one company taking over another wouldn't be an exceptional circumstance. 
    An ex-bankrupt on a journey of recovery. Feel free to send me a DM reference credit building credit cards from the usual suspects :) Happy to help others going through what I've been through!
  • Nasqueron
    Nasqueron Posts: 8,348
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    Possible also they will sell the debt to debt firm who decides they'd like to try and get a CCJ to force you to pay up, keep an eye on things particularly if you have moved house and they don't have your address
  • shell18 said:
    Hello, I'm interested to know if Shell Energy are legally obliged to remove their details from my credit report now that they have been bought by Octopus? I still owe them £1340 (not been with them since 2017) but it says account won't be removed until 6 years after closure. Well, surely that account is now technically closed? bit like a forefeit of contract as they no longer exist. Many thanks.
    Please return to your thread and update,  others in the same situation will be reading this and benefit from the information provided.
  • adamp87
    adamp87 Posts: 852
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    edited 18 January at 8:20PM
    shell18 said:
    Hello, I'm interested to know if Shell Energy are legally obliged to remove their details from my credit report now that they have been bought by Octopus? I still owe them £1340 (not been with them since 2017) but it says account won't be removed until 6 years after closure. Well, surely that account is now technically closed? bit like a forefeit of contract as they no longer exist. Many thanks.
    Please return to your thread and update,  others in the same situation will be reading this and benefit from the information provided.
    The answers above pretty much sum up the response to OP’s query though. 

    The debt still exists
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