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Meaning of S on credit report
ForumUser7
Posts: 2,373 Forumite
Hi, I have a current account with S showing in the payment history. The account has never gone overdrawn, and it is closed. Equifax reports S as meaning settled/satisfied, but the internet suggests that means a default was registered against it. Does S also mean closed please? Slightly concerned. Thank you
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N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.
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When I've seen an S on a credit history it stands for settled/satisfied.
The problem can be that if a credit card or account has a default on it and that debt was then sold on to a collection agent the credit card would show as S as there is now nothing owing. But there would be a new debt added to the history for the CA showing the arrears. Often there is a note connecting it to the previous though sometimes it's just that the closing and opening amounts match.
You say this is not the case for this account so I would take it as an ok thing on your history. I suspect that up to the S and closure the account would have shown as green with 0 overdraft for a number of consecutive months. And that's a very positive thing that any future creditor should be happy to see.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe and Old Style Money Saving 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.
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