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Creation & Loan - Credit File Query

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jackjones01
jackjones01 Posts: 532 Forumite
Part of the Furniture 100 Posts Name Dropper Combo Breaker
edited 3 October 2024 at 5:05PM in Credit file & ratings
I had a loan with creation where sadly I couldn’t keep up with the payments. The Lowell account shows a default date but the creation one don’t on my credit file is this right? 

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  • Nasqueron
    Nasqueron Posts: 10,723 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    If a debt firm have bought the debt, the original loan should be marked as closed/settled and a new default should be issued but back dated to the original default date but issued by the new firm. If those two are correct then yes they are correct.

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

  • Nasqueron said:
    If a debt firm have bought the debt, the original loan should be marked as closed/settled and a new default should be issued but back dated to the original default date but issued by the new firm. If those two are correct then yes they are correct.
    Great thank you the creation entry don’t say it’s defaulted it just says paid and closed. I have had an alert to say the Lowell entry will be removed on the next update but I haven’t had one in regard to the creation entry. 
  • Nasqueron
    Nasqueron Posts: 10,723 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    The key dates are the date of default and thus + 6 years when it will be removed from your account

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

  • Nasqueron said:
    The key dates are the date of default and thus + 6 years when it will be removed from your account
    Thank you but the creation entry don’t say it’s defaulted. 
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