I have a problem with my credit report which i was hoping somebody could help me with. Several months ago i completed a lump sum IVA but i just checked my credit report and out of 9 companies, only 2 have marked my file as "settled". The rest still show the full outstanding amount. I realise i can't rid of the defaults but how can i change my file so that it reflects the fact that my accounts are settled ? I rang equifax who said it's the credit companies responsibility but i rang some of them and they weren't in the slightest bit interested.
Well done on completing your IVA. What you will need to do it to write to each individual creditor and ask for them to mark there files as satisified. You will need to send a certificate of completion with each letter
Check your completion report as some of the debts may have been sold to third parties. If so you will have to contact the debt purchasers to have them amend the credit file. The original creditor will not do it as they no longer own the debt.
Can I ask are the creditors or debt purchasers bound by law to amend your credit file as settled once you complete your IVA?
Thanks.
Michael Peoples wrote:
Check your completion report as some of the debts may have been sold to third parties. If so you will have to contact the debt purchasers to have them amend the credit file. The original creditor will not do it as they no longer own the debt.
Last edited by Sinking Fast on Wed Oct 21, 2009 1:22 pm, edited 1 time in total.
Hi
This always seems to be a problem.
My view is that it is better just to leave your credit report alone and allow any negative recordings to fall off after six years.
Even if you do manage to get the report updated your IVA will sit on your file until six years after you first started it.
Regards
The exception to that is when creditors continue to default you after the IVA has been agreed. Obviously they're not supposed to, but they do, and the defaults will stay on your file for 6 years.
I wrote to all of my creditors after my discharge from BR to get them to update my files as some had defaulted me after the date of my BR order. All seem to have complied except Tesco, and I haven't the energy to do anything about them!
I've got to order my credit files again to make sure that everything else is in order, and then I think I'll go to war with Tesco!
I think I'll have to get the ICO involved, as Tesco told me on the phone that they don't recognise BR. Now I appreciate they are a huge company intent on taking over the world, but even so!
I have had some success with creditors amending my credit files. I wrote to all of them enclosing my certificate of completion. American Express were the most surprising - having been the most awkward at the original IVA stage, with the credit file, I simply got a letter 'apologising for the problems with my credit report' and saying that because of the confusion, they were immediately removing any record of my accounts with them - they did it the same day! Liverpool Victoria were equally very helpful and also rang me back to tell me they were removing any reference to our relationship from my files (again they did it the same day). Two of my Barclaycard accounts were removed without my intervention. I'm now chasing Egg and M&S Money to sort their information out and MBNA have told me they will either a) remove the default or b) amend the default date to the IVA agreement date. I know some people say just leave the credit files alone, but I think if (for the cost of a stamp and a couple of calls), you can ensure the information is accurate, it is very well worth doing now as it will be much harder in 6 years to sort any problems out.
tesco are the absolute scum of the earth.
years ago we moved house and at our old adress we were insured with tesco.
our new mortgage lender at the time would not accept them as an approved insurer so i cancelled the policy.
They still 8 years later will not even quote us for car insurance or anything.
If you see a teco tanker parked up then pick the E off the sticker on the rear so it reads VERY LITTLE HELPS ive done a few over the years.
sorry for the rant i despise them.
I hate Tesco with a passion. I have to admit I do shop there, and I do use their petrol, but only as Sainsburys is more expensive and we don't have a local Asda!
My main gripe about Tesco (other than their petrol wrecking the sensors in my last car!) is that they are taking over everything.
When I've made my last IPA payment I'm shopping at Sainsburys!
andydavie wrote:
Hi
This always seems to be a problem.
My view is that it is better just to leave your credit report alone and allow any negative recordings to fall off after six years.
Even if you do manage to get the report updated your IVA will sit on your file until six years after you first started it.
Regards
To be honest i have thought about doing this but was worried those debts would reappear after the six years in a kind of "OK, the default has gone but he still owes us £10,000" way.
I presume thats not the case then ? All record of the debt will go after 6 years ?
