I am in the process of clearing up my credit records

[inextinguishable]

I am in the process of clearing up my credit records after successful completion of an IVA.

I have a few which are showing defaults dated somewhat later than the IVA start, but actually the worse offender (73 days after) has fixed this after I phoned them, so now the latest is only dated just over a month after my IVA start date.

Is it still worth contacting lenders, even if they have the correct default date, in order to ensure they mark the debt as satisfied or partially satisfied? Or will the debt drop off after 6 years even if it is no marked as such? (And is it worth doing so anyway, just in case someone makes a mistake and sells the loan on because not marked as satisfied?)

Essentially I'm wondering whether to just ignore the ones which are either the correct date, or only a week or two later, or whether to write to everyone.

(I have already got Equifax to remove the notice of correction re my IVA completion, thanks to advice elsewhere in this forum, they did it quite quickly after I contacted them via the website.)

Thanks in advance for any advice.

[skint til payday]

Hi, I am in the same position, as I have been advised that my certificate should be with me within the next 6-8 weeks (we'll see!!).

I have also been checking out my credit files lately for ther same reasons as you and recently discovered that BOS and Lloyds to name a couple have defaulted some of my accounts five months into the opening of my iva?? whereas previously this wasnt the case.

I contacted either Equifax or experian last week (cant remember which)to raise my concerns about this and was told that the creditors are allowed to do this at any point..so basically I entered my iva in August and some of my creditors defaulted me the following January!.

Can I ask who it was that you contacted to get these changes made as I would like to amend my default dates also if possible.

would you mind advising me of this.

Many Thanks

[inextinguishable]

Hi, yes it seems quite normal for some of the defaults to be dated later. You need to contact the creditors and ask them to modify the details - not the credit reference agency. I actually just phoned Cahoot and they were pretty helpful and made the modifications within a few days (and phoned back to confirm!) But Egg were slower (haven't updated yet though also quite helpful on phone).

But I think some may be less keen on phone calls and advice seems to be to write asking for them to modify the details. Guidance is that they do have to mark the account to indicate no further payments due (although they may mark it as partially settled owing to having not received the full amount back, but that's fine), and also to indicate the default date no later than start of IVA.

Of course that's your current creditors, which may not be the same as the original lenders as the debts may have been sold on.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by skint til payday

Hi, I am in the same position, as I have been advised that my certificate should be with me within the next 6-8 weeks (we'll see!!).

I have also been checking out my credit files lately for ther same reasons as you and recently discovered that BOS and Lloyds to name a couple have defaulted some of my accounts five months into the opening of my iva?? whereas previously this wasnt the case.

I contacted either Equifax or experian last week (cant remember which)to raise my concerns about this and was told that the creditors are allowed to do this at any point..so basically I entered my iva in August and some of my creditors defaulted me the following January!.

Can I ask who it was that you contacted to get these changes made as I would like to amend my default dates also if possible.

would you mind advising me of this.

Many Thanks

[inextinguishable]

By the way, mattyboy's posts here: http://www.iva.co.uk/iva_sitemap/Incorr ... _41770.asp

are very informative!

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by skint til payday

Hi, I am in the same position, as I have been advised that my certificate should be with me within the next 6-8 weeks (we'll see!!).

I have also been checking out my credit files lately for ther same reasons as you and recently discovered that BOS and Lloyds to name a couple have defaulted some of my accounts five months into the opening of my iva?? whereas previously this wasnt the case.

I contacted either Equifax or experian last week (cant remember which)to raise my concerns about this and was told that the creditors are allowed to do this at any point..so basically I entered my iva in August and some of my creditors defaulted me the following January!.

Can I ask who it was that you contacted to get these changes made as I would like to amend my default dates also if possible.

would you mind advising me of this.

Many Thanks

[TheMatrix]

It drops off either way whether the default is satisfied, partially satisfied or outstanding.

For my own peace of mind I would want the creditor to mark the account as satisfied or partially satisfied with zero outstanding balance on receipt of a Completion Certificate.

That way they cannot chase you in future for this debt, not that they would be able to anyway. Just extra assurance that the debt is paid and registered as paid off with the creditor and the CRAs.

[Virtual-Unknown]

I am in the same boat and am trying to clean up my credit records.
Now, I might be missing something here but I have got my credit report from all 3 agencies using the free 30 day trial but having looked through there are no mentions of defaults on there.
Is this normal or am I missing something or looking in the wrong place?

Cheers

[inextinguishable]

Thanks for that. Sounds like it's worth sending letters to everyone then, thanks for that.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by TheMatrix

It drops off either way whether the default is satisfied, partially satisfied or outstanding.

For my own peace of mind I would want the creditor to mark the account as satisfied or partially satisfied with zero outstanding balance on receipt of a Completion Certificate.

That way they cannot chase you in future for this debt, not that they would be able to anyway. Just extra assurance that the debt is paid and registered as paid off with the creditor and the CRAs.

[inextinguishable]

Hi,

First thing, I guess if you're on the 30 day free trial you're going to have to cancel those before the 30 days are up otherwise they'll renew them at £10 a month each or thereabouts. Some of these sort of things you need to phone up to cancel, but personally I've always gone for the £2 statutory reports to save the hassle of cancelling.

Also, note you can sign up for noddle.co.uk for free, and get a monthly credit report, they are basically callcredit, but offering the info for free.

Taking equifax as an example, when I log in, I see a load of icons in grey, green or red labelled personal information, financial associates, electoral roll, credit agreements etc. Now, for me, "Credit Agreements" shows as red, indicating trouble (surprise surprise!)

So click on that and there's a list of credit agreements at the top, I get 3 types, solid green (current and running fine); green with an S (meaning settled or partially settled); red with a D (meaning default). Do you see this, and do you not have any D entries there? Should be more detailed info too if you scroll down.

You didn't start your IVA more than 6 years ago did you? That could explain everything dropping off if they got the default dates OK. (Optimistic or what?)

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Virtual-Unknown

I am in the same boat and am trying to clean up my credit records.
Now, I might be missing something here but I have got my credit report from all 3 agencies using the free 30 day trial but having looked through there are no mentions of defaults on there.
Is this normal or am I missing something or looking in the wrong place?

Cheers

[skint til payday]

Thank you for the advice!.

[inextinguishable]

Oh, I've remembered something else I was wondering about.

So for Cahoot they've moved the default back to the correct date, and also added the partially satisfied entry, which is dated at the end of the IVA. Does this mean that the default drops off but the "partially satisfied" remains - I assume it does. In which case, can someone searching my credit file see that the entry is only "partially satisfied" or does it just look the same as a "satisfied" or "settled" entry?

Because they show as green when partially satisfied (and no more to pay) but if I were a lender and I saw several recent "partially satisfied" entries on someone's credit record, wouldn't I assume they'd been in an IVA?

I suppose it boils down to 3 questions: (1) are the partially satisfieds still present, (2) are they distinguishable from "satisfied" to people searching, and (3) are the people searching likely to worry about this?

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by TheMatrix

It drops off either way whether the default is satisfied, partially satisfied or outstanding.

For my own peace of mind I would want the creditor to mark the account as satisfied or partially satisfied with zero outstanding balance on receipt of a Completion Certificate.

That way they cannot chase you in future for this debt, not that they would be able to anyway. Just extra assurance that the debt is paid and registered as paid off with the creditor and the CRAs.

[Virtual-Unknown]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by inextinguishable

Hi,

First thing, I guess if you're on the 30 day free trial you're going to have to cancel those before the 30 days are up otherwise they'll renew them at £10 a month each or thereabouts. Some of these sort of things you need to phone up to cancel, but personally I've always gone for the £2 statutory reports to save the hassle of cancelling.

Also, note you can sign up for noddle.co.uk for free, and get a monthly credit report, they are basically callcredit, but offering the info for free.

Taking equifax as an example, when I log in, I see a load of icons in grey, green or red labelled personal information, financial associates, electoral roll, credit agreements etc. Now, for me, "Credit Agreements" shows as red, indicating trouble (surprise surprise!)

So click on that and there's a list of credit agreements at the top, I get 3 types, solid green (current and running fine); green with an S (meaning settled or partially settled); red with a D (meaning default). Do you see this, and do you not have any D entries there? Should be more detailed info too if you scroll down.

You didn't start your IVA more than 6 years ago did you? That could explain everything dropping off if they got the default dates OK. (Optimistic or what?)

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Virtual-Unknown

I am in the same boat and am trying to clean up my credit records.
Now, I might be missing something here but I have got my credit report from all 3 agencies using the free 30 day trial but having looked through there are no mentions of defaults on there.
Is this normal or am I missing something or looking in the wrong place?

Cheers

Hi inextinguishable,

Thanks for your help with this, I have just logged on to my Equifax account and on the "Credit Agreement" section it is showing as Green and when I go in to it, there is no mention of any defaults at all.

My IVA started just over 5 years ago and has finished in the last 3 weeks.

[inextinguishable]

How many creditors did you have? Are any of the debts showing up (perhaps marked as satisfied?) Only think I can think is maybe they've been efficient about marking the debts as settled but unusual to have all the creditors behave so efficiently I'd have thought.

I assume your IVA is showing up as expected (in the section above I think)?

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Virtual-Unknown

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by inextinguishable

Hi,

First thing, I guess if you're on the 30 day free trial you're going to have to cancel those before the 30 days are up otherwise they'll renew them at £10 a month each or thereabouts. Some of these sort of things you need to phone up to cancel, but personally I've always gone for the £2 statutory reports to save the hassle of cancelling.

Also, note you can sign up for noddle.co.uk for free, and get a monthly credit report, they are basically callcredit, but offering the info for free.

Taking equifax as an example, when I log in, I see a load of icons in grey, green or red labelled personal information, financial associates, electoral roll, credit agreements etc. Now, for me, "Credit Agreements" shows as red, indicating trouble (surprise surprise!)

So click on that and there's a list of credit agreements at the top, I get 3 types, solid green (current and running fine); green with an S (meaning settled or partially settled); red with a D (meaning default). Do you see this, and do you not have any D entries there? Should be more detailed info too if you scroll down.

You didn't start your IVA more than 6 years ago did you? That could explain everything dropping off if they got the default dates OK. (Optimistic or what?)

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Virtual-Unknown

I am in the same boat and am trying to clean up my credit records.
Now, I might be missing something here but I have got my credit report from all 3 agencies using the free 30 day trial but having looked through there are no mentions of defaults on there.
Is this normal or am I missing something or looking in the wrong place?

Cheers

Hi inextinguishable,

Thanks for your help with this, I have just logged on to my Equifax account and on the "Credit Agreement" section it is showing as Green and when I go in to it, there is no mention of any defaults at all.

My IVA started just over 5 years ago and has finished in the last 3 weeks.

[Virtual-Unknown]

I believe I had 4 creditors but none are showing up, complete or incomplete so I can only assume they have been removed?

The "Court Information" is showing up as red due to my iva being on there and "Notice of Correction" is showing up as yellow due to my iva as well

[inextinguishable]

Well, no idea why as I'd have thought even if they were marked as settled they'd still show up for 6 years from default, but they're not there, so nothing to do!

Regarding the entry in the notice of correction, this is something Equifax do (they did it in my case too). This will remain on the credit report indefinitely unless/until you take action to remove it, even though the IVA itself drops off after 6 years.

You can just file a correction request online and they should remove it, only took them a couple of weeks in my case, and they'll email to confirm they've done it. My request (based on a posting here: http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=42711) was as follows (and as I say I just filed the request via their website through the link):

Dear Sir / Madam,

I am writing with reference to my credit report reference:
<reference>. After consultation with the Information
Commissioners Office I am writing to request data on my credit file be
amended in line with the Data Protection Act.

The Notice of Correction section contains the following note:

IVA DATED <start date> WAS REMOVED FROM THE INSOLVENCY SERVICE RECORDS
ON <end date>. ADDED BY IVABKYLD ON <date>

I hereby request that this Notice of Correction is removed for the
following reasons:

(1) The data on this notice of correction is already recorded on my
credit file in the section marked Court Information and other public
records. Placing it under the notice of correction section is an
unnecessary duplication.

(2) As the IVA has been successfully completed after 6 years from the
date of my IVA commencement this record will automatically be removed
from my file. The notice of correction will not be removed
automatically meaning that out of date data will be retained on my
Equifax file. Under Principle 5 of the Data Protection Principles I am
entitled to request its removal: "Personal data processed for any
purpose or purposes shall not be kept for longer than is necessary for
that purpose or those purposes."

(3) This notice of correction will prevent automated credit checks
from taking place - something that I do not wish to happen.

I therefore request the removal of this notice of correction within 28
days or an explanation as to why you will not remove it so that the
matter may be referred to the Information Commissioners Office for a
ruling.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Virtual-Unknown

I believe I had 4 creditors but none are showing up, complete or incomplete so I can only assume they have been removed?

The "Court Information" is showing up as red due to my iva being on there and "Notice of Correction" is showing up as yellow due to my iva as well

[Virtual-Unknown]

Cheers for that advice, ill get on to it tonight, I've already sent them one correction with an address they got wrong.

In an interesting turn of events though, I got an alert from Experian today to tell me that there had been an update on my report with them and one of my creditors who was part of my iva has just added a default to my profile with an current balance of £287, can they do this and why has it only just shown up now?