Correcting credit report

[simon1973]

I am slowly sorting out my credit file. Some creditors have marked satisfied, where other haven't done anything.

Once marked settled, should all balances show NIL, or only the current balance. I have some marked as settled, yet the default balance is the original amount.

I also assume the settled date should read the date of the IVA inception (ie Apr 05) and not the completed date (Jun 10).

[kallis3]

You should have no defaults registered after the date of IVA acceptance, if you have then write to those creditors to remove the defaults.

Otherwise, anything from before acceptance will automatically drop off at the same time as your IVA so I wouldn't worry about those.

[phil732]

Hi Simon

I had the same problem with 2 of my creditors,once the account has been marked as settled the balance should say zero I've no defaults registered now but they still appear on my credit report and will drop off after 6 years. You need to contact your IP and ask for a contact number for the accounts which arnt settled call em and they should update your records. Good Luck.

[simon1973]

I'm not sure how it should read but my equifax one is like this:

Company Name: Max Recovery
Account Type: Credit Card
Terms: 0 @ £0
Start Bal: £0
Current Bal: £0
Status: Settled
Date Updated: 18/7/10
Deliquent Date: 04/05
Date Satisfied: 25/4/05
Default Balance: £5467

Payment history shows a D and then a S the following month, also states default registered.

Is any of this wrong?

[kallis3]

Any defaults added after the date of IVA approval have to be removed.

You need to write to Max Recovery and tell them to remove the default.

[simon1973]

So am i right in thinking it shouldn't show any reference to a default, even though it's now marked as settled.

[kallis3]

There should be no defaults showing after IVA approval.

You're not in debt now so these should be removed.

[simon1973]

Sorry meant to say the default shows as Mar 05 and settled Apr 05. Is that correct to read that way, as IVA started Apr 05

[kallis3]

That is probably correct then.

It will drop off next year which will be the six years.

[Adam Davies]

Hi
I am in the minority but am a firm believer in leaving your credit report alone and just let the six year time limit correct any adverse entries.Obviously you need to challenge a default if it was registered well after the IVA started.
I wonder if the danger of updating your file is that the last update will stay on file for a further six years ???
Regards

[kallis3]

Interesting point Andy.

I know one of my creditors was defaulting monthly. Once my IVA is finished I will be writing to them but for now I'm really not bothered.

[simon1973]

I do have a couple of RBS ones that show Sept 05 and they have apparently not received the completion cert 4 times now (twice for each entry and these are my priority to get corrected.
In fact all the entries that have not updated are RBS except 1, coincidence??

I do sort of agree with Andy about 'rocking the boat' when correcting the report, as I have a couple showing default in May 05, but for a few weeks difference i'm leaving well alone, other than making sure they show settled.