improving my credit file

[ErikaPNP]

Don't mean to rain on the parade, and I may be well wrong with this, but don't the records get destroyed six years AFTER the final repayment has been made and the debt cleared?

 

Hopefully someone more in the know will confirm or deny this....just a thought.

[hillards]

Hmmm - now there's a job I never thought of trying - selling bulk shredders to the banks... Must be a hell of a market.

[Santos L Helper]

Don't mean to rain on the parade, and I may be well wrong with this, but don't the records get destroyed six years AFTER the final repayment has been made and the debt cleared?

 

Hopefully someone more in the know will confirm or deny this....just a thought.

 

Hi erikapnp

 

There is legislation in the finance act and anti-money laundering regulations that require certain documentation eg, credit agreements/applications etc to be kept for 6 years after the final accounting period for credit card, loan or whatever. You will find however, reading around the forums, that most financial institutions don't bother with the storage of original documents, copying/micro-fisching is the preferred method for document retention as it is considered more cost effective than paper storage using files etc like they did before computers took over the world.

 

So in a nutshell you are right with what you say but in reality it rarely happens.

 

Regards

 

Santos

[palomino]

The appropriate legislation is to do with money-laundering.

 

Most banks do in fact keep the documents, however the quantity of them is so vast that the logistics of actually retrieving any one of them makes it prohibitive to do so. I know of one High St bank who use a very large aircraft hangar which is substantially full. Imagine looking for a document which is supposed to be in a box in a stack (about 20' high) 47 rows back...

 

It is many years since documents were photographed onto microfiche. Since the early nineties nearly all financial institutions have scanned documents to (mainly) tif files. There have been many problems emerging over the years, not least the quality of the original scan.

Another common problem is indexing, where the image file is matched to a specific account number so the image can be retrieved. In some cases this was done badly so the correct image is not retrievable.

From scenarios posted here you can deduce that there are often problems with the backs of forms (sometimes they were never scanned because they never varied), and with verifiable procedures.

 

Properly done the system can work very well. Most implementations weren't done properly.

 

 

(I once worked on a database of more than seven million records - with corresponding image files - for a small and long-since taken over building society. The error rate on the indexing was pretty appalling.)

[master woody]

intesting read, but on blance going to hold of for another six months just in case....

[MONX]

Is it a money spider?

 

Lol!

[master woody]

 

opps sorry, i'll try doing this:)

[master woody]

too small

 

URL=http://s372.photobucket.com/albums/oo169/rick487/?action=view&current=spider.jpg][/url]

 

 

I give up

[master woody]

This must have happened before!

I asked for my CCA and the creditor was unable to supply the documents, the account got defaulted in 2005 and is on my credit record along with the balance and my payment history.

Due to the lack of the CCA I’m no longer making payments. But the account still appears on my credit file. When will this account disappear? 6 years from the default (2011) or 6 years from my last payment? Or will the default be removed and the account jus sit there for ever!

The creditor has given up chasing payments, but has refused to give me a zero balance

[PGH7447]

6 years from default

[master woody]

ta

 

Then the CRA just remove all the info re the account in 2011! thats great news thanks.

[PGH7447]

unless of course some lowlife dca crawls out of the woodwork and tries to instigate another default for the same debt:)

[master woody]

I'll be watching out for that.... i have printed out my CRA every six months for that very reason.

 

If that happened all i would do is write to the CRA's and say look it the same debt and the defualt has run out, look at this photo copy. then they would have to remove it?

[master woody]

I have 3 some defaults on my credit report, which comes off in 2011. I know until the defaults go I’m going to get a pretty low score.

1 I have a credit card, is best to clear the amount in full or pay just more the minimum payment but always keep a blanbe on it

2 I have a contact phone that reports to me CCR, I have always paid on time. how good is this for my credit score. I’m think of getting rid of it and going on pay as you go as it’s cheaper . but the fact someone being nice about me on my credit files make me think I should keep it on.

3. how bad is an account reporting “ in agreement” for you credit score??? After all those defaults come off, there will be some accounts still reporting this. This must show I’ve been in trouble in the past? How bad is this?

[Guest Old_andrew2018]

Bump

[master woody]

thanks andew

 

number 2 is the most important....how much is the phone helping?

[master woody]

well it's net that important, as i no longer want to borrow

 

btw

 

whats a low scoe mine around 300

 

is 500 average?

[master woody]

If you're struggling to cope emotionally, the Samaritans can help: call on 08457 90 90 90. Don't think "it's money issues so I can't call", they're fully geared up to help.

 

 

Merry Christmass to all you CAG-ers

 

your not alone!

Edited December 23, 2009 by master woody

[master woody]

bump

[babybear39]

Great idea posting that MW

[beetzart]

That's good advice Master Woody. I have been close to suicide because of debt but since I have found CAG I am more able to face my problems head on; and it works!

 

I'm sure creditors would love to know we are seriously ill mentally because of debt because it makes us more suseptible to paying more money. The B*******!

[zazen.warrior]

I spent about an hour experiencing panic attacks and suicidal thoughts after I received the threat of Stat Demand from Connaught Collections.

 

Then I did an internet search for help... today I received the date for my next tussle with Howard Cohen, and put it to one side as non urgent.

 

Thank you Cag!

[babybear39]

*hugs*

[DonkeyB]

Thanks MW. Great of you to think of others so kindly.

 

Never quite being there myself - too bloody-minded - but I do know the feelings that take you there.

 

To anyone tuning in, either post on CAG or get some help. DCAs can be bast*rds at Christmas - see my thread here. Know your enemy and how they work. CAG will help you. That is a copper-bottomed promise.

 

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/238375-beware-sneaky-dca-tactics.html

 

Well done mate - let's keep this bumped all the way through to February.

[esmerobbo]

Great advice for anyone suffering at the hands of these devious Ba****ds. Who use Christmas and worthless threats as a lever to try and scare anyone who has'nt learnt to deal with the cretins.

 

Being 4 years into this game now I enjoy the game and have,nt lost yet. But I can also remember the stress and worry at the beginning.

 

Anyone who is suffering please take MW's advice and give them a ring remember they are there to help not to judge.