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Default on Credit Report


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Hi

I have just checked my Credit Report and noticed I have defaulted on my HSBC Loan over the last 24 months.

I will be honest and I have missed payments and my loan is now being dealt with by DG Solicitors (part of HSBC)

Even though I have made payments agreed with DG Solicitors are these Defualt each month correct?

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Unfortunately when you miss a payment and it ends up going to a collections, DG Solicitors in this case, then yes it is classed as a default. This will remain on your file for the next 6 years and still will even if you settle it straight away. I have 2 defaults, both of which were settled in the same year, which are still on my file 5 years later and they affect my credit ever since.

 

Hope this helps

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I cannot seem to get my head around when a default will be removed from my credit file.

 

Default Date Feb 2008

Settled Date (will be) Nov 2010

 

What happens here?

What will it show as on my credit report? in 6 years?

 

Will Default be removed in Feb 2014

&

Debt removed in Nov 2016

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It will be removed 6 years after the Default date, so yes Feb 2014. In March 2014 im guessing the debt will drop off your file but if not the default definately wont show and thats all that matters. The only thing companies look at when you apply for credit is the default date. My 2 defaults are due to drop off next November 11

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