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A question about defaults


thegoodgirl
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Hi I have a question that I hope someone can answer.

 

I have received my first credit report from Experian as I was concerned having received Default Notices from a loan and credit card. Expecting to see the word 'DEFAULT' in big black letters all over the show - I was surprised to see that it is merely a number 8-9. I notice on a couple of other accounts the code shows 2 or 3 which suggests that I am behind on payments which is a bit bizarre as I think I am up to date with most so I will investigate those, but with regards to the default thing - pehaps the banks were threatening me with Default but haven't actually entered anything?!

 

Or do different CRA's display the default in different ways?

 

Also, if a account shows as 'settled' how can the payments code still show as 3 (which I understand means 3 months late?) surely once settled this should show 0 again? confusing or what?!

 

any help gratefully received.

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Hi I have a question that I hope someone can answer.

 

I have received my first credit report from Experian as I was concerned having received Default Notices from a loan and credit card. Expecting to see the word 'DEFAULT' in big black letters all over the show - I was surprised to see that it is merely a number 8-9. I notice on a couple of other accounts the code shows 2 or 3 which suggests that I am behind on payments which is a bit bizarre as I think I am up to date with most so I will investigate those, but with regards to the default thing - pehaps the banks were threatening me with Default but haven't actually entered anything?!

 

Or do different CRA's display the default in different ways?

 

Also, if a account shows as 'settled' how can the payments code still show as 3 (which I understand means 3 months late?) surely once settled this should show 0 again? confusing or what?!

 

any help gratefully received.

 

Yes, the agencies do use slightly different codes, an "8" on an Experian file is a default.

 

As to the "3" issue for a settled account:

The "Current Month Status" may be "0" (i.e. up to date) or Settled, but the file will still keep the history of previous months statuses. e.g.

 

ST - 0 - 3 - 2 - 1 - 0 - 0 - 0 - 0

 

means

ST - currently settled this month

0 - last month was brought back up to date

3 - month before that: up to 3 payments in arrrears

2 - month before that: up to 2 payments in arrrears

1 - month before that: up to 1 payment in arrrears

0 - month before that: payments up to date

0 - month before that: payments up to date

0 - month before that: payments up to date

0 - month before that: payments up to date

I'm often a sarcastic SOB and speak my mind (and I don't do PC at all), but I have a laugh as I go. I won't be intimidated, and I don't take prisoners... so live with it, or go get yourself a humour implant :p

 

Copy of Law book from Amazon…£19.95, Refund Request stamp...32p, LBA stamp...also 32p, Court fees...£750.00,

The look on the bank's barrister's face, when they lost the '£25k Mother-of-all unfair charges' cases...(plus his £8k+ of costs)... Priceless!

 

The legal bit: These are my opinions and own view of legislation and process. I accept no liability whatsoever for any outcome as a result of anyone invoking any or all of the advice given - clarify your own personal stuation with an insured legal professional.

Saying that, I've used these methods against many of these corporate crooks:evil: and won hands down!:D

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