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Equifax tips for consumers

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Maybe confusing this with a late payment marker ?


Have a happy and prosperous 2013 by avoiiding Payday loans. If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.Before you decide,consider the users here who have already offered help and support.

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Maybe confusing this with a late payment marker ?

 

Sounds possible.


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I see you are confused if you receive a default notice and rectify

the default within the time scale allowed there will be no default

to record.

 

With respect I am NOT confused whatsoever and much more conversant that you might imagine!

 

Financial institutions enter data on CRA's around a month in arrears. We are talking here about already entered data so it's going to be a couple of months old at least. Pay it off by all means however the debt will remain on the CRA file for all authorised users to see and whilst marked as 'satisfied' it WILL remain showing as a 'Default'. The usual 28 days is often simply not sufficient to pay the outstanding funds for closure. You might consider carefully before taking such an entity to County Court if they will not remove such an entry because there's a potential 'Catch 22' resolution to it if the notice is simply 'dificient'.

 

One should also be aware that for example a bank might allow you further time to pay a fixed loan. The loan will begin to show (entered) on CRA files as in arrears. When the marked time expires it will simply become marked as a 'Default' even thought you might still be paying them back, (albeit) at a lower rate. Normally 'Defaults' are finalised because individuals have simply not the funds to rectify the issue in time and normal procedure will mean a 'Default' will be entered - You'll be aware of the situation by whoever you owe the outstanding funds to although they might not mention they'll be detailing your payment history on a CRA.

 

'BRIGADIER2JCS' I was under the impression that you were aware of this basic 'procedual' course/manner of events regarding CRA's and the entries made 'freely' by financial institutions, aka 'their clients'. My sincere apologies as I was unaware you were obviously not on this occasion, misunderstanding my reply.

 

Michael

Edited by InformedSearcher

When I was young I thought that money was the most important thing in life; now that I am old I know that it is. (Oscar Wilde)

--I like to be helpful wherever possible however I'm not qualified in this field. I do consider carefully anything important (normally from personal experience) however please understand that any actions taken are at your own risk--

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well then that gives you 2 mts to sort it then! by your theory........

 

the default wiull not be put through until you FAIL to recify the 'default' balance by their [+14 working days] deadline.

 

i thnk you are actually talking about LATE markers here.

 

they will record those regardless of what you do as you ARE 'late' paying

 

the same goes with over limit markers, there's nowt you can do to stop it.

 

most cra's operate an automatic policy ofmarking a file 'D' or '8' after 6 such successive makers.

 

dx


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Agreed DX,

Michael, Why shouldn't the crditor mark

your file with a default when as DX quite rightly

says according to your theory you have had

2 months to rectify the default.

Any variation of the ''agreed'' amount payable

either reduced payment or late payment constitutes

a default on said agreement.

You should also note that the ''procedures'' on placing

defaults, over limit and late payment markers varies

quite considerably between financial services companies,

card providers and banks etc.


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Hmm, I'm sure I said all that and understood exactly by my last post.

My point is (forget the late markers) the time when the Default itself is entered. Many people probably do not realise the late payments are even marked on CRA files in the first place and are not often the reasons for rejected applications. Plainly the 'Default' is what searches throw up and are quick to spot and then you do get a failed application, often panic, look at your CRA file and find it's going to be a serious burden for the next 6 years.

Michael


When I was young I thought that money was the most important thing in life; now that I am old I know that it is. (Oscar Wilde)

--I like to be helpful wherever possible however I'm not qualified in this field. I do consider carefully anything important (normally from personal experience) however please understand that any actions taken are at your own risk--

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Hi

 

Regarding credit checks. I've just checked mine wih Noodle.co.uk and all clear. No mention of any CC debt. They tell you tat if there is no details of a company it may be because they haven't sent their details to Noodle. How will I know if it's on another credit ref agency file? Would I have to ask OC who they use?

Thanks

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I doubt the OC would tell you, Call Credit( Noodle) is not

widely used by major lenders.

You should check Experian (Credit Expert) and or Equifax

both have 3o day free trials.


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Just found that on the moneysavingexpert.com a helpful list of major companies and which credit reference agencies they use. Hope it helps everybody. You just type in name of Co (M & S in my case) and it told me they use Experian and Equifax. Yippee :lol:

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Just found that on the moneysavingexpert.com a helpful list of major companies and which credit reference agencies they use. Hope it helps everybody. You just type in name of Co (M & S in my case) and it told me they use Experian and Equifax. Yippee :lol:

 

This list has been around for sometime, but the major lenders flit around sometimes using on exclusively or the any

combination, it seems sometimes to vary on the type of account, which is why when an individual is declined credit

they are advised to ''check their credit files''.


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Just found that on the moneysavingexpert.com a helpful list of major companies and which credit reference agencies they use. Hope it helps everybody. You just type in name of Co (M & S in my case) and it told me they use Experian and Equifax. Yippee :lol:

 

Could you post the link to this please ?


Have a happy and prosperous 2013 by avoiiding Payday loans. If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.Before you decide,consider the users here who have already offered help and support.

Advice offered by Martin3030 is not supported by any legal training or qualification.Members are advised to use the services of fully insured legal professionals when needed.

 

 

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Hi

 

Not quite sure how to paste but I just typed in search box "which credit agencies do companies use" When I got the links I saw one on the moneysavingexpert web. It went directly to the page. Then just pick an agency and type in name of co yr having trouble with and it tells you which one they use. If you have any problems go straight onto moneysavingexpert and search their site on search box. Sorry I can't be much more help but not very computer literate!

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PS If I haven't explained myself very clearly give me the name of Company and I'll look it up directly as I have saved this site on my favourites.

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Ah yes.Found it now .

 

http://www.moneysavingexpert.com/cards/credit-reference

 

Although this is from 2007 as has been mentioned so maybe there have been changes.


Have a happy and prosperous 2013 by avoiiding Payday loans. If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.Before you decide,consider the users here who have already offered help and support.

Advice offered by Martin3030 is not supported by any legal training or qualification.Members are advised to use the services of fully insured legal professionals when needed.

 

 

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I had a default removed by equifax. Will al cra remove the default?

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No, not unless the company that placed

the entry agrees, the CRAs cannot unilaterally

remove or change entries.


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No, not unless the company that placed

the entry agrees, the CRAs cannot unilaterally

remove or change entries.

 

How cum equifax can remove the default but the rest will not?

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How cum equifax can remove the default but the rest will not?

 

Quite simple they will have investigated/made enquires of the

company that bplaced the entry.


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Quite simple they will have investigated/made enquires of the

company that bplaced the entry.

so wud I hav 2 join experian and the other cra's individually and ask them 2 remove the default? It was no fault of my own :-(

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You MUST contact the company that placed the default first!!!!!!!!!!!!!!!


Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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style="text-align:center;"> Please note that this topic has not had any new posts for the last 1729 days.

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