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MrHat

Effect of a default on Credit File

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Hi - I have been sorting out my finances for the last few years and am now debt free. My Noddle credit report now only shows two things (open accounts):

 

1. Bank account with overdraft and with no negative data whatsoever

2. Default which expires next August (6 years) on credit card for about 1.2k - Arrow Global

 

On my closed accounts:

 

1. A few mobile phone contracts will no negative data

2. Graduate loan (paid off) with no negative data

3. The closed MBNA credit card with a default - same debt at point 2 in 'open accounts' (assigned to Arrow)

 

The Credit card sebt was all charges and fines so I am not paying it and have won in court (their claim was stuck out). I understand that the default will remain though.

 

My question is: At the moment by rating on Noddle is the lowest possible (1/5). It must be due to the default mainly. Should I expect a signifiacnt improvement in rating when this drops off and will I be able to get credit more easily?


CAG has helped me so much since I joined. Based on what I have learnt from others on here and my own experiences, I try to chip in and help others from time to time. I am not an expert and give my opinion only. Always check with the more experienced CAG members before making important decisions.

:-)

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Hmm, so can you not get the default removed if the claim was struck out ?

 

I think once the defaults drop off then creditors will need to see some credit which is being managed correctly. It has been suggested that one obtains a credit card which is used to say buy your weekly shop rather than cash/debit card.. but then pay the full balance before the due date in order to avoid interest being added.

 

You would need to be very strong and not use the card for anything else. Once you have built up a credit reputation again.. then credit should be more easily obtained and at better rates.

 

Under no circumstances take out a PDL - the way Experian intend to report on these in the future .. that even if you repay the PDL immediately.. it will create a stain on your record for 6 years. Plus mainstream lenders are apparently not looking to lend to anyone who has had a PDL in the past.


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Emmm who has told you the default entry must remain?

I personally would not rely on Noddle, check one of the 2 main agencies that are usually more up to date.


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Well nobody told be that it has to remain but I figured that it wouldn't be removed automatically simply due to a strike out following a claim form being served.

 

I suppose I could try and see if Arrow/MBNA will remove this but I'd imagine that they won't be rushing to help and it may just be worth waiting...

Edited by MrHat

CAG has helped me so much since I joined. Based on what I have learnt from others on here and my own experiences, I try to chip in and help others from time to time. I am not an expert and give my opinion only. Always check with the more experienced CAG members before making important decisions.

:-)

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You have now a very good reason for a ''gesture of good will'' in regard to removal of the defaut entry.


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Is there a set time for a debt company to put a default notice on a credit reference site?

 

Lowell have put a default notice on my file recently.The date of default on the notice is 2009.

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Lowell will have updated an original creditors entry on CRA files when they bought the account, the default date must remain the same, Lowell cannot actually default the account.


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