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Settled Or Satisfied? That Is The Question...


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"Whoops! I missed a payment...."

 

"I have a default and Ive paid it off, but I'm seeing Partially Satisfied... Why is it showing this?"

 

Many questions have been raised about Credit Files. A lot of confusion exists about how to interpret elements of a CR (Credit Report)

However, don't fear, the wonderful people at Experian have helpfully explained when you should see "Settled" or "Satisfied" on your CRA Report.

 

A settled account is one which you have made all the necessary payments to and which has been closed.

 

This includes accounts that have been subject to arrears but not defaulted.

 

An account ‘in default’ is one where you have not been able to keep to the terms of a credit agreement

When the account is paid in full, the information will be updated to read "Satisfied"

 

So if you default on an account, once paid off this will change to "Satisfied"

 

Please remember that when negotiating a Payment Plan at a discounted rate, the Creditor has the legal right to change this status to "Partially Satisfied"

Settled Vs Satisfied.pdf

 

We could do with some help from you.

 

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

**Fko-Filee**

Receptaculum Ignis

 

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