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Can settled account have negative effect on credit file?

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13 posts • Page 2 of 21, 2

Re: Can settled account have negative effect on credit file?

Postby chippy1 » March 30th, 2017, 5:31 pm

Debtwizard wrote:Hello Chippy1

If no defaults, missed or late payments showing on payment history, is the mortgage account still seen as a repossession on my credit report and can a mortgage account be a repossession and be up-to-date and fully settled both at the same time?

Am I right in thinking that technically...if the default is now 7 years old and payment status has been added to show up-to-date for the full 6 years before account was closed/repossessed, this should no longer be classed as a repossession on my report, even tho the closed account is still showing due to the settlement date that the Lender has recorded?


Re First question, paragraph one - the repossession(repossession default 7 years old) will no longer be shown on your account as it will have dropped off after six years.

RE second question, paragraph two -I do not know the answer for you, I will see if James Jones can help.

Best wishes,

Mike


Thanks again Mike....appreciate you asking James for me! sorry again for all the questions!
chippy1
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Posts: 14
Joined: February 10th, 2017, 9:32 pm

Re: Can settled account have negative effect on credit file?

Postby Debtwizard » April 2nd, 2017, 10:53 am

Hello Chippy1

RE your second question, paragraph two (posted on the 31st March)

Your question: Am I right in thinking that technically...if the default is now 7 years old and payment status has been added to show up-to-date for the full 6 years before account was closed/repossessed, this should no longer be classed as a repossession on my report, even tho the closed account is still showing due to the settlement date that the Lender has recorded?

Answer: In an email from James he says Experian do not hold details of repossessions. If the default status has been removed then there's no default on his report either. Settled non defaulted accounts appear for six years from the settlement date and include up to six years previous payment history.

This is not affected by any past arrears history or default status that has been removed.

Does that answer his question? If he has further specific questions about his credit report it might be more productive for him to raise a query with our customer support centre so they can see exactly what is recorded. James

Trust this helps,
Best wishes,

Mike
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Re: Can settled account have negative effect on credit file?

Postby chippy1 » April 2nd, 2017, 12:41 pm

Debtwizard wrote:Hello Chippy1

RE your second question, paragraph two (posted on the 31st March)

Your question: Am I right in thinking that technically...if the default is now 7 years old and payment status has been added to show up-to-date for the full 6 years before account was closed/repossessed, this should no longer be classed as a repossession on my report, even tho the closed account is still showing due to the settlement date that the Lender has recorded?

Answer: In an email from James he says Experian do not hold details of repossessions. If the default status has been removed then there's no default on his report either. Settled non defaulted accounts appear for six years from the settlement date and include up to six years previous payment history.

This is not affected by any past arrears history or default status that has been removed.

Does that answer his question? If he has further specific questions about his credit report it might be more productive for him to raise a query with our customer support centre so they can see exactly what is recorded. James

Trust this helps,
Best wishes,

Mike


Hi Mike,

Many thanks....when reading this, it would make sense to just let the account drop off automatically, as it would seem, if no default, no missed payments, no arrears.......then no harm to credit file!; )

Appreciate all your help,

Kind regards
chippy1
DW Junior
 
Posts: 14
Joined: February 10th, 2017, 9:32 pm

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