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Lowell & CRAs

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  • Lowell & CRAs

    Hi there, I've been paying off my debts with Lowell for well over a year now, yet I thought that paying off my debts with then would show in my credit report (even improve it), they even state that "However, as soon as you start making payments or clear the account, we will update the credit reference agencies to ensure your files reflect this. Once the balance is cleared the account will be marked as satisfied, or partially satisfied."

    I thought that by paying a monthly payment to them, this would show in my credit report. I use Equifax and when I go in to the financial agreements part, it shows the debt has transferred to Lowell, but all it shows is a red block with a D for Default in the current month or the month it was last updated?

    Am I being naive or are Lowell not living up to their claims?
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  • #2
    Re: Lowell & CRAs

    Once an account is defaulted the monthly status stays at a D (or 8) for default from then onwards.

    Status codes showing either up to date, or 1,2,3,4.... payments in arrears etc, are something that only apply to accounts that have not been formally recorded as a default yet. Reason being that the status codes reflect how you are paying in relation to the original agreement. Once defaulted that original agreement has ended, so the status is just D from then onwards.

    Payments status in respect of an informal agreement reached with a debt collector is not something that is displayed on credit files.

    The updating of the credit report that Lowell are probably referring to is that if you are paying back then they should be updating the current balance to reflect the fact that it is reducing. However that would be the only change. The status codes themselves stay at a D.

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    • #3
      Re: Lowell & CRAs

      Absolutely correct.

      Unless you have entered in to a formal arrangement to pay which will result in AP marker on the credit file perpetually, and the account will remain on display until paid off.

      This is as bad as a default in effect if not worse.

      Comment

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