• Welcome to the LegalBeagles Consumer and Legal Forum.
    Please Register to get the most out of the forum. Registration is free and only needs a username and email address.
    REGISTER
    Please do not post your full name, reference numbers or any identifiable details on the forum.

Mortgage account removed from credit report just 1 year after defaulting

Collapse
Loading...
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Mortgage account removed from credit report just 1 year after defaulting

    Does anyone know the intricacies of reporting to CRAs specifically wrt mortgages? I read somewhere that a mortgage default is recorded on one's credit report only if the property is repossessed and sold on. What about if it was repossessed but then handed back?

    My property was repossessed, but the lender agreed that they would hand it back to me if I was able to come up with the funds to pay the balance in full. I was able to do so within about 8 weeks and they kept their promise. Obviously, a default was recorded on my credit report on the date of the eviction and the account has shown every month until this month, a year after the balance on the account was reported as zero. The mortgage has now completely been removed from the account information on the report.

    I thought the account would remain on my credit report until 6 years after the default date. Is it anything to do with the fact that because there is no longer a CML Possession Register, a default on a mortgage indicates that the property was repossessed and sold on, which would be misleading in cases where a person got their home back?
    Tags: None

View our Terms and Conditions

LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.


If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.
Working...
X