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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?
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?
