Accurate Information???

[iancognito]

OK guys would like some confirmation - or not on this one please, also your thoughts and ideas of whether I'm right or wrong.

If you have late payments on your credit file, it shows the number of months late, i.e. january 1 february 2 march 3 etc, if you then catch up and continue paying, april becomes 0 and so it goes on.

If you have a default, it shows as 8 but from my experience, if you then continue paying, the file isn't updated? is this correct? I have only had one recently and I didn't pay that, I disputed the amount and eventually won and had the default removed.

I know that the data shown on a credit report must be accurate and up to date, so can someone confirm that processing does continue after default if payments are resumed?

Also what is the state with payments before a default, does it read 0,0,1,2,3,4,5,6,8 or do all the late payments disappear and just the default show?

I'm happy to receive answers by PM if you would prefer not to post in the forum.

Thank you.

[Paule]

Re: Accurate Information???

I have some defaults on my credit file and various 1,2,6s etc

I will post some of them up here for you to see if it will help

PKea

[iancognito]

Re: Accurate Information???

Cheers PK, it would be helpful

[Paule]

Re: Accurate Information???

OKey Dokey

Here are a few entries fro my Experian Report, not sure that they will help your quest though, as Ive not had a default removed YET, but Ive included Experians Explanation if that helps

[1]11111210000

[0]0DD00000011

[8]

[8]

[6]66666666666


Explanation of Status History from Experian

0 Payment up to date

1 Up to one payment late

2 Up to two payments late

3 Up to three payments late

4 Up to four payments late

5 Up to five payments late

6 Up to six payments late

8 The account is defaulted. You have failed to keep to your credit agreement and have not responded satisfactorily to requests to put
your account in order. As a result the credit agreement has ended

U The lender has not been able to give the account a status for this month. This may be at the start of the credit agreement when the
lender is allowing time for the account to be set up; when the customer has received the goods but payment is not due to start
immediately; when there is a dispute over the payments due or the goods received; or when the account is not being used.

D The account is not being used - no amount is owed

? The lender has not given a status to the account this month - no amount is owed

[ ] Brackets indicate most recent status

[iancognito]

Re: Accurate Information???

That is exactly what I expected, so those defaulted accounts, have payments resumed on them or have they been passed to a DCA, sorry nosey git aren't I but I can't help feeling that this is not up to date and accurate information if further payments have been made either to the original creditor or to a DCA.

[iancognito]

Re: Accurate Information???

Hmm just read the explanations bit at the bottom again and it says the agreement has ended, have to have a think about that one - surely further payments have to be recorded to make the report accurate, any ideas?

[Paule]

Re: Accurate Information???

Well An accurate report, Not sure if there is such a thing IMO.

I know that i have had a couple of default notices of my car finance, but they are not shown on the report, I think they are listed as [D]. The only explanation I have for this is that
In theory the report status should go 1 missed, 2 missed, 3 missed up to deafult, whereas in the real world it can go 1 missed payment, default.

IMHO I dont think that credit reports accuratly state the way accounts are managed not only by the consumer but by the creditor and therefore can gove a false representation either way

Hmm just read the explanations bit at the bottom again and it says the agreement has ended, have to have a think about that one - surely further payments have to be recorded to make the report accurate, any ideas?

This is what I mean that it doesn't work properly.
In real terms if you default on the account you have breached the terms and therefore the creditor ends the agreement.
BUT thats not what they do as they will continue the agreement to keep making money

[iancognito]

Re: Accurate Information???

I have sent a message from teh ICO website so we'll see what they come back with.

I have also asked them about DCA's and whether they should be processing information so the answers should be interesting - if I get any.

[stevokenevo]

Re: Accurate Information???

The whole set up riles me, i too have a couple of '8's on my file. Even though i settled them in full.
I even had one '8' added after i settled an account, but no end of letters or anything resolved the matters. They actually amended the dates to suit themselves after i queried one.

[strangewayofsavin]

Re: Accurate Information???

sorry to simplify, but If you write to a CRA, and dispute the entry, would this not be a legal claim to disputing the debt?
The fact we write to Experian etc. disputing the entry, and they write to ABC bank stating the dispute, and the bank say its correct without providing proof, a breach of the consumer credit act, or the Data protection act?