Rules on reporting overdraft arrears?? 17months credit file entries after "breakdown"

[monk_fish_]

Hi,


On my credit file, Halifax have continually registered "late payment" on an overdraft facility over a 17 month period before selling the debt and registering it as "partially settled".


This means the effective time for the debt to "fall off" my credit report has been extended by over a year.


This is not a true reflection of the account, since no payments were made by myself during this time.


At some point (after 6 months??) they should surely have registered a default.


Can they even sell the debt on without officially defaulting the debt first?


Does anyone know how I can get this amended? What are the rules for reporting and defaulting on overdrafts? :-x


Thanks in advance.
:santa2:

[monk_fish_]

Re: Rules on reporting overdraft arrears?? 17months credit file entries after "breakd

I have written to Hfax asking them to ammend before I make a complaint to the ICO.

Lets see what they do.....

[nemesis45]

Re: Rules on reporting overdraft arrears?? 17months credit file entries after "breakd

ODs are not the same as regulated agreements and are treated differently.
No default notice is issued but a Final Demand for payment is used instead.
It is basically up to the bank to recall the OD as they see fit by giving the final
demand for payment.
There is no specific notation available I think in the CRA system to describe an " unserviced OD so I expect the LP is the nearest marker available.
The one thing I don't understand is the " partially satisfied" note.

Who has the debt been sold to?
What shows now on CRA files?

[monk_fish_]

Re: Rules on reporting overdraft arrears?? 17months credit file entries after "breakd

Payment History
This table shows how you have kept your account over time, for information about individual months pass your mouse cursor over the coloured block

Customer Account Update

PARTIAL SETTLEMENT	Payment received as a full and final settlement although the payment would not fully clear the balance.

[monk_fish_]

Re: Rules on reporting overdraft arrears?? 17months credit file entries after "breakd

Surely there must be a cut off point, otherwise they could report this forever in theory..........

[nemesis45]

Re: Rules on reporting overdraft arrears?? 17months credit file entries after "breakd

The method of reporting and the timescale for doing so is much dependent on the type of account and the creditor.
When to recall an OD is in the creditors hands.
Unlike a loan account when regular payments are contractually required which if missed will lead to action from the creditor there is no regular payment schedule.

If you believe you have been unfairly treated you need to make a Formal Complaint to the creditor and place a notice of correction/dispute on your CRA files.

nem

[monk_fish_]

Re: Rules on reporting overdraft arrears?? 17months credit file entries after "breakd

So you are saying they can do this indefinitely...................

They could continue to report until a debtor dies.............

I think the ICO will have another opinion as to what constitutes fair reporting.

I have written a formal letter. I m waiting for the response.

[nemesis45]

Re: Rules on reporting overdraft arrears?? 17months credit file entries after "breakd

The ICO is the regulator to report the matter to if you believe that the reporting is wrong in any way.

The ICO's Guidance (note this is only Guidance) changed in 20i4 on the use of "markers" such as LP's.

So be very clear on what you believe is wrong.

To who have you written?

[Nibbler]

Re: Rules on reporting overdraft arrears?? 17months credit file entries after "breakd

ICO 'guidelines' that applied in 2010 were:

http://www.experian.co.uk/www/pages/...n_defaults.pdf

See section 15 on overdrafts.

You can also complain to the FOS regards reporting on your credit files that you regard as unfair.

I assume the above is from an Equifax report, but for comparison these are the arrears codes that should be adhered to on Experian where "8" is a default.

[monk_fish_]

Re: Rules on reporting overdraft arrears?? 17months credit file entries after "breakd

SORTED!

Halifax have deleted now deleted this entry. I would avise anyone in a similar situation to pursue this matter.
Logic dictates that a creditor cannot "fairly" report indefinitely after the breakdown of an account.

Thanks for the advice everyone who posted replies

[2247bspl]

Re: Rules on reporting overdraft arrears?? 17months credit file entries after "breakd

SORTED!

Halifax have deleted now deleted this entry. I would avise anyone in a similar situation to pursue this matter.
Logic dictates that a creditor cannot "fairly" report indefinitely after the breakdown of an account.

Thanks for the advice everyone who posted replies

A great success - well done. However, could you please clarify how action was taken so effectively? Did you write to the ICO or just the Credit Reference Agency \ Halifax?

[nemesis45]

Re: Rules on reporting overdraft arrears?? 17months credit file entries after "breakd

Well Done!!

nem

[monk_fish_]

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