Credit File and Default Query

[sleslie86]

Hi there!

I was wondering if someone can help me.

I had a default on a personal loan issued on the 27/10/2009

6 years have now passed and I received an email saying my credit file had changed and received the below message! Hooray!!

27/10/2015	Credit Agreement New/Deleted
There have been changes to the following Credit Agreement in your credit file. Deleted Credit Agreement Summary Company Name Account Type Account Number Previous Information LLOYDS TSB PERSONAL LOANS Loan XXXXXXXX5959

Problem though. Lloyds sold the debt to Lowell's which I am paying back an amount monthly to them... this is still showing as in Default under my current address... see below:
Loan from Lowell Portfolio 1 Ltd (I) / XXXXX2246

Mr xxxxxxxx	xx/xx/xxxx
0 @ £ 0 (Monthly)	Defaulted
£ 4,054	£ 0
£ 0	£ 4,527
29/12/2007	21/10/2015
27/10/2009

Why is this still on my account seeing as though it has been over 6 years since the default marker was placed on my file? I was told that 6 years and it's deleted, regardless as to whether it has been sold to a DCA or not... when is this likely to get removed?

I'm really peeved with this as I was hoping to start afresh in 2016 and possibly start saving for a mortgage - and this is still hanging around like a bad smell..

You help would be appreciated.

Thanks

[MIKE770]

Re: Credit File and Default Query

next report and it should not show it only ran out on the 27th october 2015 and only 28th now!? Possible answer?

mine took a month after i.e. new report to show gone!

[sleslie86]

Re: Credit File and Default Query

Ok thanks - I was reading some other threads and even though the loan was sold to a DCA, the loan/default transferred in to their name when I agreed to make payments, this shouldn't reset the default for another 6 years. Therefore, even though it's in Lowell's name, this record should still drop off after 6 years from date of default - is that correct?

As you say, it took about a month for you to show it disappeared, so hopefully that will be the same for me.

[nemesis45]

Re: Credit File and Default Query

This is only the 28th the default date anniversary was yesterday
it can take up to 3 weeks for files to be updated as the last update
on the file seems to have been 21/10.

Patience!

nem

[sleslie86]

Re: Credit File and Default Query

I am only posting this thread today because I had an email from Equifax.
Equifax told me via email that my credit file had changed and on my credit file alerts, it that told me that it had been deleted (as shown above) - sorry this is not out of impatience but curiosity. Thanks for clarification, I'll check next month to see if has fallen off.

[judgemental24]

Re: Credit File and Default Query

All my defaults dropped off after the next monthly update with the credit agencies, normally 1st of each month

[sleslie86]

Re: Credit File and Default Query

All my defaults dropped off after the next monthly update with the credit agencies, normally 1st of each month

Ah, but had your defaults transferred from your original lender to a DCA, or were they just defaults with your original lender?

Mine have transferred to a DCA and the credit agreement that Equifax told me that had "been deleted" was the settled account (settled as in settled when the debt transferred to Lowell) with the original lender, in my case, Lloyds.

[nemesis45]

Re: Credit File and Default Query

Ah, but had your defaults transferred from your original lender to a DCA, or were they just defaults with your original lender?

Mine have transferred to a DCA and the credit agreement that Equifax told me that had "been deleted" was the settled account (settled as in settled when the debt transferred to Lowell) with the original lender, in my case, Lloyds.

A debt purchaser only updates the original creditors data.

CRA's update files as near to the 6th anniversary of the default date, sometimes overnight on the day of the anniversary.

nem

[sleslie86]

Re: Credit File and Default Query

Okay thanks, so the credit agreement that I see as showing under "Current Address"

[D] Loan from Lowell Portfolio 1 Ltd (I)/ XXXXX2246

... will eventually drop off in the next month or so...

[nemesis45]

Re: Credit File and Default Query

Okay so the credit agreement that I see as showing under "Current Address"

... will eventually drop off in the next month or so...

Any defaulted entries will be removed on or just after the 6th anniversary of the default date,
there appears to be no actual fixed time general updates on credit files.

nem

[sleslie86]

Re: Credit File and Default Query

Thanks for all your help on this. I will keep a close eye on it and re-post if it's still showing in 2 months time or so..

[nemesis45]

Re: Credit File and Default Query

Thanks for all your help on this. I will keep a close eye on it and re-post if it's still showing in 2 months time or so..

It will go!
nem

[Nibbler]

Re: Credit File and Default Query

The 3 CRAs do things slightly differently.

- Experian remove entries at midnight at the end of the day which is the 6th anniversary.

- Callcredit generally remove from their main database the same as Experian, or sometimes occasionally a little before.

- Equifax usually remove sometime between on the dot, and 3 weeks after the default anniversary. It's nothing to do with any creditor or report update, but just that their systems process them differently.

So as this is obviously Equifax, can have one entry drop rapidly and have to wait a while for another. It's just their systems being a bit crap catching up with one and not the other.

If it's still there in 4 or 5 weeks, then complain.