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Removing default marker.

Help and discussions for strategies to get out of debt
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Joined: December 4th, 2016, 10:05 am

Removing default marker.


Postby lefthanded » February 22nd, 2017, 11:15 am

Does anybody know exactly when a lender is obliged to remove a default marker from the credit agencies given that the account is no longer in default?

I was in a default situation on a secured loan which reached three payments in arrears a few years ago. With hard work (and some sacrifices) I have now paid all the arrears - in fact I am roughly a quarter of a monthly payment ahead and have been so for more than a month now. But my Experian file still shows the account as "D" (in default). How long would you suggest I wait before I start to shout, scream and stamp my feet?


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Re: Removing default marker.


Postby chas49 » February 26th, 2017, 6:21 pm

Have a look at this Experian guide if you haven't already. ( ... n-YCRE.pdf)

The table below explains what the status codes shown
in your status history mean. The code shown against settled accounts relates to the period before these accounts
were settled

0 Payments are up to date
1 Payments are up to 1 month late
2 Payments are up to 2 months late
3 Payments are up to 3 months late
4 Payments are up to 4 months late
5 Payments are up to 5 months late
6 Payments are 6 months or more late
D The account is not being used and nothing is owed. The lender has not been able to provide information on the
payment history for this month.
The lender cannot give the account a status code 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 you are waiting for goods to be delivered,
when you have 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. An active account is one that is still
open. We keep a record of active accounts until they are settled and then for six years afterwards.

From this it doesn't look as if a "D" status means default - can you clarify (with suitable details removed if necessary) exactly what you're seeing?

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