- Mon Jun 19, 2006 12:14 am
clarkeee5 wrote:There is a default balance and a current balance and most of them are different figures, not by much but which one do I go by , what do they mean??
One credit collection has marked satisfied on the current balance, but has a note of 'Partial settlement' - what does this mean??
I'll have a go at answering this for you, but I'm not by any stretch of the imagination an expert at interpreting these.
Looking at my own file....When an account falls into arrears and the creditor issues a default notice, then unless it's brought up to date within the stated period, your Credit Reference File will have a default registered with the balance that was outstanding at the time. If any payments or part-payments are subsequently made, these will then be deducted, so that the 'current balance' is the figure still owing after the most recent payment has been notified to the agency.
I'm not sure about 'Partial Settlement', because I haven't got actually got one on my file. I would assume it occurs as a result of the creditor accepting part-payment in lieu of the full outstanding balance. Satisfied accounts are retained on file I think for only three years after the date of last payment, but I've honestly no idea whether a 'Partial Settlement' would count as adverse information or not.