Information to help you deal with your CRF's

Moderators: TalbotWoods, JaneClack

By splodge109
#463243 Hi there

Firstly, my apologies if this has been answered elsewhere. Unfortunately, i can not find it, so thought I would ask.

In brief, my wife and I entered into a Debt Management Plan (DMP) in 2009 after losing our jobs. We used a company called Byrom and Keeley who arranged all of our debts and spoke to our creditors to agree to the new terms and repayment amounts. Since then, this has been reviewed every 6 months with no payments missed and has run as expected. We are slowly repaying our debts

My question is that on looking at my Equifax credit rating (287 - Poor) it seems that Natwest have registered a default every month, since 2009, even though they have agreed to the DMP. Can they do this as it seems excessive and as we have agreed new terms and they have accepted the new payments for the last 5 years is it fair to call it a default?

No other creditor has done this and I want to know if I can get my credit report file adjusted to show the new payment plan rather than a default?

Interestingly, my Experian credit report is excellent (994!!!)... so I am truly baffled.

Thanks in advance for your help

Kind regards

:-) Splodge
User avatar
By TalbotWoods
#463273 Hi Splodge

IGNORE the scores, they are only indicative anyway!

The D will show each month on Equifax as it just indicates that the account is defaulted, and remains in default. It is not a new default each month.

If you had 10 accounts showing with Equifax and all were defaulted in Jan 2009, then from Jan 2009 UNTIL the account falls off, then the D will be repeated. It is just how Equifax do it, Experian do it differently, and so do CallCredit.

You need to look a the written bits, it will show the date of default, so that means the account will drop off the CRF, six years from that date.

As to the difference in scores, not all creditors report to each CRF, sometimes public information is missed off, sometime there is a hic-cup with electerol information, all these and many other factors can effect your score

Tim
By splodge109
#463373 Thanks for this, I stupidly assumed they kind of followed the same process and had roughly the same functionality...

Is the only answer to rectify the default? Another assumption is that I thought I had done this by re-negotiating and agreeing a new payment plan?

This raises another important question - Does the CRF only go off the original agreement?

Have I got a leg to stand on in debating this with Natwest, or is it a case of clear the debt and my CRF will be rectified?

Apologies if I am not asking the right question, but I don't know which one to ask...

Thanks for your help - at last straight answers!
User avatar
By TalbotWoods
#463403 If they have issued the original default correctly then there is very leeway in getting it removed.

The default occurred because your failed to keep to the original terms of the original agreement.

Even if you paid it all off tomorrow the default would normally still be showing until 6 years from the date it was issued.

Once again, with regards the different scores I would emphasis not all creditors report to each CRF, sometimes public information is missed off, sometime there is a hic-cup with electerol information, all these and many other factors can effect your score, on each different CRF