Information to help you deal with your CRF's

Moderators: TalbotWoods, JaneClack

By Gemma
#295083 We have partically satisfied two debts but its only an extra £130 to fully satisfy them.. Which is better? My credit is fine, these are my partners debts, how long will it take for his credit file to increase and will it be any quicker if we fully satisfy them?

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By TalbotWoods
#295093 Hi Gemma

Not quite so easy to answer.

If the partial settlements are relative new, then offering to pay the difference and get them marked settled is one way of doing it, if the original creditor agrees.

If they have now closed the accounts, they my no longer have access to the information, or may have claimed against their loss systems, so cannot change them.

If they are old accounts they will have defiantly closed the accounts and may not even own them any more, so cannot alter the CRFs entries at all.

As the the entries on the CRAs, they remain there until 6 years has elapsed from the original default dates, and if you are looking for major credit such as a mortgage, the scoring system they use looks for any past blemish, so defaults will be picked up if within the past 6 years.

So to 'tidy' the CRFs offing to pay the balance may help, if the original creditors are able legally to change the status (depending on age, etc) which 'may' up credit scores (dependant on scoring systems used) but for major credit it will only have a minimal effect on their scoring systems.
By Gemma
#295113 Thank you.. We only settled last month, so hoping theyll allow us to pay them in full, we do eventually want a mortage.. so is it 6years after the original default of the credit or from when it was paid off?
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By TalbotWoods
#295133 Hi Gemma

If they are that new then they will still have the accounts.

Six years form the default date