How long it takes before a CRA gets updated? Also can I apply for a bank account in the meantime?

[mariann]

I have now settled all my debts in full, and would like to know how long it takes for the CRAs to mark my file as satisfied? Is there a legal requirement to do it within a certain time period? I was told by one of the DCAs that it's up to 50 days but it seems ridiculously long to me.

 

Also, can I apply for a basic bank account while the updates have not been done?

 

Any info would be grately appreciated.

 

Mariann

[citizenB]

There should be no problem with you applying for a basic bank account at any time. I understand the Co-op are pretty good.

 

It might be wise to wait for a few more responses though:)

 

As for how long creditors take to update Credit reference files.. I agree, 50 days appears to be an unreasonably long time.

 

I will flag your query for site team.

[dx100uk]

wont matter a jot if the F&F gets marked as 'partially settled'

 

going by the op's other thread

 

dx

[MARTIN3030]

No way is it 50 days. Quite often they will say that it is down to the CRA-dont believe that. DCAs have direct access to CRA database and so can do it themselves. Update cycles vary but often they are done at 30 days. Which DCA told you this ?

[mariann]

Lowells told me this.

 

I also called Experian and they did say the DCA can update it themselves, but they also confirmed that it can take up to 50 days and that there is no legislation to say how long they can take which is ridiculous.

 

I cant get my credit report at the moment as I do not have a UK address so will get it, when back, and will chase them if needed. The DCAs can actually update it themselves as well, so they have confirmed that but they said it takes so long because it's not a priority once settled the debt with them they don't care.

 

There should be legislation in place though.

 

Also, the whole thing of getting into debt should be looked into. If I have a $200 debt, for example, and I can not pay, the bailiff can take my things, apply charges, storage, sell items at a fraction of the price so can cause a lot more damage than the $200. So people who are in debt are dragged down even more and what is the point of that?

 

When statistically most people who get into debt will end up in debt as a result of divorce, illness or loss of employment. The system is ridiculous.

 

And this is the attitude that has got us into this situation economically as well. Irresponsible lending, and dragging down people who are in debt.

 

Anyway.

 

Mariann

[MARTIN3030]

Maybe you should ask WHY it takes them 50 days.

 

If it can be proved and shown that their updating cycles are less than this,then I would look at taking them on.

[mariann]

I have now been in contact with Lowells, as two debts I have settled in Oct 2011 are still not updated on the credit file.

 

One is a bank the other one is a mobile phone company.

 

Lowells suggested they send me a letter which they did and that I send that to the respective companies to update the files. I am however thinking that it would be Lowell's job because I have settled the debt with them.

 

I am just wondering if there is anything I can do or make a complaint as this seem to be dragging on for a long time now...

 

Many thanks

 

Mariann

[mariann]

I am still dealing with the same issue I need my credit file to be updated by Halifax and T mobile. I have paid both debts via Lovells. They said it's the two companies, Halifax and Tmobile that have to mark the credit file satisfied.

 

I have written emails, letters to no avail and these debds have been settled in Oct last year so it is dragging on. Any advice on what I should do?

 

thanks a lot

 

Mariann

[cerberusalert]

Have they still updated your credit file since but not added that they are satisfied?

[dx100uk]

if lowlife is shown as the owner

 

then they are the ones that can change it.

 

end of

 

the oc's will not want to know

 

next step is sar the oc

 

and get reclaiming too

 

dx

[mariann]

Well, I am looking at my credit report from Experian and it says HALIFAX, current balance is xxx pounds. Lovells sent me a letter saying it's paid which it is but it still shows as outstanding debt.

 

 

On the Equifax file, the same amount from HALIFAX is still outstanding, plus there are two entries with regards to another debt, one from Lowell showing as settled, and one from T mobile showing as a debt still.(for the same debt)

 

I have contacted Lowell and they said I need to contact the oc which I did by phone, email and recorded delivery enclosing a copy of my credit file but there is no change.

 

thanks

 

Mariann

Edited February 29, 2012 by mariann

[dadofholly]

You need to speak to the OC direct.

 

As for a bank account - the COOP will do a basic bank account called a cash minder account. Make sure you ask for a Cash Minder account,e or else thy will do all the normal checks for a standard current account - for which you will probably be turned down. The person you deal with may not tell you about the Cash Minder account - so it helps to simply ask for one.

[mariann]

Thanks for this

 

I have a cashminder account now taht is sorted.

 

I will call the oc and deal with them directly. the problem is that I have done this before and noth ing has been resolved..

 

What someone suggested was also, that I apply for a savings account that comes with a debit card, in order to build my credit rating and that these show up on the credit search while the casminder account doesnt.

 

So I am wondeirng wherther someone can suggest an account I can apply for and will get with a bad credit rating as I am looking for one but can not fine one...

 

thanks

 

Mariann

[dadofholly]

Thanks for this

 

I have a cashminder account now taht is sorted.

 

I will call the oc and deal with them directly. the problem is that I have done this before and noth ing has been resolved..

 

What someone suggested was also, that I apply for a savings account that comes with a debit card, in order to build my credit rating and that these show up on the credit search while the casminder account doesnt.

 

So I am wondeirng wherther someone can suggest an account I can apply for and will get with a bad credit rating as I am looking for one but can not fine one...

 

thanks

 

Mariann

 

Your cashminder account will show on your credit file - give it a couple of months or so. A savings account, however, will not.

[mariann]

Thanks for this reply.

 

So is it better to have more accounts that show? In other words, shall I open more and reduce the nunber of savings accoutns?

 

What else can I do to imporve my credit rating quickly do you know?

 

Thanks

 

Mariann

[mariann]

Thanks for this.

 

So yes I can SAR them, but how is that going to help?

 

thanks

 

Mariann

 

if lowlife is shown as the owner

 

then they are the ones that can change it.

 

end of

 

the oc's will not want to know

 

next step is sar the oc

 

and get reclaiming too

 

dx

[cerberusalert]

What else can I do to imporve my credit rating quickly do you know?

Martin Lewis wrote an informative page; http://www.moneysavingexpert.com/loans/credit-rating-credit-score#improve

 

So is it better to have more accounts that show? In other words, shall I open more and reduce the nunber of savings accoutns?

Opening or applying for too many a/cs could have a negative impact. It could look as if you are desprate for credit.

[mariann]

There is a section I am reading from the link you have suggested:

 

"Dealing with defaults on your file.

One of the major problems people face are debt defaults on their file, these can easily hamper applications to get new credit and if they're genuine and fair are tough to deal with. Firstly check with the other agencies that the deafult is there too, then try the following tactics, especially if the default is unfair."

 

 

 

 

My question is what are defaults?

[cerberusalert]

It's a marker on your credit file to show that you are in arrears.

[mariann]

OK well I've paid everything so it should be fine