Closed and Settled Accounts

[bigshoes...bigsocks]

Granted it's Noddle, but the closed accounts listed on Noddle just show settled - and not whether they were in default or satisfactory. Provided a closed account shows as settled (regardless of how the account was run) does it have an effect on one's credit rating?

 

BSBS.

[dx100uk]

nope

 

dx

[BRIGADIER2JCS]

Often a ''settled'' entry means that a debt purchase company has bought the debt so as far as the OC is concerned it is ''settled''.

[bigshoes...bigsocks]

I agree. I suppose what I was getting as was I have a couple of defaults on credit file - if I pay them off either in full or F&F and ensure they are marked settled, is a 'settled' account any better then a default? and the only closed accounts I have both say 'settled' - is that the norm for all accounts closed or does a closed account with no late payments ever state something else, such as 'closed' - or do they state 'settled' too?

 

 

BSBS.

[BRIGADIER2JCS]

''Satisfied'' is used mostly to show that a default has been remedied, ''Settled'' when the account is sold or closed.

[bigshoes...bigsocks]

So settled is better then satisified?

[BRIGADIER2JCS]

Technically yes eg one pays off a loan on time no problems it is settled, pay off a defaulted account the default is satisfied.

[dx100uk]

trouble is though

 

it appears to me that there is no 'standard' the cra's have to adhere too?

 

i've got more than 100 cra reports from all three of the major agencies dating from 1999 till today

 

some use satisfied on the accounts status, some use settled. fo the same account name/number

 

its a bit like how they show markers, they are all diff with differing symbols

 

thats how it seems to me.

 

dx

[BRIGADIER2JCS]

The above was the answer given to me by a CRA Data Controller, seems to be the most often used format.