IVA and the credit report.

[Devilish]

Hi again,

IVA's been finished for a while now, 2 months or so, and i've been clearing up my credit reports.

My IVA is already over 6 years old, so there's no issues there...except one.

All my defaults are gone, score is reasonably high, BUT....My IVA is still on both equifax & experian's records, and i'm not quite sure why.

I'm not on the insolvency register, that's gone too. I sent my certificate of completion to both, and was told they can't remove it - only the insolvency service can. Is that correct - and did the IS simply forget to do it or something?

Thanks,
Rich

[Foggy]

The Matrix will know -- hopefully he will see this. But, as far as I know the IS only worry about their own register, The CRA's are generally happy with sight of the completion certificate. But, I stand to be corrected.

[TheMatrix]

Rubbish, the CRA can and should update your credit file on receiving a copy of your Completion Certificate. It is valid document which shows their data as inacurate and out of date, the CRA should also have a record of when it was removed from the insolvency service.

It sounds to me as though the IVA has not been marked as completed at the CRA. If it is marked as complete then it should be removed from the CRA 6 years from when it was first registered. In your case immediatly.

If it is not marked as complete then the CRA has no idea whether the IVA is completed or not unless you challenge it. The IVA stays on your file for a minimum of 6 years, and can be longer if the IVA lasts more than 6 years.

For this reason it is important to ensure that the IVA is marked as Completed, with a completion date.

[Devilish]

Thanks for that....That's what I thought myself. I've been rather annoyed at Experian's handling of this, and complained many times to them over them dragging their heels over the issue.

To be fair, Equifax put a note on their system saying they couldn't confirm if the IVA was completed or failed - (NoC) but i have put the CoC in an email to their customer support about 12 days ago.

It seems overall Experian are just being an absolute nightmare, not doing what they should.

I understand most posters on CRA's have problems with the defaults - after 6 years - but i haven't!

Natwest were superb, said my default dates were after acceptance, phoned their IVA Team line, and they deleted them in 3 days from a phone call. Wish the CRA's were half as good as that...

[kallis3]

Hope you can manage to get this sorted soon Devilish.

Let's hope they both put it down as completed when they get the copy of the letters.

[TheMatrix]

I found Equifax take their time, they are the slowest CRA to react. I sent my CoC using their electronic contact system, it took them about 28 days to mark the record as complete with the correct completion date.

I had problems with Experian, changing default dates on First Direct, first it would be one date, then it would change back and forth it went for a period of must have been about 20 times. I'm not joking here either.

I'm sure it was so they could get an extra subscription out of me. I ended up putting a dispute notice on, then I took it off, then they put it back on to my current bank who I'm not in dispute with and the account run perfectly with during the IVA.

In the end First Direct removed a 27K Default from experian.

it still shows up on Call Credit and Equifax though

Still everything is as it should be now

[Devilish]

Actually, Equifax are the only ones to have marked it as satisfied - the only CRA for me to do so.
They marked it as satisfied (still with a notice of correction) on 15th july. (IVA was completed on 25th may.)

Experian are just trying to deny all responsibility for doing it and blaming the insolvency service still - they still think they should ask them to remove it, not do it themselves, even with the certificate sent to them 16 days ago.

[kallis3]

It's nothing to do with the Insolvency Service - the IVA should automatically drop off after six years, it won't be removed before then.

Now you have completed then it should be removed. Give them 28 days to remove it or you will right to the ombudsman.

[Devilish]

28 days from when? When i sent them the certificate - or from the end of the IVA?

I agree with what you've said - it should drop off after 6 years, (20th may 2011) but it just hasn't. I just don't think they know what they're doing.

[kallis3]

I would give them 28 days from when you send them the certificate now - they have had more than enough time. It should have dropped off in May and they have to amend it.

I think you have been more than generous with the time.

[TheMatrix]

It will only automatically drop off after 6 years if the IVA is marked as complete with a completion date, otherwise it will remain until such time the data is successfully challenged.

The CRA's do get their data from the Insolvency Service in the first place, so I would imagine they would inform the CRA of its closure too.

[kallis3]

Thanks for that - I thought it just dropped off anyway! I stand corrected!!

[Devilish]

An Update:

I've phoned the insolvency service, and they did say they don't remove them, and tend to not respond to letters from the Reference Agencies.

Phoned Experian following this, telling them what the IS had told me. They said this wasn't the case ,and were waiting for a reply so they could get a date the IVA was completed, so they then could remove it.

Equifax is more bizarre. Just got a response from them. They told me now it's marked as satisfied, but will not remove it until I provide a "minute of recall." what the heck is that?

Rich

[kallis3]

If you've got your letter of completion then the CRA's have to remove the IVA. This will have your date on - the Insolvency Service should already have removed you from the register and as far as I am aware it is not down to them to inform the credit reference agencies.

No idea what a minute of recall is though - never heard of it before!

[Shining]

Hopefully someone who does know maybe one of our professionals will be along soon to give guidance on Minute of recall? x