Credit ratings

[charlieo]

Hi there, I entered into a full and final Iva settlement in June 2012 and received my cert of completion in June 2013. I stupidly did not check my credit rating until recently and found 2 of my creditors m & S money and NatWest have registered me as still having an open account and still defaulting me each month. I have contacted both and m&s money have now registered me as account satisfied in June 2013 - NatWest have not done anything. I thought they had to mark your account as satisfied as soon as you entered into the Iva not when you had completed because this will stay on my credit file for 7 years after my Iva was agreed not 6. I've written and telephoned both companies but still nothing please advise x

[Foggy]

Useful article herewith a template letter:

http://pjgrecovery.com/clean-up-credit-rating.asp

They will only mark the default as satisfied, or partially satisfied, after the IVA has completed as, until that time, the full debt is still repayable in the event of the IVA failing.

They must date the original default as the date of the beginning of the IVA, so it drops off in 6 years.

[martinw]

You should write to natwest advising them of the error in their records and request that they update them within say a month

If that fails send another letter advising them that you intend to refer it to the Financial Ombudsman and the Information Commissioners Office

Bear in mind that even if they update their systems today it can take a month to show on your credit file

Martin

[Adam Davies]

Hi

Put a complaint straight in at the Commissioners office if they do not update to the date the the FF IVA

Regards

[martinw]

I'd be tempted to send them a recorded letter first, as I believe the ICO want to see that you've tried and failed to get the company to act rather than used them as a first resort

Martin

[martinw]

http://ico.org.uk/concerns/handling

the link above shows the ICOs complaints procedure, looks like they want a 'full and final' response before it's referred to them. Andy of course has likley had more dealings than me on this issue

Martin

[charlieo]

Thanks for the speedy responses everyone. This website is a Godsend. When I spoke to NatWest they were obliging and did say that they would update the credit reference agencies. I will give them another try before going to the ICO. Many thanks again.

[martinw]

Sounds like you need to put it to the back of your mind until next month, then check your credit files again

Martin