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  #1  
Old 20-01-2008, 11:53 AM
powerful_rogue powerful_rogue is offline
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Default Credit Reference Agencies - Holding ACTIVE account information

CRA's keep closed account information for six years from the date the account was closed, however what im interested in here is Active accounts.

When I phoned up recently regarding active accounts, I was told that on an active account the information in relation to payments was held for three years before dropping off.

IE: Active Account
1 X Late payment marker in June 2002 would drop off in June 2005

Im presuming this is because the account is active, the most recent information is more relevant.

I cant remember which CRA I phoned to get this information, however im now being told that even active account information is held for the duration of the contract and then six years after.

EG : Active Account
1 x Late payment marker in June 2002. You then close the account in 2008 - That latepayment marker wont drop off until 2014

Now to me, this cant be right. The first answer which was giver over the phone (damn!) makes a lot more sense compared to the last answer.

Ive had a search around but not been able to locate anthing, just wondering if anyone was aware of any documents that can confirm or deny this.
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  #2  
Old 20-01-2008, 01:11 PM
tbern123 tbern123 is offline
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Please ignore, I was talking rubbish lol

Last edited by tbern123 : 20-01-2008 at 01:28 PM.
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  #3  
Old 20-01-2008, 01:15 PM
tbern123 tbern123 is offline
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This is taken from my Experian credit file

Summary of Payment History: In last 36 months, number of status 1-2 is: 0 number of status 3+ is: 0
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Old 20-01-2008, 01:18 PM
tbern123 tbern123 is offline
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Quote:
Originally Posted by powerful_rogue View Post
EG : Active Account
1 x Late payment marker in June 2002. You then close the account in 2008 - That latepayment marker wont drop off until 2014
Just seen your other thread with copies of your credit file... This is ridiculous, they can't maintain payment history for another 6 years.. I am going to write to the ICO this afternoon as this is stupid

If the late marker does stay on there for 12 years, this is something that we all should make a complaint to the ICO about, as 12 years is crazy

We can argue that as payment history is supposed to relate to payment made within the last 36 months, if it is disclosed after it should have been removed it is factually incorrect and does not represent a tru picture of your financial status

Last edited by tbern123 : 20-01-2008 at 01:27 PM.
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Old 20-01-2008, 03:09 PM
powerful_rogue powerful_rogue is offline
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I know, it dosent make any sense at all!
This is one of the accounts in question on my file - Its an account I hold with Burtons.



I disputed the 1/1/2 markers with Equifax saying:

Quote:
A late marker of "1" is showing on this account back in January and Febuary 2004. A late marker of "2" is also showing in March 2004. As this account is still active and this information is now over 3 years old, I ask that it be removed from my file.
The reply from Equifax was:

Quote:
Credit Agreement - GE Capital Bank

Credit Agreement information remains on your Credit Report for a period of six years from the date that the account was settled, written off or defaulted, whichever occurs first. Active accounts will remain on your Credit Report indefinitely.
I just find this whole idea barmy. I have replied back giving them an example and look forward to reading their reply!

Quote:
Please advise.

If I continue to keep this account open for the next 10 years, the late payment markers shown back in 2004, will they continue to remain on the account? If this is the case, please advise how this can be deemed reasonable under the DPA.
Once ive got a reply from Equifax, I will also be taking this up with the ICO and see what their view is.


Edit - The means for some reason Burtons have not updated the account information to the CRA during those months. Its also showing as settled, which I queried with Burtons and they advise the account is still open and active. Very confusing - I might put a call into Burtons tomorrow to query this a bit more.

Last edited by powerful_rogue : 20-01-2008 at 03:12 PM.
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  #6  
Old 21-01-2008, 11:27 AM
powerful_rogue powerful_rogue is offline
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Just got a reply back from Equifax in relation to my above question:

Quote:
Dear Sir

I write in reply to your recent query.

Ge Capital Bank Ltd (Arcadia)

I have investigated further today and wish to advise that the previous arrears currently still appear on the payment history of the above account. I acknowledge your comments and concerns. As previously advised account information remains on an individual's credit report for a period of six years from the date that the account was settled, written off or defaulted, whichever occurs first. Active accounts remain on a Credit Report indefinitely. An Active account remains indefinitely, as the account in question is ongoing and up to date. Regardless of how old the account is, all the monthly repayment markers will appear for an active account.

I wish to advise that all account information is stored and updated as supplied to us by the Lenders and as such can only be amended by receiving written instructions to do so from the Lender to Equifax. If you believe the arrears have been registered in error, Equifax can dispute this on your behalf with the lender in question.

Yours Sincerely,

Equifax Customer Services
Im disgusted to be honest.
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Old 21-01-2008, 12:23 PM
powerful_rogue powerful_rogue is offline
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Ive just spoken to the ICO and they advise on an active account information can only be held for 6 years.
I advised of the replies I received from Equifax and they said "They must have go confused"!!!

Im 100% in the past I was advised active account information only remains on file for 3 years, because its constantly being replaced with new upto date information.

Closed accounts remain for 6 years beacause no new information on the way you handle your account is coming to light.

Looks like the goalposts have been moved.

Edit - Just had a quick search on the net and found numerous sites that quote

Quote:
Proof of your missed payments stays on your credit profile for 36 months
However, no official sites saying this

Last edited by powerful_rogue : 21-01-2008 at 12:30 PM.
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  #8  
Old 21-01-2008, 03:26 PM
tbern123 tbern123 is offline
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This is taken from Experian

Credit account information is held for six years from the date of default or settlement. The information will include a payment history for up to 36 months and an explanation of the codes is provided alongside your report. Up to 12 months payments will be shown individually followed by a summary of any payments that are over 2 payments late or over 3 payments late in the last 36 months.

Some lenders provide information only on customers who have failed to meet the terms of their credit agreement and these records are known as 'defaults' However, most lenders provide information throughout the life of every credit account so lenders can use the information to identify good payers as well as bad payers and those who already have several credit accounts.

Settled accounts are where credit has been repaid. The payment history shown on the report will relate to the period directly prior to settlement
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  #9  
Old 21-01-2008, 03:59 PM
powerful_rogue powerful_rogue is offline
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Thanks tbern, thats great
Im guessing it must have been Experian I spoke to on the phone in the past.

Not sure what to do now, as im presuming equifax will say that is how experian operate and they operate differently.

You would personally have thought all these CRA would sing from the smae hymn book.
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  #10  
Old 28-02-2008, 09:52 AM
debt_mountain debt_mountain is offline
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although you have settled the account have you formally told them to close it? If you don't they will keep adding new info and keep it ticking along.
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