Are two missed payments a default on my credit file?

Question

I missed two payment on a loan, I then paid it off entirely so it was settled. Now I have looked at my credit file and it is marked as DEFAULT and says I still owe £5000, which is not true, I phoned to check and I owe nothing. I did miss two payments so should this still be marked as default or is that a different thing entirely?

Answer 1

I'm afraid so it doesn't matter that you paid the account in full , at the time you missed your 2 payments you were in default .

You can sometimes reverse the default if you phone the credit company and explain that the account has been paid in full .Good luck.

Answer 2

The American term for what you described is "30 days late", which does hit your credit report.

But if it says you still owe 5000, and the creditor says you don't owe anything, then you need to clean up your credit file.

If it was paid in full, please tell me you got it in writing that the check you sent would settle the entire debt.

Answer 3

Contact the company who hold the credit file as you have a legal right to have a comment added.

Answer 4

It is! The best thing that you can do is send them a letter or a fax and tell them to correct it. It will then say "paid off was passed due ."

Answer 5

the default will not go away for 10 years even if you did pay it off. sometimes you can put a note on your credit check saying that it is paid in full, but the only way to get it off of your credit score is if you call the people that you defaulted, your loan, and tell them that you want them to take it off of your credit check. However usually they won't do it. but you might be lucky. once they say that they will take it off then have them send a letter saying that it was taken off, and then send that to the 3 credit score places. that should fix it from saying that you still owe 5000

Answer 6

It can take up to 28 days for your credit file to be updated so check again after this time period has passed.

If it has already passed then contact the lender and ask them to forward on the updated details to the credit reference agency.

Answer 7

if you miss ONE payment, you have broken your agreement to pay and are in default.

simple as that.

look at your loan agreement...it should state there in plain terms that if you miss one payment you are in default.

why wouldn't you be? you didn't honor the payment schedule or your promise to pay on time

Answer 8

You need a legal comment to your folder

Answer 9

i would think so but what do i know lol

Answer 10

default is failure to pay off the loan.

a couple of missed payments would just show in the history section as 000120000 - being the number of payments overdue. if it became defualted because you missed the last few payments then it is genuine otherwise it is a mistake.

contact the loan company and ask them to update the entry, the redit reporting company will only take their word for it even if you can provide the proof you paid it off.

Answer 11

If you're late for only few days, it will be shown on your record... I'd recommend you to talk to your creditor before you are late, and ask for a delay... not sure the way it's officially called this process, but I did it my self once, for three months. I just had to pay a fee...  

Answer 12

A default isn't usually issued after 2 missed payments. If the they closed the account and then you paid it off, There is a possibility they marked it as default. I would dispute it with them and do so quickly as the longer it stays on your record, the less likely it is that the company will do anything about it