If a debt is listed as satisfied on Experian, is at actually clear?

Question

I checked our credit report yesterday, there is a debt that was originally defaulted back in June 2004. We have been paying by standing order every month since then. I have not heard from this company for around 7 months. The credit report says that this debt was satisfied and updated on 22 June 2008. Is this debt actually satisfied as per the notification on Experian? There is no other listing on the report for this debt.

Thanks for your advice.

Answer 1

If a debt is recorded as satisfied on your credit file it means it has been paid in full.  However, the default against the debt still remains on your credit record for (I think) 6 years from the date the default was registered.

Answer 2

There are many credit reporting agencies however; I was always told that there are three major ones (Equifax, being one) You should make sure that your satisfaction is across the board.  Contact Experian and ask them if you need to contact other reporting agencies to ensure your credit is clear, or do they report to others.  Just to be safe.

Answer 3

Yes, the definition Experian use for a cleared debt is 'satisfied' like you say

http://www.experian.com/consumer/glossar...

Answer 4

Have a look again at your report, there are little coloured circles with numbers in them next to the item in question, i am in the same position as you but just because it is paid off and satisfied it still says that I defaulted on it at some point.(think its a number 8), Creditors still use this when making decisions,it comes off 5years after it has been satisfied. hope this helps a bit, :)