If an outstanding debt, against which a CCJ has been issued , is paid off within a few month of the CCJ being issued, is there anything that can be done to correct the credit situation recorded by Experiean and such-like?
(Not sure whether this should be posted here or Business and Finance)
Kos Thurs 03/07/08 14:16
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No, you have a CCJ and thats that.
From a credit perspective the person with a CCJ is a poor credit risk as they only pay debts at the very last resort.
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you can apply to the court who issued it to say that it has been satisfied and then contact experian and equifax and pass thatt information to them, but as WoWo said, this will affect your credit profile and will be on it up to 7 years.
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sorry by the way, i think that there may be a charge for the certificate.
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Once it is marked as 'Satisfied' it will greatly help your chance of getting credit.
As an example, a lot of lenders will 'ignore' any satisfied ccjs up to £5000 in the last 2 years.
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Question Author
So what is the point of the certificate Cheekymonk if the person's (not me) credit profile remains unchanged ???
I'm puzzled
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the certifcate says that the debt has been paid so it is not as bad as a CCJ that has not been paid so it's a sort of lesser black mark as it where. The basic issue is that even if it's paid up, the mind set of the person is still one that a lender would be wary of, ie only paying up when forced to.
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Question Author
Very helpful advice Tetjam- I have no CCJs against me, for your information. Knob
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You need to obtain a letter from the other party to confirm you have paid them in full. You can then apply to the court for a Certificate of Satisfaction, which they will issue for a small fee (currently £15).
The Credit Reference Agencies' files will automatically be updated within a month or two of the certificate being issued, or you can contact them directly if you want to speed it up a little.
Their files will be updated to show the CCJ as satisfied. It will remain on your credit record for six years from the date of satisfaction, but this is better than it continuing to show as unsatisfied.
As an aside, had you paid in full within 28 days of the judgment, you would have been entitled to have the CCJ removed from your credit file. Rather than a Certificate of Satisfaction, you would have been issued with a Certificate of Cancellation. This would have removed any trace of the judgment from your credit file.
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