I have been having this discussion at work and we both don't know the exact answer. if someone as a default on there credit report dated 5 years old , after the 6 years from the default date i believe the default drops off. But what about if the balance is still being paid off and still an outstanding balance. Does the complete file still drop off or just the default notice. i understand he will still need to pay the balance but will they be any record on your credit report after 6 years from the default date
A default is automatically removed from your credit file 6 years after the date of issue. Payment history will be still be recorded until there is a zero balance.
Here you go, 6 years as Kanecat says http://help.creditexpert.co.uk/help/CreditExpert_OOS/Credit_report/howlong_on_report If its the only bad debt them you should see an improvement in the credit profile, if there are other missed payments or defaults they will continue to impact
I understand that part but what about a default this is coming up to 6 years old that will still have a remaining balance when the default had been there 6 years Sent from my iPhone using Tapatalk
The balance is still outstanding, but it no longer shows on the credit report. It might take a month or two to fall off though. If it hasn't been acknowledged/paid for six years it becomes statute barred and can no longer be pursued through court. CCJs also drop off the public record after 6 years, but are still in place until settled. This is for England - Scotland is 5 years and slightly different for some other bits.
Credit reports. Now there's something that puzzles me. All these adverts for experion and that. Sign up for your credit report for free - then £14.99 a month. So I sign up. **** bad credit rating....So I'll get into more debt so every month I can see how much worse my credit rating is getting. Or instead I'll pay £14.99 a month more off my debt. On the other hand. Yay my credit rating is ace.. wtf do I need to spend £14.99 month for for you to keep telling me I pay my bills. I'm confused. Does anyone subscribe to this thing and if so what do you get out of it.
As Bruce has already said, noddle is free and I'm signed up to that. I know I pay my bills and that my credit rating is good, but what I wouldn't know, without noddle, is if the financial institutions I'm involved with are reporting that correctly. I don't trust any of them as far as I can throw them, so while ever they are all keeping tabs on me, I want to be keeping tabs on them. Or at least keep a track on what they know about me. I don't want to apply for a loan or another mortgage in the future and be refused, without knowing why. By having a quick look at my credit report once a month I can check that everything is right and if there is a discrepancy, report it and correct it. I can also see who has been checking up on me. I wouldn't pay £14.99 a month for that, but with noddle you don't have to.
Hi mate This is what i thought but every company my mate rings tells him different. Some say the default drops off but the outstanding balance remains on the credit file until the outstanding balance is paid. Some say the complete opposite
For clarification, ring either National Debtline or Stepchange (I would also say CAB but they are very busy). Both are charities and will giving unbiased advice.
Oh my god that's scary....... How the hell do they know how much my mortgage is. I don't know how much is outstanding to the penny.....well I do now...but you know what I mean. The annoying thing is why do they ask me for this **** when I apply for a 0% balance transfer when they can just find it out from my postcode. Thanks for this. I'm still uncertain as to why people would pay £14.99 a month for it and why Experion spend so much money on advertising it. Off to hide in a corner and be paranoid....
When I worked as a fraud investigator the first thing we did on people was experian reports. As for paying for them. The actual cost of producing the basic report that people see is 90p so the £14.99 is definitely a rip off.
A credit report shows exactly how much you owe to everyone: mortgage, credit cards, loans, store card, catalogues, mobile phone contracts, everything that requires credit. And if you've ever missed a payment, that will be on there too. They even know if your bank account goes in to the red. The more credit you have, so long as you always make your repayments, the better your credit score will be. However, if you have lots of credit cards with money on them, this could actually lower your credit score even if you have always made your repayments. You may have a great credit score and have always kept up your repayments, but be refused another credit card, in case you go mental, spend all the credit available to you and do a bunk. Having any more than 3 or 4 credit cards can cause this. A credit score is marked out 5, 5 being the best, 0 being the worst. They want to make sure they have the right person. It's possible someone who has lived at your address in the past has bad credit and they don't want to mix you up with that person. It can be a pain in the arse, but it's a safety measure for your benefit. Also, there's usually more than one person living at a particular address, often a husband and wife with the same surname, each of whom will have a separate credit score. Again, identifying the right person is for your benefit. The financial world revolves around credit reports. I believe it's just as important that you know how these financial institutions view you. And it gives you a chance to put right any mistakes. Mistakes that could linger for years if you're not aware of them and do nothing to rectify them. I guess people pay the monthly fees for these things because they don't know about the free ones like noddle. Experion spend so much on advertising so if you do want a credit report, you go to them and the idea of a free version doesn't enter your head.
A six year old defaulted loan ... It'll be riddled with ppi, unlawful charges etc. it'll have ben paid off years ago.