Credit History - Clear up "on your file for 6 years" confusion

daniel_9

Hi,

Just want to clear something up as this still confuses me now....

Equifax says that credit history will stay on your account "6 years from the date the account was settled"

Here is a screenshot of one of my accounts:



Does this mean the 4 payments late will fall off my file:

a) September 2008 - 6 years after the offence
OR
b) December 2011 - 6 years after the account was closed.

I hope its not answer b, if it is it seems a good idea to close any accounts which you have had problems with as they will fall of your file sooner and seems a little unfair.

Also, I have no defaults or CCJ's on my files only late payments. The last 3 years are completely clean, things get worse after that but its all around 2002\2003 with the image above being worst.

Would you say this is a big problem when looking at taking out a mortgage in a years time (ish) with at least a 10% deposit?

I'm confused, can someone help please?

Thanks!

System

Hi daniel

All the information for that credit account will be deleted 6 years from the date it was marked settled. So the late payment markers will still be visible for you to see but no company will assess you based on this history.

The furthest back a credit granter is likely to look is three years (hence it is typical for them to ask for three years address history on application forms), although two years is more likely.

If, like you say, you have had three clean years I wouldn't worry too much. Do remember however that credit scoring is very complicated and unique to each organisation so there are many factors to consider, not just payment history.

Regards
UNDERGROUND

daniel_9

UNDERGROUND wrote: »

Hi daniel

All the information for that credit account will be deleted 6 years from the date it was marked settled. So the late payment markers will still be visible for you to see but no company will assess you based on this history.

The furthest back a credit granter is likely to look is three years (hence it is typical for them to ask for three years address history on application forms), although two years is more likely.

If, like you say, you have had three clean years I wouldn't worry too much. Do remember however that credit scoring is very complicated and unique to each organisation so there are many factors to consider, not just payment history.

Regards
UNDERGROUND

Thanks, thats brilliant and exactly what I wanted to know\hear.

Excellent, cheers.