how to clear credit record?

NO-BRAIN

I've read Martins book and looked about generally on site but can't find info I need. I'm trying to become debt free and hoping to improve my credit record ready to hopefully look at buying a house end of 2010.

Most of my accounts will be gone from credit record soon, as most are almost 6 years since they originally defaulted, what i want to know is about the ones I've paid off. Apparently acording to martin lending companies dont like to see too many accounts. I have 16!!! Many of them now say 'settled' or 'satisfactory' some still have credit available- eg i could still use my littlewoods account if i wanted.

My question is: do i need to close all these counts by writing to them or will they disappear after 6 years anyway??

Please advise as i dont want to write and post all those letters if they dont make the blindest difference-not that I'm lazy or owt :rolleyes:

Many thanks

beer_tins

You need to close the accounts, or they will remain no your record, even if they are settled. If you have available credit on them, they will still show up on your record and put off potential lenders. Hope that helps...

GeorgeUK

Accounts stay on your credit file for 6 years after they are closed. A new creditor will be looking at the amount of available credit you have and as beer tins says, all these open accounts will look like available credit and will count against you. Better to write to them and ask for confirmation that the account is closed.

NO-BRAIN

Thanks Guys, Will Do Tonight!!!

piptom&AndyPandy

Sorry to hijack a thread, does this mean that even if still paying off a default will vanish after 6 yrs?

GeorgeUK

Yes, the actual default should fall off 6 years after the date of default, even if payments are still being made towards the debt.

Data Type:- Credit Agreements
Expiry Date:- 6 years from the date the account was settled, written off or defaulted, whichever occurred first

source: Equifax Online Help