credit score - b-l-s-h-t

never-in-doubt

naijapower wrote: »

That's what i was getting at initially. Didnt think it would varnish from public record cos conveyancing solicitors are mandated to do BR search as well. So even if one lies, he/she would get found out somehow

exactly - spot on mate

It would be better to say no, if they ask if you've recently been one. If they ask have you ever been one then i'd say yes and explain it was a long time ago.....

naijapower

never-in-doubt wrote: »

exactly - spot on mate

It would be better to say no, if they ask if you've recently been one. If they ask have you ever been one then i'd say yes and explain it was a long time ago.....

very correct. Thats the best way to go to avoid issues

noah271007

naijapower wrote: »

Dont get you. Thot arrears also disappear after 6yrs. Same thing in my opinion. 6 yrs for arrears, default & CCJ and same 6 yrs for Bankruptcy

NO NO NO!!

It is very possible to have arrears on your credit file for as long as 12 years.

Say you have a credit card and your last late payment was in 2005. If you SETTLE/CLOSE the account in 2009 BEFORE the arrears drop off your credit files, you are extending 6 years added on settled accounts showing the arrears for lenders to see, meaning arrears will remain on credit file for 10 years!!

Geddit?

I still have late payments going back in 2000 before account was removed this year....that's 9 years mate!

naijapower

Somewhat complicated. was under the impression that CAIS or INSIGHT info only show the last 36 months payment history, which in effect means for an active account, a late payment 37 months ago wont show up.
Though i see what you mean about settled account cos if an account is settled this year and it had a missed payment 35months ago, this would remain for another 6 yrs from the date account was settled, though i assume lenders wont be strict under this kind of scenario when examined closely

noah271007

naijapower wrote: »

Somewhat complicated. was under the impression that CAIS or INSIGHT info only show the last 36 months payment history, which in effect means for an active account, a late payment 37 months ago wont show up.
Though i see what you mean about settled account cos if an account is settled this year and it had a missed payment 35months ago, this would remain for another 6 yrs from the date account was settled, though i assume lenders wont be strict under this kind of scenario when examined closely

Experian = 36 months (3 years)

Equifax = 48 months (4 years)

Callcredit = 72 months (6 years)

naijapower

noah271007 wrote: »

Experian = 36 months (3 years)

Equifax = 48 months (4 years)

Callcredit = 72 months (6 years)

Thanks. Useful info

noah271007

No if it is on credit file, then lenders have to consider the fact there is an arrears no matter how long ago.... it is EVIDENCE you have missed payments in the past and probably will hike the APR as a result.

The only way to get resolve this is to persuade the lender to remove it as a gesture of goodwill.

This is an unknown topic! You got to ensure credit file is as clean as possible!

noah271007

It is somewhat complicated. People say everything on credit file should not be more than 6 years old....but thats not true with settled accounts that have arrears. It should be, but thats not how it works!

never-in-doubt

noah271007 wrote: »

NO NO NO!!

It is very possible to have arrears on your credit file for as long as 12 years.

Say you have a credit card and your last late payment was in 2005. If you SETTLE/CLOSE the account in 2009 BEFORE the arrears drop off your credit files, you are extending 6 years added on settled accounts showing the arrears for lenders to see, meaning arrears will remain on credit file for 10 years!!

Geddit?

I still have late payments going back in 2000 before account was removed this year....that's 9 years mate!

Lets clear this up once and for all lol

Data will remain on your credit file for no longer than 6yrs. The way this generally works is as follows;

---

For adverse data / closed accounts

a) Data will remain until 6yrs after the last payment date
b) Data will remain until 6yrs from date of default/ccj

Lets break this down;

a) This means that if you have a CC and last make a payment to the account in December 2002, this would mean that the account itself PLUS all adverse data will disappear from your file on January 2009.

b) This means that if you got a ccj/default registered in January 2003, it will drop off January 2009 - regardless of whether you made payments to the account since the original ccj/default date or not. Even if at the last minute the DCA tries to resell the debt to another DCA or return it to the lender; it cannot remain or get re-added because only one registered default per lifecycle debt is all that is permitted.

The exception to the above, however, which also seems to be where the confusion starts, is with regard to how long live/settled account data remains.

The easiest way to work this out is by using the guidance as above in points A & B. The CRA, like many others, will try and tell you that data can remain for longer periods even as long as 9yrs - this is simply not true and is quite simple to resolve.

Lets use the example set by Noah to make life easier:

Say you have a credit card and your last late payment was in 2005. If you SETTLE/CLOSE the account in 2009 BEFORE the arrears drop off your credit files, you are extending 6 years added on settled accounts showing the arrears for lenders to see, meaning arrears will remain on credit file for 10 years!!

As the last payment posted to the account was in 2005; regardless of the change of status from live to settled to default; the data would be removed in 2011 NOT 2015 as suggested. The reason being that all data must coincide with the two principles above, and be the sooner of either A or B. In this instance A would kick in way before B because B would mean the data remains until 2015 which is later than the original drop off date of 2011 using Statute Barred rulings.

Dya follow me yet guys? Re-read it and it'll all make sense!

I agree that in some cases data can and does remain for longer than the 6yrs, but this is easily removed - the CRA's just omit to tell us this and as for Call Credit retaining it for a further 6yrs this is nonsense and should be reported to ICO if they try and retain data for 12 years. It cannot be done. TBH not many people take note of Call Credit anyway.

There are the odd circumstances whereby data can and will be visible after 6yrs but lenders do not take any notice regardless of what the data was. They only go back 6yrs and the payment history would be totally irrelevant on a debt of 6+ years ago because so much changes in a personal situation that it would be a very costly excercise to risk. Say you missed a payment 35 months ago, then settled the account the data may remain for a total of 9yrs - it could but not many lenders will take notice. If needs be you remind the original lender they are processing data about you for a closed/settled account and demand its removal as you are no longer in a live agreement with them. They will oblige when faced with legal threats of breach of DPA.

I'm not trying to ruffle feathers or anything here, just clearing up the confusion!

noah271007

Nice one NID!!