how long does a late payment stay on credit file for??

jonnym8083

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does anyone know how long does a late payment stay on credit file for as i have 2 late payments with alliance and leicester?? how will this affect me in future??

JoeCrystal

Six years I think? That what quick look on Google said.

Burlesque_Babe

yes, it's 6 years. If it is just 2 late payments and that's all that has ever happened and you are now back up to date, I doubt that will have any bearing on anything in the future.

Fire_Fox

It's not as simple as six years. A late payment is on your credit report for six years after the date that the account was settled (closed). If you have a full default they remain on your account for six years from the date of the default.

achilles1

Fire_Fox wrote: »

It's not as simple as six years. A late payment is on your credit report for six years after the date that the account was settled (closed). If you have a full default they remain on your account for six years from the date of the default.

I am a bit confused. I thought that a Late Payment will only stay on the credit report for 6 years from the date that it occurred and not indefinitely.

Could someone please quote the UK legislation that states that a Late Payment can stay on the credit account for 6 years after the date the account was settled?

Thanks.

A.

slup_2

It'll stay on your file forever unless you close the account.

Once you close the account, it will stay for six years from the date you closed it.

Quentin

achilles1 wrote: »

Could someone please quote the UK legislation that states that a Late Payment can stay on the credit account for 6 years after the date the account was settled?

You are asking about a credit reference file, and these aren't covered by specific legislation. The answer given is correct.

You may be thinking about the 6 years a ccj remains on the register of CCJs??

Tixy

A late payment will show in the account history of a credit account on your file. Usually an account shows the last 3years credit history, so if you keep that account open then it will show for the next 3years.
However with a closed account for the 6years after it was closed the account history will show the last 3years account history before it was closed -therefore it could still appear for up to 9years afterwards.
Covered by Experian FAQs here - http://www.experian.co.uk/consumer/faq/CA1.html#q546

achilles1

Quentin wrote: »

You are asking about a credit reference file, and these aren't covered by specific legislation. The answer given is correct.

You may be thinking about the 6 years a ccj remains on the register of CCJs??

Hi Quentin,

If there is no specific legislation then the Data Protection Act 1998 applies. It states that data must be "relevant", "accurate" and "kept up-to-date".

In my case, my Equifax credit report shows a late payment from 2003. My argument is that it is over 7 years old and Equifax cannot reasonably keep that information in their records and share it with other third parties. It is not relevant and not up-to-date.

A.

Quentin

You can't argue about how long they have kept it on the file, but you could if it were incorrect.

Tixy

But it will be up-to-date. Because it will be clear on your credit file what date the account was closed, and then it will be clear what period the late payment relates to, eg if you closed the account in April 05 and it says you have 1 missed payment 12months before the account was closed anyone viewing your report would be able to work out the late payment occured in April 2004.

As to whether its relevant - it could be to a potential lender deciding whether or not to lend you money.