Defaults & The 6 Year Rule

uphill1struggle

Thanks Fermi, I feel much better now that this has been clarified :beer:

jofi_1

Hi, Ive just read this thread and have a query regarding defaults. I have an Egg credit card which was issued with a default on 9 August 2004. Today (10 August 2010) I checked my equifax report and the default is still showing.

I thought it would be removed after 6 years however, equifax and Egg have both stated it is removed 6 years after the date of settlement. So, because I am still paying off the debt, the default will remain on my credit file until 6 years after I have paid it off.

Is this correct? This would mean that it could show on my file for the next 10 years even though the default was actually in 2004!

Am very upset about it, I was hoping to buy a house but that's not going to happen with a default

Jenny0327

jofi_1 wrote: »

Hi, Ive just read this thread and have a query regarding defaults. I have an Egg credit card which was issued with a default on 9 August 2004. Today (10 August 2010) I checked my equifax report and the default is still showing.

I thought it would be removed after 6 years however, equifax and Egg have both stated it is removed 6 years after the date of settlement. So, because I am still paying off the debt, the default will remain on my credit file until 6 years after I have paid it off.

Is this correct? This would mean that it could show on my file for the next 10 years even though the default was actually in 2004!

Am very upset about it, I was hoping to buy a house but that's not going to happen with a default

I have read that it doesn't automatically go in 6 years to the day - leave it a week or so and check again.
On Equifaxs website it states:

"Credit agreement information remains on your credit report for a period of six years from the date that the account was settled or defaulted, whichever occurs first."

So obviusly your default occured first therefore it will be removed in 6 years!

Let me know how you get on

BigCraigJohn

Maybe there system does it automatically once a week/month etc.

Gordon1978

Is this the same for a CCJ? Does a CCJ dissappear 6 years after date of judgement or settlement?