Questions on arrears

tigger123_2

Hi all

On my credit file i have 2 payments in arrears on an account that was closed on 07/03/2003.
How long will this information remain on my file?

Also can anyone explain the difference between arrears and defaults please

thank you

:beer:

fatbelly

I think the answers are:

6 years

and

a default is when the creditor has sent out a formal default notice

file_wizzard

the information will expire from your file after 6 years from the 07/03/2003 ( date of account closure) not original offence

moneyLost_2

tigger123 wrote:

Also can anyone explain the difference between arrears and defaults please

Also, I think you'll find that although having a couple of arrears won't be good for your credit rating, it won't, in the schema of things, do it too much harm.