Previous Property was Repossessed

BTCC2000

Some years ago I had a property repossessed due to money troubles. This obviously showed on my credit report but having just checked my credit report it is no longer showing. How long does it stay on your credit report and do I now need to declare that when I apply for a mortgage in the future?

GMS

Most applications to lenders would have a question along the lines of ;

'Have you EVER had a property repossessed?' to which you should answer yes.

They would then make a decision on it. They would probably be looking to see the reasons behind it, that they are unlikely to occur again and that all liabilities relating to the repossession have been satisifed.

I assume the credit search showed a defaulted mortgage? 6 years would be th enormal time for this to remain on the report but could be longer if account was on going. Some lenders also get a report from Council of Mortgage Lender (CML) added to credit searches which would show a repossession. Not 100% sure if this also is removed after 6 years.

BTCC2000

I've just checked the date when it happened and it was only 4 years ago, should I let the credit report people know that its not showing?

GMS

What did it show on the search initially?

Have you tried both Equifax and Experian?

BTCC2000

Just using Experien at the moment

ENTRY NUMBER: M12
Name: Joe Bloggs
Address: Joe Bloggs Street
Company name: HSBC
Account type: Possession Order
Repossessed On : 01/04/2006
File updated to: 16/12/2006
Address Type: Repossession Address

I've also just noticed that a CCJ has also been removed, again from the same lender.

GMS

CCJ will stay on for 6 years usually after which time it is removed.

As for the repossession I do not know for sure. I would check Equifax too to see what data they have.

If the Credit Agency have removed it then there must be a reason for it.

Sorry I cant help further.

BTCC2000

Equifax has also removed the repossession. I'm guessing this is a good thing and its nothing to worry about?