Equifax & Experian are confusing me...

Ms-B_2

I really hope that someone can shed some light on this for me.

I recently viewed my credit report from both Experian and Equifax. I had 3 defaults in 2005 and have since been paying them off every month at a lower cost. Since 2005 my credit record is improving and I have no missed payments at all. Being that the accounts defaulted in 2005 I was under the impression that this year being the 6th year they will come off of my credit record. Great I thought, I can finally put this behind me.... wrong.

When I called to cancel my Experian credit report (I did the 30 day free trial) the lady told me that even though they show as a default on my report (not an arrangement to pay or any other status - it shows as a default) they will continue to show on my credit report until the debt is satisifed and I have paid it all off. Even if that is longer than 6 years.

When I called Equifax to cancel my report (again I did the 30 day free trial) the lady told me that the deafults will drop off of my credit report this year and even gave me the exact dates.

I always thought that credit reports were a 6 year rolling history so once 6 years are up the default will come off of the report. So how come I got 2 very different answers? Surely there must be some universal rule about this?

I have worked so hard the last 5 years to repair my credit and pay back as much as I can each month and now I feel like it is a waste of time since if I had just ignored it at the time and let it become a CCJ it would've been off of my report sooner!

Can anyone give me any advice at all about this? Who was right, Experian or Equifax? :mad:


EDIT: I have just checked and on Experian credit report is says "A defaulted account is removed from your report after six years whether or not you have paid the debt in full. If you have paid some of the debt off, the balance should show how much you still owe."

So it should come off? Was the lady at Experian confused? Oh I dont know. Help please anyone!!

[Deleted User]

read Martin's guide on credit reports: http://www.moneysavingexpert.com/loans/credit-rating-credit-score

All the answers will be in there

D9

BigCraigJohn

I think the lady from Experian was confused.

If you defaulted for example 01/01/05 the account should drop off 01/01/11

Ms-B_2

Domino9 - Thank you for the link. I read through it was useful but didn't really answer my particular query. I learnt some new stuff though so thanks!

BigCraigJohn - That is what I am wondering. If so, that is awful they are misadvising like that! Her confusion made me confused!

Thank you both for your help. The first one is due to drop off in May so fingers crossed.

rogerblack

Ms-B wrote: »

I had 3 defaults in 2005 and have since been paying them off every month at a lower cost. Since 2005 my credit record is improving and I have no missed payments at all.

Debts drop off after 6 (5 in scotland) years when you have not either paid the debt, or acknowledged it. (or court action)

As you have been paying regularly, it'll stay on till 6 years after you have either paid, or defaulted and they have not taken out any CCJs against you.

You had defaulted, but after that by carrying on making payments, you have made the account 'live' again.

nottoolate

Ms-B wrote: »

Can anyone give me any advice at all about this? Who was right, Experian or Equifax? :mad:

equifax.

the experian lady was obviously doing her best to sell you the product, instead of giving you accurate advice