Curious

nozzzaa

Hey,

I have generated a report from experian and it ain't great (defaults)but I'm trying to head in the right direction

My question is ,what is the benefit of me paying off a default as it says on the report that they are removed after five years regardless of whether they are payed or not , I dont see the point in paying them

Matt

Tixy

They are removed after 6years regardless of whether they have been paid.

However the main benefit of paying them is that your creditors might otherwise take you to court and obtain judgements against you (which you would then have to pay plus costs and those judgements would then sit on file for a further 6years).

Another benefit is that when they are paid off they can be marked as satisfied on your credit file - still would mean you would have a pretty poor file but satisfied defaults are a little better than unsatisifed (eg if you wanted to apply for subprime credit or a subprime mortgage).