How do searches work?

georgiasmum

If I apply for a loan/card or any other product how long does the search or 'footprint' stay on my file? Also, does anyone know how long closed accounts stay on your file for before they fall off? Thanks - any explanation of a credit reference file gratefully received as I've just received mine and it seems a bit confusing!

file_wizzard

georgiasmum wrote:

If I apply for a loan/card or any other product how long does the search or 'footprint' stay on my file? Also, does anyone know how long closed accounts stay on your file for before they fall off? Thanks - any explanation of a credit reference file gratefully received as I've just received mine and it seems a bit confusing!

Searches will generally remain on a file for 12 months, although most lenders only take into consideration application activity within the last 6 months

closed / settled accounts will remain on the file for 6 years from the date of settlement

Astaroth

The important thing to remember is that the likes of Experian only hold your history. It is up to individual lenders how they interprete your history and create a score - any 3rd party scoring system including Experians own is only their interpretation and can be a million miles away from what the lender you approach views things

thesaint

Read the information supplied with your report, it takes a while for it to make any sense. After a while you start to understand the format.

Robert_Sterling

Astaroth wrote:

. any 3rd party scoring system including Experians own is only their interpretation and can be a million miles away from what the lender you approach views things

Really? As far as that. That is nearly 6 light seconds.