Old default question...

gembex

Hi everyone, I have a quick question if you don't mind.

Below is a default from my credit file. This is a very old debt. According to this I was 14 when it started. I was born in 1981!! Anyway the company purchased the debt from HSBC and could not provide me with a copy of the original signed credit agreement, therefore I have not been making payments on the debt.

My question is, six years are up in three days according to the default date on this entry. Will this default be removed from my file, replaced on my file differently or stay right where it is?

Thanks

Gemma

Tixy

It will be removed entirely from your credit file (its actually 6years and 1 day for experian, and something like 6years and a week for equifax)

gembex

Hurrah. I was a little worried that they would put it back on, or renew it or something as technically it shows that the balance is still outstanding.

Tixy

They absolutely shouldn't. Keep a copy of that credit report that shows the default date. In the unlikely event they (or another debt collector) sneekily put it back on with a later default date then having a copy of it as it is at the moment will make it easier to get it removed.
(Don't worry too much this doesn't happen often but occasionally it has been known).

gembex

Thanks so much, I feel quite reassured now. I've spent YEARS cleaning up my credit record and this is the last little red spot. Everything else is green!

gembex

PS - When it is removed, is there an instant jump in my credit rating or is it a progressive thing? I have several other credit accounts, all up to date with no missed payments so do you think my rating will be a good one?

Thanks

chanz4

it should boost quite high, but agencys wont report as perfect

gembex

Well I just hope it will be good enough to get a normal account, an overdraft to help with managing the bills and maybe even (god forbid) a credit card with a good rate. It would be nice to not feel like a second class citizen for the first time in years.