6 Years from Default or Settled

up-north-eng

Hi, i'm sure this question has probably been asked a thousand times but can someone tell me if my default will go from my credit file six years after the original default (in my case nov-07) or when the account was settled (july-09). I'm of the understanding its from when the account was settled but i cant see how having spent 19 months "fully satisfying" the account all i get is a thankyou here's an extra 2 years of poor credit history.... surely the fact i paid back every penny instead of telling them to whistle and ignoring all their letters for 6 years should have its benefits?? Had i not paid it back i'd have a clean report by nov-13 as it stands it will be jul-15 as i had the decency to pay my debts........

fermi

up-north-eng wrote: »

Hi, i'm sure this question has probably been asked a thousand times

It has, but we don't mind.

up-north-eng wrote: »

but can someone tell me if my default will go from my credit file six years after the original default (in my case nov-07) or when the account was settled (july-09).

It is 6 years from the default. End of. No exceptions to that rule if there is a default.

The default and all info on the account will be removed from your credit reference files. No trace will remain.

So for you, all gone by Nov 2013.

up-north-eng

fermi wrote: »

So for you, all gone by Nov 2013.

Oh thats amazing, we're wanting to move house next year. Fantastic news

up-north-eng

This is still worrying me, for 2 reasons. 1st In my equifax credit report some of my previous arrangements (payments etc) go back to 2004. 2nd in the "about" section it say details remain on my record 6 years after the account was "ended". Is it worth getting intouch with them to find out some answers or am i worrying over nothing?

fermi

Payments etc can be listed for over 6 years if I remember correctly. As least while the account is still on your report because it's less than 6 years since it was defaulted or settled. Once removed because it has been 6 years since default/settlement, the history would come off with it.

"Ended" as far as Equifax are concerned means either defaulted date, or the settled if not defaulted.

Defaulted - they consider that the creditor has ended your normal agreement then, as you have broken it's terms.

Settled when not defaulted - is self explanatory. The agreement ended once you paid back in full.

In other words, if defaulted than the account and all info/history is removed 6 years from the default date. As the normal account agreement ended then.

If not defaulted, then 6 years from the settlement date.

up-north-eng

okay thanks for taking the time to explain that :-)