when will my default clear from credit report

littlemac168

i have a satisfied default on my account and is due to come off on 25th May 2012 - was defaulted on 25th may 2006. it has been paid and i am wondering when this will come off my credit report.

also will this improve my credit rating as soon as it comes off. at the moment i cannot get tings like credit cards or overdrafts from my bank - will this change soon?


just want to know timescales really

Tixy

It will come off your experian and noddle reports 25/26 May.
It will probably stay on your equifax file for a few days longer - advisable to wait a couple of weeks to be sure.

if its your only default (and you don't have other major negatives such as CCJs etc) then once its gone it should make a big immediate difference to your ability to get credit.

Whether you'll be able to get mainstream credit straight away will depend what else your file shows.

Such as what other credit accounts will you have showing once that one has dropped off? Do these show you a good payment history with all payments on time?
Are you on the electoral roll?
Are you financially associated with anyone?
Of course as well as what is on your file any potential lender will also be assessing your other financial information - such as if you are employed / how much you earn / what existing debts and credit you have etc.

littlemac168

thanks for this info it really does help. i am looking forward to finally having a clean bill of health financially - been a long time coming. i have other items on my account such as a credit card, mobile phone contract and a catalogue account which is all up to date. i am on the electoral roll and hopefully this will be a good improvement for me - super!!!!! :T