Defaults after 6 years???

karolina1

Helloooo,

Checked mine and my husbands credit rating on noddle. Not good....i'm 1 out of 5, he's 2 out of 5! We both have defaults on settled accounts from Dec 2006. Will they definitely come off at the end of the year? Will our credit scores leap up or will I just go up to 2/5 and he 3/5?!?!?

We've found a fantastic house but is there any point applying for a mortgage yet? We're first time buyers

Thanks in advance!

chanz4

wait for defaults to drop, unless you want to pay high apr

karolina1

I use noddle, as I kept forgetting to cancel experien after the 30 day free trial

Dave_Ham

There will be solutions now, depending upon circumstances specifically your deposit as a % of purchase price.

Dec 12 they will fall off although can take about 2 weeks...

Buzby

...and for clarification - they do not 'drop off'. The data remains, pretty much as it always did, but any search will not pick up anything over 6 years.

This is because if the CRA's can push for extending the disclosure window (and they are doing this in the name of 'consumer protection' and 'responsible lending'). Nothing actually stipulates an exact timeframe, only that the disclosure must be 'reasonable'. Since Court Records were kept for 6 years (5 in Scotland), the CRA's lobbied the ICO to say that 6 years had already been established as reasonable, and the ICO did not object.

If he changes his mind and says 10 years is even more reasonable, the data will be displayed as the search field will be widened. No data is ever lost/deleted by these firms, it is their resource and livelihood, after all.