Default on Credit File

cew91

Hi Everyone!

Brand new here so forgive me if this has been asked before but I couldn't really find a straight answer to what I wanted to know...

Basically, I have a default on my Credit Report from an old mobile phone contract. From what I've been reading the default will stay on my report for 6 years... even if I pay the debt off...? Is this the case?

If so, I don't see the point in paying it off if it's going to stay there anyway... ethically I know thats probably not right but if it's going to disappear after 6 years whether I pay it or not, then whats the point?

Thanks

fermi

Correct. It will stay there.

However, if you pay it then it will be marked as satisfied/settled, which will be a bit better for your report until it finally drops off.

If you don't pay it then you leave yourself open to potential court action, where if that happened and you didn't pay off within one month, that would mess up your credit record for another 6 years. May never happen, but never say never as they say.