Question regarding Credit File

prestonlady

Hi all,

I have just signed up for Experian as I am currently trying to re-build my credit score after a few years of bad debt as my partner and I plan to buy a house.

I have been doing some digging and I have learnt that Credit Agreement info (which is the only thing showing as a problem on my credit file) will stay on my account for ''Six years from the date the account was settled, written off or defaulted – whichever happened first''. Now, my question is if I defaulted on an account in December 2011 will that disappear off my file in December 2017 if I am not going to be able to pay it off until 2013 or will it then be 6 years from the date I pay it off and it shows as 'settled'? From the quote above I believe it would still disappear in Dec 2017 however I just want to make sure that info is 100% correct as I really don't want to be in the red any longer than I already am.

Many thanks,

Ange

Tixy

December 2017
(assuming Dec 11 is the default date per the file)

DCFC79

The 6 year thing starts from when you acknowledge the debt eg make a payment in december 2013 and the 6 years will start then.

prestonlady

DCFC79 wrote: »

The 6 year thing starts from when you acknowledge the debt eg make a payment in december 2013 and the 6 years will start then.

Really?? That kind of conflicts with the above statement I quoted from the Experian website..

Angry_Bear

DCFC79 wrote: »

The 6 year thing starts from when you acknowledge the debt eg make a payment in december 2013 and the 6 years will start then.

This is true for statute-barring, but not for credit reporting. The credit report will show the agreement until 6 years after the account is defaulted.

fermi

6 years from the default date on your credit report, for it being removed from your report. End of. In all cases. No exceptions.

prestonlady

So if I was to pay small amounts off a balance where in 6 years time money would still be outstanding on the account I would be able to get a mortgage without any issues on the basis the debts been wiped off my credit report and I look clean again even though I may not be? Seems too good to be true.

fermi

The debt itself may be wiped from your credit report, but paying small amounts you would risk the creditor going for a CCJ. An unpaid CCJ would be a seperate entry on your credit report and screw you chances for another 6 years.

Plus if a mortgage application required you declare other unpaid debts, then you would have to disclose it, even if no longer on your credit report. To not do so would be application fraud.