Credit report query

rosssanderson

My partner has an arrangement to pay and debt management program dating back from Sep 2010 to March 2013 that is affecting the credit score, however these have been paid off and the account has been in credit since and they are still using the account.
My question will the statuses harming his score drop off his report 6 years from the last debt management status in 2017 or must he close the account and get a new one and start the 6 years from now?

Rosco32

It depends if the accounts show as defaulted or not. They will stay on file for 6 years from default date or if not defaulted but showing settled it will be 6 years from settled date.

rosssanderson

It never went into a default it just says debt management program and the account status has been fine since aprill 2011, but i have been told these arrangement to pay and debt management statuses affect your scores too.

Rosco32

Sorry my misunderstanding. Yes they will drag your score down, however that credit score is pretty worthless. Its not seen by lenders only you. I guess its designed to give you, the consumer, an idea of what you credit status looks like i.e poor, average, good, excellent etc. If the debt has been fully paid and the account closed it should be marked as satisfied/settled and will drop off 6 years from the date it was settled. You mention the account showing in credit, what type of account was this actually?

rosssanderson

Its a halfiax reward current account, it is the only bank account they have, they got into trouble with the overdraft when they were made redundant back into 2011 but everything is now fine, the overdraft has even been got rid of. we were planning to go for a mortgage in 2017 when i thought all would be ok, but now not so sure, its looking like this will affect his chances unless they close it and even then it wont come off till 2020?
Not sure what to do.

Rosco32

Well that's good that things are back on track. Whilst accounts can be open for many years I'm sure the CRA's only hold payment data for 6 years, so everything should be clear after the last missed payment marker drops off.

rosssanderson

I have been told that although they will disappear from the "display" after 6 years, if the account is still open, lenders can still see the entire payment history, as to wether this would affect a mortgage application if the credit search was otherwise clean, i have no idea.:sad:

Rosco32

All my credit accounts that I've got, some which I've had for ten years only show 6 years worth of payment history. It starts from say this month and 71 previous months. As time progresses any markers will move down the scale and will eventually drop off.