6 Years Almost Up on Satisfied Default

storage2012

I have a satisfied default dated 12/2/2008; I believe this will disappear from my credit records on 12/2/2014, is this correct?

I have not applied for credit for many years and everything else all my records appears to be quite good (Experian are rating me at "Excellent - 967", Noodle 3/5).

I don't have a pressing need to apply for credit except that my company car is due to be replaced and the likelihood is I will be given a car allowance instead and expected to buy my own. I would like to lease a new car if this is the case, but obviously I do not want to apply for credit if it is likely to be declined.

My question is, how long will it take for it to disappear from credit agencies records?

Will it completely disappear forever? Is it literally untraceable after 12/2/2014 or do i need to keep checking my records and wait for it to drop off from visibility my end?

Looking at how quickly other things are updated, it would appear it may linger for several months after. This being the case, is there anything i can do to expedite it's removal from Experian, Noodle and Equifax?

I guess I can always apply for credit as things stand but I really don't want to have refusals on my record unnecessarily.

Hope this makes sense, please correct any misunderstandings I have! Thank you.

Tixy

The process is automatic. The default and account should disappear to the day on the 6year anniversary. This happens with experian and I think with callcredit. In practice equifax can take a couple of weeks more (I don't know why and it shouldn't but it does).

Once its gone its gone. Literally untraceable to anyone searching your credit file.

Ant.Evs

What Tixy said, but also...

You said you have not applied for anything for many years, but do you have any current forms of credit at the moment? some up to date credit history on your account showing you are paying something? A loan, credit card etc?

Once the CCJ drops of your credit files this wont make your credit file perfect again overnight. When you apply for credit the companies will want to see some payment history on there.

For instance, a lot of people with ccj's or defaults get bad credit credit cards (capital one, aqua etc) and make small purchases and pay off in full each month so that in the future any prospective lender can see this history and see that they managed the accounts well thus accepting them as a new customer.

Without some history on your account you may find it difficult to obtain mainstream credit even without the CCJ.

Hope that makes sense.

storage2012

The process is automatic. The default and account should disappear to the day on the 6year anniversary. This happens with experian and I think with callcredit. In practice equifax can take a couple of weeks more (I don't know why and it shouldn't but it does).

Once its gone its gone. Literally untraceable to anyone searching your credit file.

Thanks, great information. I guess I can keep checking until I know it's safe.

Further question, will organisations that have dealt with me in the past, keep records beyond 6 years?

You said you have not applied for anything for many years, but do you have any current forms of credit at the moment? some up to date credit history on your account showing you are paying something? A loan, credit card etc?

Once the CCJ drops of your credit files this wont make your credit file perfect again overnight. When you apply for credit the companies will want to see some payment history on there.

For instance, a lot of people with ccj's or defaults get bad credit credit cards (capital one, aqua etc) and make small purchases and pay off in full each month so that in the future any prospective lender can see this history and see that they managed the accounts well thus accepting them as a new customer.

Without some history on your account you may find it difficult to obtain mainstream credit even without the CCJ.

Hope that makes sense.

Good points, thanks for highlighting.
I have, in the 6 years or so, completely eradicated all my personal debt - about £25k worth and I did get credit 3 years ago to pay for something.

So my record historically speaking, will look like this (once the default goes):

Number of credit accounts (including those settled) 7
Amount of available credit (excluding mortgages) £16,360
% of your total credit being used (excluding mortgages) 7%
Amount of outstanding debt (excluding mortgages) £1,406
Number of accounts overdue 0
Number of missed or late repayments in the last year 0

V12 PERSONAL FINAN...Credit card / S...Satisfactory £0 (£5000 limit) 01/12/2013
EE LTD - TRADING A...Communications Satisfactory £66 12/01/2014
YORKSHIRE WATER Water Satisfactory Settled 16/12/2012
BARCLAYCARD Credit card / S... Satisfactory £860 (£12k limit, now settled) 01/12/2013
MBNA LTD Credit card / S... Satisfactory Settled (was £12k limit) 03/11/2013

The total credit will drop by £12k as I've paid off and closed this credit card. The debt will also drop to virtually nothing (depends what is owing on my phone bill / on overdraft when the report is next updated).

I'd be interested to hear any opinions on this and what it might mean for entering a lease agreement for a new car?

Will the history of paying off and closing 2x £12k credit cards count favourably? My payment history over the period of 6 years is virtually impeccable.

My salary is £40k (with an additional £5k car allowance to replace the company car) with OTE of about £60k. My last 2 P60s show gross income of about £52k

With this info and what's on my record, I'm really hoping that I will be OK...? Any thoughts.

storage2012

Just thought I would follow up on this in case anyone wants this information in the future. What's happened is pretty much as advised by Tixy.

Experian updated my record immediately and removed the default.
Noodle appear to have updated it in advance (they only update the report once a month and the default was removed a couple of days prior to the expiration date)
Equifax still have it showing (currently 2 days after the expiration date) so I rang them and they have advised it will be removed within a week.

Thanks to all who helped.

colmac71

My 6 year anniversary is tomorrow (18/04/2014).
Strangely enough Equifax have removed my bankruptcy several days early!

The defaults are still there (dated 18/04/2008) so I'll let you know when they are removed by the relevant CRA's

sussexchick

Very interesting thread :beer: and a glass of wine for the ladies

Could I ask a question too please ?

My 6 year anniversary date is 18th May, is it worth me contacting all the CRA's now and requesting my credit reports?, (I have a default with Link Financial/MBNA registered in 2008, I have been paying on a monthly basis (no missed gaps) via a Tomlin Order (will also continue to pay until the debt is clear) but I am wanting to apply for a mortgage soon (after 18th May) ..... and I suppose that I need proof that Link Financial won't register the debt again after the 18th May?

Any advice greatly appreciated - thank you

happy_bunny_2

sussexchick wrote: »

Very interesting thread :beer: and a glass of wine for the ladies

Could I ask a question too please ?

My 6 year anniversary date is 18th May, is it worth me contacting all the CRA's now and requesting my credit reports?, (I have a default with Link Financial/MBNA registered in 2008, I have been paying on a monthly basis (no missed gaps) via a Tomlin Order (will also continue to pay until the debt is clear) but I am wanting to apply for a mortgage soon (after 18th May) ..... and I suppose that I need proof that Link Financial won't register the debt again after the 18th May?

Any advice greatly appreciated - thank you

It's a very good idea to keep a copy of your report showing the correct default dates etc.

You never know when it will come in handy with DCAs doing what they feel like.

sussexchick

happy_bunny wrote: »

It's a very good idea to keep a copy of your report showing the correct default dates etc.

You never know when it will come in handy with DCAs doing what they feel like.

Thank you Happy - I'm also in the process of checking my credit reports on line now ! - just noticed that I paid off my credit card in full in early March but the balance is still showing on my credit file? - any advice please ?

(sorry for hi-jacking the thread)

happy_bunny_2

sussexchick wrote: »

Thank you Happy - I'm also in the process of checking my credit reports on line now ! - just noticed that I paid off my credit card in full in early March but the balance is still showing on my credit file? - any advice please ?

(sorry for hi-jacking the thread)

My file tends to be updated a month in arrears. So that march payment wouldn't show until April/May update. Depends on what date they update the CRAs.

sussexchick

happy_bunny wrote: »

My file tends to be updated a month in arrears. So that march payment wouldn't show until April/May update. Depends on what date they update the CRAs.

Will keep a close eye on that then! - thanks for advice, much appreciated.

Dare I ask another question?! ..... noticed on my credit file that O2 (cheeky sods) have registered a black mark on my file from 2011 for the months of March, April, May, June, July then settled in Aug 2011. This is wrong! - the account was settled in March by cheque but O2 FAILED to record my account number which was clearly written on the back of the cheque. I wrote at that time disputing this and have proof that I paid when I did, (they acknowledged and agreed this) but they have still recorded it as missed payments!