Late payments from 7+ years ago

Vampgirl

Hi everyone, have recently obtained our credit reports from Equifax and I'm a bit confused with something on hubby's report. I thought late payments dropped off the report after 6 years, but his report is showing late payments from 2007 and before.
I'm a tad upset at him really - we're going to be applying for a mortgage soon, and this has come as a bit of a nasty surprise

The late payments are showing on a credit card marked as closed Oct 2010, the payments are for Mar, Apr & Nov, Dec 2007.

There is also a late payment from Aug 2004 for Next directory (account closed Jun 2008).

Is this showing correctly, or should he be contacting Equifax about this?

Thanks for any help!

Tixy

Payment history is shown for up to 6years. However when an account is closed the payment history shows for up to 6years prior to the date the account was settled.

So yes this is correct.

That said a few missed payments from so long ago are unlikely to have a major impact on his ability to get a mortgage.

Vampgirl

Thanks for the words of reassurance - my head was saying that it should be long enough ago to not make a difference, but I was still worrying about it

But the good news is that in the meantime the DIP has come back approved (from a lender who does a credit check and is supposedly "picky"). So all's looking good, and I'm worrying over nothing.

Needless to say, we haven't missed a payment since I took charge of the finances and we won't be missing any in the future either. Hubby isn't irresponsible, he just isn't interested so doesn't pay attention.

Rosco32

How does that work then Tixy? If I had a credit card that I took out in Jan 2007, used it constantly then paid off in full in April 2008 and closed the account what's the payment history period that I should see?


Thanks

rizla_king

You would see Jan 07 to April 08 which would be visible until April 2014. You night not see it working that way at the moments as Experian haven't displayed 6 years of payment history for that long so some files wont show the whole lot.

Rosco32

I don't think that's correct, no offence intended. If it was the case how come I can't see any of the 2007 payment history only Jan 2008 to April 2008? Its the same for other credit accounts I had around the same time. A credit card with Barclaycard started in May 2007 and paid off and closed in May 2008. I can only see payment history from Jan 2008 to May 2008. This is because only 6 years of payment history from today's date and 6 years back is visible, with 2008 to 2014 obviously been 6 years is why I can't see any payment history for 2007.

rizla_king

It is correct. Was confirmed by the Experian rep on here a few days ago.

As I said it won't have shaken down to all old accounts yet but that is what will happen from now on.

Rosco32

So that means payment data could be visible for up to 12 years then?

rizla_king

From the horses mouth.

Experian_company_representative wrote: »

An account can carry up to six years' history and once settled is frozen and retained for a further six years.

This is why if you've missed payments it's probably best to either settle straight away or keep the account open. But as others have said, very old late payments are unlikely to affect credit scores significantly.

James

Buzby

Against the spirit of data retention principles - anyone made a formal complaint to the Data Commissioner to challenge this?

Rosco32

Fair enough but I think that's crazy or is it just me? I mean, if you keep the account open, as said by the quote above then the OP wouldn't have these late payments showing would they?