Urgent clarification needed

Frankiesphone

I currently have a thread going on the Mortgage Board and someone has advised that a default drops off 6 years after the SETTLED date and NOT the default date.

You have no idea what this is doing to my blood pressure, I am extremely confused, very upset and would appreciate someone PLEASE clarifying which is correct?

Thank you so much in advance.

Hazzinho

It drops off 6 years from the default date.

Frankiesphone

Hazzinho wrote: »

It drops off 6 years from the default date.

Thank you so much - the board mortgage board has now also confirmed this (in the last few minutes) - my nerves are shot to pieces!

matttye

Just so you have it from an official source:

"When will my default drop off my report?

Dear James,

Hello, I had a credit card account that went into default in 2006. I have since satisfied the account, so when will the default be removed from my credit report? Will it be six years from date of default or six years from date of being satisfied? Thank you.

Richard, Stourbridge
Dear Richard,
The default will stay on your credit report for six years from the default date, so it should disappear sometime during 2012. While lenders tend to concentrate on your most recent credit history when assessing new credit applications, a four-year-old default might still cause you problems. As a result, if you defaulted on the agreement for a good reason – such as losing your job or a serious illness – you might benefit from explaining this on your report. Simply send us a statement of up to 200 words describing any relevant circumstances and we’ll add this to your report for you. The note (called a notice of correction) will drop off your report when the default goes.
"

http://www.experian.co.uk/consumer/questions/askjames211.html

You can breathe now

Frankiesphone

matttye wrote: »

Just so you have it from an official source:

"When will my default drop off my report?

Dear James,

Hello, I had a credit card account that went into default in 2006. I have since satisfied the account, so when will the default be removed from my credit report? Will it be six years from date of default or six years from date of being satisfied? Thank you.

Richard, Stourbridge
Dear Richard,
The default will stay on your credit report for six years from the default date, so it should disappear sometime during 2012. While lenders tend to concentrate on your most recent credit history when assessing new credit applications, a four-year-old default might still cause you problems. As a result, if you defaulted on the agreement for a good reason – such as losing your job or a serious illness – you might benefit from explaining this on your report. Simply send us a statement of up to 200 words describing any relevant circumstances and we’ll add this to your report for you. The note (called a notice of correction) will drop off your report when the default goes.
"

http://www.experian.co.uk/consumer/questions/askjames211.html

You can breathe now

Thats a fabulous note of advice - thank you :A