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Who decided 6 years?!

AgentM_2
AgentM_2 Posts: 62 Forumite
Part of the Furniture Combo Breaker
in Credit file & ratings
Hi

Just been bugging me and thought someone here would know the answer!

Why does any black mark stay for 6 years?! Why not 5?! My brain can't figure out any logical reason!!!

Comments

  • thebritishbloke
    thebritishbloke Posts: 1,472 Forumite
    A committee. They stay for 10 in the USA, so count yourself lucky.

    Probably something to do with your credit file should show a history of your recent credit, they need enough history to make an informed decision, but not too much that a stupid mistake you made when you were 18 should affect you in your 30's.
    Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.

    ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.
  • GingerBob_3
    GingerBob_3 Posts: 3,659 Forumite
    thebritishbloke wrote: »
    A committee. They stay for 10 in the USA, so count yourself lucky.

    Probably something to do with your credit file should show a history of your recent credit, they need enough history to make an informed decision, but not too much that a stupid mistake you made when you were 18 should affect you in your 30's.

    I guess that's about right, but there are a surprising number of people who think that a stupid mistake you made when you were 18 should affect you in your 30's, and on into your 90's!
  • Experian_company_representative
    Experian_company_representative Posts: 2,134 Organisation Representative
    Part of the Furniture Combo Breaker
    Good afternoon moneysavers. I answered a Q&A on this question not long ago.

    James J
    “Official Company Representative
    I am an official company representative of Experian. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"

    Posts by James Jones, Neil Stone, Stuart Storey & Joe Standen
  • nottoolate
    nottoolate Posts: 1,359 Forumite
    says a bit here http://ico.org.uk/for_organisations/sector_guides/~/media/documents/library/Data_Protection/Practical_application/CREDIT_%20AGREEMENTS%20-%20DATA_%20SHARING.ashx
This discussion has been closed.
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