Can you explain defaults to me please

troubledmummy

What is classed as a recent default?

If on my credit file there are defaults showing up for May and June are they still classed as recent if the account was opened in 2012?

Thanks

Tixy

Which credit reference agency did you use to check your credit file?

By default do you mean an actual default entry or do you mean missed payment markers?

A default will show a default date on your file if it is and the status field will show as 'default', the payment history will likely show a 'D' or an '8'.

A missed payment marker will generally show a '1' or '2' marker in the payment history section.

If you have a missed payment in May/June this year then yes that would be classed as very recent and likely to make it harder to get accepted for new credit.

If you have a default registered in May this year then that will continue to show on your credit file for 6years from the date of default and will make it very hard to get accepted for new credit accounts for several years.

troubledmummy

Sorry, what's the difference between a default and a missed payment marker?

I am using Noddle

troubledmummy

Ah I get it now, I have had a deeper look and it's become clearer. Thanks