When will cleared defaults be reflected by credit score?

seymourf

Hi. I've been trying to clean up my act financially for the past year, and last month cleared the second of two defaulted accounts which have hit my credit rating very hard between them. The fact I have settled the accounts is reflected in the profile, but this has had no effect on my credit score at all - how long should I expect to wait before seeing some improvement? I have no further defaults and have been using Noddle. Cheers

SeanG79

1. Your credit score is meaningless, every lender has their own method of "credit scoring"
2. Defaults remain on your credit file for 6 years after the date the default was reported, whether settled or not
3. If the defaults are settled, gradually over time they will have less impact if lenders can see you managing other credit responsibly (eg a credit card for bad credit)