Credit file after bankruptcy

Legacy_user

Hi All

This my first post here so please be gentle, I have searched the forum but there are so many threads I found it difficult to find the answer.

I was made bankrupt in 2009 and was wondering when the order will be removed from my credit file. Is it 6 years from the order or 6 years from discharge.

I have recently managed to get some credit, car finance and have also done a balance transfer from an aqua and Vanquis card to MBNA but when I tried to get another provider to give me a card so that I can transfer the last bit I was refused and this can only be because of my credit file.

Thanks in advance for any help

fermi

The bankruptcy order is removed from your credit file 6 years from the original date of the order.

System

Thanks for the quick reply, what immediate impact will this make on my credit file/score if any

fermi

It's obviously going to look better to lenders when it's no longer on your report.

To what degree is impossible to say, as each lender can have their own scoring method. With some even an old BR order would be a big negative, so it's absence would make quite a difference. With others they may be much more interested in recent history, so the dropping off has less of an impact.

Experian_company_representative

Hi Simon66,

As Fermi has said the bankruptcy order will be removed six years from the date of the bankruptcy, but it will need to have a discharge date recorded for this to happen on your Experian report.

Check your report with all 3 of the credit reference agencies to make sure that any defaults that were included in the bankruptcy have a default date the same or earlier than the bankruptcy. These will come off six years from the default date automatically.

Kind Regards
Neil

System

Thanks to both Fermi and Neil.

Neil here's a question for you, there is a discharge date on my credit file but I have also notice that two of my old creditors have again started updating the records as defaulted after three years of doing nothing. Obviously if they continue to do this nothing will get better also I was under the impression that one the orriginal default was registered and they were notified of the bankruptcy the accounts would be marked as satisfied, so how do I go about resolving this.

fermi

The defaulted account will still be removed completely from your credit file 6 years from the original default date. Everything is removed. Even recent updates.

Later status history updates are not new defaults and do not affect the drop off date for the account.

Creditors should have marked it as settled/satisfied, and you can argue the toss with them on that, but it won't prevent the accounts disappearing 6 years from the initial default date.

fermi

There is a letter here if you want to argue the matter while you wait for it to all drop off next year.

--> Credit Reference File Clean Up Post Bankruptcy

Experian should also raise a dispute for you if you ask, but it's normally best to write or email the creditor direct as well.

Experian_company_representative

Hi Simonr66

I think Fermi has covered it all! Lender will sometimes continue to provide updates on defaulted accounts, but this won't change the default date or when it is removed from the account.

When the bankruptcy is discharged the companies should mark accounts as satisfied, however they do often need chasing on this as they won't be keeping track of the bankruptcy themselves.

This can be done either directly with the companies, or through the credit reference agency, or both.

Hope you find the useful.
Regards
Neil

System

A big thanks to both of you, very helpful. My six years is up in March so may have to get a report in April and have a party. I must say it has been a long six years and hardwork trying to keep everything together as sometime we do just need some form of credit to get by.

:j

chanz4

however not to worry experian will give a glowing 999 even with it on file