Default disappeared from credit file

MCS01

Hi
I have had a lot of debt since 2007 and I have recently signed up to equifax to check my credit rating. A few of my debts are not on showing on my credit file even though my creditors state they are adding a default every month as I am making less than the minimum payments. Is this because I have had the debts for over 6 years? Or is it a mistake? Surly if I'm still paying them off they should be on there ( not that I'm complaining )
Thanks

Quimoi

Defaults will stop showing on your credit file six years from the date of default regardless of whether they are paid off or you are still making payments towards them.

If any are less than six years old and not showing on Equifax then it may be that the lender only reports to Experian and/or Call Credit. If you want to check those then you can get a 30 day free trial at Experian and you can sign up for a (ongoing) free monthly report at Call Credit.

One thing to be aware of is that the lenders could potentially apply for a court order for you to pay the debts and, if successful, would mean a CCJ on your credit file for another six years. You should have plenty of warning before that happened however (assuming they have your current address) and it's probably unlikely as long as are continuing to pay something towards the debts each month.

Do have a think about how long you will be making the payments for as, if you are paying less than the monthly minimum, you may only be paying the interest and not reducing the capital sum.

MCS01

Thanks quimoi!
I am currently have a debt management plan with step change so no interest is being applied to my loans. I am hoping to have them all paid off next year, but I am glad they are no longer on my credit file, I'm assuming this means I will start getting a better credit score soon?
Thanks

PaulW922

Your credit score is worked out by each individual potential lender based on their own criteria. The scores you see at the CRAs - such as Experian Credit Expert - are just an indicator and can only be viewed by you. Don't talk those too much to heart one way or the other.

You are correct that a default drops off your account after six years, however the DMP itself may also be shown. You may want to check that. Additionally, any debt that went into the DMP before it was formally defaulted may show up as 'in an arrangement'. That will go six year after settlement.

Defaults can be updated each month with the new balance owing but not 're-defaulted'.

MCS01

Thanks paulw922 I didn't know a lot of that, so thanks for clearing it up.