Credit report arrears

Dollymix12

I have 2 reported late payments from 2010 on my next account, this was just stupid timing on my behalf as it was the only bill I didn't have a dd set up and kept forgetting about it, everything's been fine since as I put a dd in place. Am I right in thinking that this takes 6 years to be removed so should disappear in 2016?

My other question is that I paid off a 6k loan I had in full last month but it's still showing on my report, when will that be removed? I'm still waiting for the final paperwork from Lloyds they r being really slow about it!!

HappyMJ

Dollymix12 wrote: »

I have 2 reported late payments from 2010 on my next account, this was just stupid timing on my behalf as it was the only bill I didn't have a dd set up and kept forgetting about it, everything's been fine since as I put a dd in place. Am I right in thinking that this takes 6 years to be removed so should disappear in 2016?

My other question is that I paid off a 6k loan I had in full last month but it's still showing on my report, when will that be removed? I'm still waiting for the final paperwork from Lloyds they r being really slow about it!!

It's 6 years but a late payment from 2010 should not affect your credit much. You'll still get good rates of interest on any future credit you ask for.

The loan will continue to be shown until 6 years have passed after you make the final payment.

Dollymix12

The loan still shows as an outstanding amount so it was really when should this clear from my report as outstanding? Once it's no longer outstanding my score should improve slightly shouldn't it? My experience score is currently 709 but I'm not sure why it's so low

[Deleted User]

Your score has nothing to do with anything so ignore any movement in it.

Dollymix12

Yeah I know but the outstanding loan does so I was trying to get an indication on how it will improve once that's gone

rizla_king

It will improve with any lender who may have marked you down if it was still there. No one can say more than that as all lenders use their own criteria that we cannot 2nd guess more accurately

Dollymix12

Thanks, just looking to buy a new house in the next year or so so trying to sort out my debt and credit rating

rizla_king

Good luck then.

All we can say is to most lenders it will look better. Just cant say how much.