Credit report, very confused about things that drop off after 6 years.?

houseownerwannabe_2

Can anyone clarify about the credit files... Our mortgage adviser said that even when my partners defaults reach the six year mark and drop off his report, creditors can still see it and we still have to declare any default, late payments etc to mortgage providers even after 6 years. I can understand having to declare stuff like bankruptcy/DROs and IVAs but surely not old defaults if they've dropped off?

I'm very confused and slightly worried as I'm pretty sure I've had late payments in my past even though my file is pretty clean right now. I'm 39 and can't remember every single thing thats ever been on my report

fermi

Sadly, people who should know better, such as mortgage advisors, often seem to get the first part of that wrong.

Once the default has dropped, nothing about the default or account shows on your credit file from that point onwards. I mean literally NOTHING. As far as anyone or any company checking your credit report is concerned, they will not see any trace that the account or default ever existed.

That does not include the case where a lender you owe/ed but had had it drop of your file still knows internally about what happened.

What you may be asked to declare on a mortgage application is also another matter.

You may be asked.

- Have you ever defaulted on a credit account or had a default recorded against you?
- Or maybe the above, but just within the last X years?
- What current debts and liabilities do you owe, even if not on your credit report?

etc

Questions like that, obviously you have to answer truthfully, as not to do so is application fraud.

That is, IF they ask....

houseownerwannabe_2

Thank you so much. I did think that was the case but when someone who is a professional says otherwise it makes me doubt myself. So, if my partners default date is October 2010, it'll come off in October this year, is that right? We will still have 3 defaults until next year but they are much smaller and all settled so not as much of a worry. The October one is also settled but wasn't paid off in full until last year so I think that's why it's caused us problems getting a house.

Again thank you for clearing that up for me, its very much appreciated.

fermi

Yes, that account and default will drop of in October.

houseownerwannabe_2

Thanks for your help