Defaults on credit file

tain

I have some defaults on my credit file from a loan that are around 5-7 years old. At the time, I was defaulting every month as I couldn't afford to pay back anything.

I've not had any defaults or anything in 5 years, so was hoping these defaults would be dropping off my credit file month by month. But the report I got from Experian shows details of every default from the start of the agreement.

Is it only me that can see the entire default history? Or anyone who does a credit check? And does this mean none of them will go until the 'settled/satisfied' end of the loan agreement?

[Deleted User]

If the account is still in arrears, the default will show as a monthly update.

However, the entire account will drop off 6 years after the date of the initial default.

LaurLee205

Hi does anyone know how I can change who I am financially tied to on my credit report?

[Deleted User]

If you have no joint products, then you file a notice of disassociation.

tain

Deleted_User wrote: »

If the account is still in arrears, the default will show as a monthly update.

However, the entire account will drop off 6 years after the date of the initial default.

The account was closed 5 years ago. So are you saying that defaults from 8 years ago will still show up as the account was only settled 5 years ago?

National_Debtline

tain wrote: »

The account was closed 5 years ago. So are you saying that defaults from 8 years ago will still show up as the account was only settled 5 years ago?

Hi

Once an account has defaulted it should come off your credit file 6 years after the original default date, regardless of whether it was paid off or not. Just to clarify, simply missing the contractual payments isn't classed as defaulting in this sense, the creditor would actually need to register a default with the credit reference agency. This would normally be within 3 - 6 months of contractual payments being missed.

James
@natdebtline

tain

National_Debtline wrote: »

Hi

Once an account has defaulted it should come off your credit file 6 years after the original default date, regardless of whether it was paid off or not. Just to clarify, simply missing the contractual payments isn't classed as defaulting in this sense, the creditor would actually need to register a default with the credit reference agency. This would normally be within 3 - 6 months of contractual payments being missed.

James
@natdebtline

Cheers, thanks for clarifying. The defaults are showing up as such on the credit report, so I'm guessing this did happen a long time after the actual event (an 8 on the experian report, rather than a 1 or 2, like some of them).

So if I had 10 monthly payments recorded as defaults, and 5 of them were over 6 years ago, my credit file will only show the remaining 5 on credit checks?