What does 'six years' really mean??

Midwife61

Hello all,
New to this forum so just finding my way slowly around - please bear with me!!
I'd like some info about how long credit history remains on your report and when the clock starts ticking?
My credit history is excellent, lots of lovely green ticks..... except for bad bad mortgage with ex that ended up in court and was settled in full June 2016. Lots red marks there.
Equifax have informed me in writing that 'Credit agreement information remains on your Credit Report for six years from the date that the account was settled or defaulted, whichever occurs first'.
Callcredit have informed me in writing that '...your mortgage account is no longer present on your Ourcredit report'.
Experian have informed me in writing that 'Our records indicate that the account was settled in full on 09/02/2016. Settled accounts are kept on your credit report for six years from the date of the settlement'.
Confusing or what! Or can they have their own rules? Does the FCA comment on this?
This particular mortgage fell into arrears years ago - am digging out files now to find out exactly when.
Any comments very welcomed.
Thanks

[Deleted User]

6 years from default, or settlement - whichever is earliest.

antrobus

If the account was "settled in full on 09/02/2016" then that would imply both a payment and an acknowledgement of the debt, so the six years would run from that date.

tain

I think I get what you're saying. If the account was settled in 2016, but your last default was in -say- March 2011, then all the negatives will be erased from your file in March 2017.

kingstreet

This is a secured debt, so these are mortgage arrears and not a CCA-based default.

Therefore the account will appear on file until six years from the settlement date as there is no 'default date' to work from.

It may not have been visible on Call Credit at all if the lender doesn't supply data to that particular CRA.

Midwife61

CCA based?

Midwife61

OK - the date of last time the default occurred?

Midwife61

Sorry - What's a CRA? Think I can guess ...but rather not get it wrong!

Midwife61

Can you clarify what that stands for please?

worried_jim

Credit reference agency.

If only there was thing like google which told you stuff.

fatbelly

Midwife61 wrote: »

CCA based?

Consumer Credit Act. Things like credit cards, loans, catalogues.

Midwife61 wrote: »

OK - the date of last time the default occurred?

In this context it means the issuing of a formal default notice, which can be 3-6 months after the terms and conditions are breached by non-payment, for cca debts

Midwife61 wrote: »

Sorry - What's a CRA? Think I can guess ...but rather not get it wrong!

Credit Reference Agency. There are 3 -- in order of usefulness Experian, Equifax and Callcredit