Defaulted account on my credit file

Jackie62

Hi all, I have one defaulted credit card account on my credit file. I have entered into a payment plan with this company, but they still have me as defaulting, despite the payments (nearly 3 years of payments made). I had another defaulted credit card account too, but since setting up the payment plan with this particular company, they have removed my defaulted account from my credit file. I also had a Notice of Correction on my file, but this seems to have disappeared. Do the credit agencies remove these after a while? It's been 5 years since I placed it.
Thanks for any advice.

[Deleted User]

It's correct that it's reported as an ongoing default until cleared, as you defaulted on the agreement.

It will fall off your file 6 years after the initial default (6 in Scotland).

sourcrates

The default relates to the fact you stopped making the regular contractual payments on the account.

It makes no difference what payment arrangement you then agree too afterwards, the damage is already done, and will be reported as such for 6 years, until the default drops off your file.

Credit accounts can disappear from files for various reasons, sometimes if a complaint is made about the account, the CRA will "hide" that information until the issue is resolved, on other occasions, the creditor just stops reporting on it altogether, i have had similar accounts just vanish, and never return, well within the 6 year limit, no one seems to be able to explain why this happens.

Jackie62

OK, thanks, I see. The one that has disappeared was longer than 6 years ago, the present one defaulted in 2012, so I guess it will drop off next year.