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Default on Credit File
Notso
Posts: 1 Newbie
Hi All,
My partner has a poor credit rating due to defaulting on CC. Please can you tell me how long the default notice stays on the credit file if the company accepts a F&F Settlement for the debt?
Thanks for any pointers!
My partner has a poor credit rating due to defaulting on CC. Please can you tell me how long the default notice stays on the credit file if the company accepts a F&F Settlement for the debt?
Thanks for any pointers!
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Comments
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6 years from the date of default0
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Even paying full the debt stays on the record for 6 years, the agencies have a duty to report factual information. A paid off debt looks better to future lenders than an unpaid one.
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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