clearing credit cards

Willing2Learn

Your daughter can view her three credit files for free, from the following websites:

Experian = MSE Credit Club
Equifax = Clearscore
TransUnion = Credit Karma

Your daughter should ignore the credit score and just drill down into the credit report section that holds the data relating to credit account management.

PRAISETHESUN

Your daughter will need to contact the 3 CRAs (Experian, Equifax and TransUnion) and request copies of her statutory credit reports. Once you have these, you can look to see what data is recorded and what might be likely to affect her credit now/in future.

Defaulted accounts remain on your files for 6 years from the date of default, however liability for the debt will remain for 6 years from the last time the debt was acknowledged. Written correspondence stating that you acknowledge the debt exists, or making any payment towards the debt will reset the 6 year clock. If the partial settlement was paid in full as agreed then that should be the end of it and it will drop off her credit files after 6 year. See below for more info: https://www.nationaldebtline.org/EW/factsheets/Pages/time-limits-for-recovering-debts/statute-barred-debt.aspx

Willing2Learn

PRAISETHESUN wrote: »

… liability for the debt will remain for 6 years from the last time the debt was acknowledged. Written correspondence stating that you acknowledge the debt exists, or making any payment towards the debt will reset the 6 year clock...

The six year clock actually starts ticking from the cause of action date. The 'cause of action' is the date of default...

[Deleted User]

Willing2Learn wrote: »

The six year clock actually starts ticking from the cause of action date. The 'cause of action' is the date of default...

However if acknowledgement is made of the debt or payment is made then that resets the 6 years