Checkmyfile report 8 year old arrears markers

SimonBck

Just done a report with checkmyfile and it shows arrears markers that are 7/8 years old. I believed they should be removed after 6 years?

iainmay

It's 6 years since account closure/satisfaction, so if the arrears are on an active credit card they will stay there until 6 years after you close it. Not sure this is universal across all rating agencies though...
Before you rush to close it, consider the effect closing it might have (might not be a bad idea, but do think about it first)

[Deleted User]

iainmay wrote: »

It's 6 years since account closure/satisfaction, so if the arrears are on an active credit card they will stay there until 6 years after you close it. Not sure this is universal across all rating agencies though...
Before you rush to close it, consider the effect closing it might have (might not be a bad idea, but do think about it first)

No it's not. It's from the date of default. if you continue to default new markers will still appear but the old ones will drop off.

Willing2Learn

iainmay wrote: »

It's 6 years since account closure/satisfaction, so if the arrears are on an active credit card they will stay there until 6 years after you close it.

_shel wrote: »

No it's not. It's from the date of default. if you continue to default new markers will still appear but the old ones will drop off.

I disagree with the pair of you lol, although I am also uncertain


Checkmyfile says the following about arrears:

When looking at your payment history, Arrears will appear as missed payment markers. The first month of arrears will appear as a 1 marker and any subsequent missed payments will appear as 2,3,4, 5 or 6 respectively. Your checkmyfile Credit Report will also show you the lender reporting the arrears, along with the amount due.
They will remain on your Credit Report for six years from the date first reported.

SimonBck

The accounts were settled and closed in March 2017. When I look at Credit Karma, MSE club l and Clearscore those markers are not shown. I don't know if a lender will see them or not.

Willing2Learn

SimonBck wrote: »

The accounts were settled and closed in March 2017. When I look at Credit Karma, MSE club l and Clearscore those markers are not shown. I don't know if a lender will see them or not.

In that case, get your free Statutory reports from each of the CRAs. Then you will be able to see exactly what lenders see. MSE Credit Club, CreditKarma and ClearScore are not always accurate...

https://www.experian.co.uk/consumer/statutory-report.html

https://www.equifax.co.uk/Products/credit/statutory-report.html

https://www.transunionstatreport.co.uk/

(Make sure you are selecting your free Statutory reports, as it is easy to choose one of the paid subscriptions by mistake)

SimonBck

Equifax is showing the late payment marker from 2011/2012.

Willing2Learn

Okay then. According to Equifax:

Missed or late payments are recorded on your credit report for six years. Lenders can view this if you’re applying for credit in this time.

In which case you should contact Equifax and make a complaint...

https://www.equifax.co.uk/resources/loans_and_credit/what-to-do-if-you-have-missed-payments.html

SimonBck

Just spoke to Equifax they said those markers would be removed 2021 as the account was settled in 2015. I have made a complaint to Barclaycard to remove the account as they did not default the account back in 2012. Hopefully they will agree to this. I had success with Halifax and Bank of scotland.

[Deleted User]

Why would they default the account back in 2012?

How many CONSECUTIVE late payments were there?

SimonBck

4 consecutive in 2012.