Defaults on Experian for 7 years

Ratle

Hi, I have tried seaching but have come up blank, so appologies if this has already been discussed. I noticed that an old default had not dropped off my Experian credit file after 6 years. Now I notice Experian are saying that they stay on your file for 7 years. No other advice sites seem to agree with them. Has there been a change in the rules or can Experian just change the rules themselves?

Ratle

From Experians site

mjm3346

Experian say 6 and 7 years

"How long does a default stay on your credit file?

A default will stay on your credit file for six years from the date of default, regardless of whether you pay off the debt. But the good news is that once your default is removed, the lender won’t be able to re-register it, even if you still owe them money. Nevertheless, you should continue to meet any remaining payments as the lender could go on to register a CCJ against you.

Note that the lender may sell your debt to a debt collector (a company that specialises in getting debts repaid). However, the lender must make this obvious on your credit report, so it won’t look like you have two defaults. Also, the amount and date shouldn’t change, so you won’t need to pay more or wait longer for your default to be removed."

"Negative information, including defaults, on your credit reports can bring down your credit scores. Defaults naturally are removed from credit reports after seven years, but can be removed earlier if they are determined to be inaccurate. The removal of a default can improve your scores, but if you want a strong credit file over the long haul, you'll need to add positive information too."

Ratle

My defaulted account wasn't sold on, so it isn't from a debt purchaser. I have never heard of 7 years before. I just think this will be bad news for so many.

sourcrates

6 years in the UK, 7 years in the US.

You should make a complaint, both to the creditor and the CRA.