About to reach 6 years, do i need to do anything?

london1973

So the lengthy saga of my bankruptcy is shortly due to come to an end. The 6 year date is due in about a month. I just wondered whether there is any action on my part with regard to removing the BR from my credit file, or anything else i need to be mindful of? I did the clean up a while ago now so its in pretty decent shape, just the looming BR on it really. Does this come off automatically on the date in question or is it on of those ‘about 6 years’ things?!- also do things improve automatically with regard to access to credit (obviously this assumes the remainder of the file is in good shape) or again does this take a while to improve? I would like to start looking at mortgage options etc but want to time it right..

thanks in advance 

sourcrates

On the 6th anniversary of the date of your bankruptcy, the credit file entry will be deleted.

You can see this in real time if you pay to see your credit file, otherwise it will be reflected on the next update of the free to view versions, you need do nothing, it will all happen automatically.

Don`t expect miracles straight away, remember that the defaulted accounts will also drop off your file at the same time, so your credit history will look a tad thin for a while, you are effectively starting again from scratch.

A lot of ex insolvents obtain a credit card, designed for improving credit history, use it for everyday things, and repay in full every month.

london1973

Thanks for this that’s really helpful

i actually took a couple of credit cards out after i was discharged precisely for this purpose and i haven’t missed a payment in 5 years, and also my mobile phone contract seems to be on my file and again no payments missed.. i am hoping this gives me a headstart?

i guess my question is …is there a mechanism within the credit reference agencies that notes i have been bankrupt in the past and therefore marks me down, for a period at least, or is it literally as if you have never been bankrupt before

as usual there is a decent chance i am overthinking it, and i’m not desperate for credit or anything, just keen to be on a level playing field at last!

sourcrates

No such mechanism exists, your entry will remain in the London Gazette archives, and some of your ex-creditors may keep internal records for longer than 6 years, for example the Halifax keeps them for 7 years, but aside from that, no trace should exist.

The same 6-year rule applies to all debt solutions, and credit file entries, it`s basically so that no one will be disadvantaged for longer than is necessary.

Lenders use your last 6-year history, and your current circumstances to decide whether to lend to you or not, however this may differ between creditors, as not all are looking for the same target audience.

london1973

Just returning to this, it appears my bankruptcy has dropped off my equifax credit file, which i am obviously delighted about, however we are a full 7 days from the 6 year date.. is this possible?  Just want to be sure this isn’t a false dawn or anything!

luvchocolate

Wow can't believe it's 6 years. 
It will come of the Insolvency register..still be on the London Gazette for ever. 
Congratulations I remember feeling such a relief after 6 years ☺ 

london1973

Yes 6 years… takes me back! 
Can it drop off a few days early though, seems a bit odd to me as i assume their internal systems just zap it at the exact date

luvchocolate

I wouldn't worry about it to be honest 

KeepOnKnitting

I think mine came off a little bit early. Same with some of my defaults. I just figure there must be stuff internally that we don't see that marks your file for when to clear things. As long as it doesn't overstay its time, then it doesn't matter. Congrats!  

I'm about a year ahead of you, and I just got accepted for a cashback credit card! I felt like I'd never be that privileged again.

london1973

So, sorry to labour this point, but equifax/clearscore seem to have zapped my bankruptcy but Experian and credit karma still have it (only ones i’ve checked)… i want to check if my mortgage options have improved but don’t want to make any searches until its completely gone from everywhere, ..(i gather most lenders use all 3 of the main agencies)… its all very confusing frankly

luvchocolate

If your 6 Yr Mark is due around now it will come off all credit reports automatically...just bear in mind it can take a month to show depending upon date of updating.