Experian credit Marker on file more than 6 years for closed accounts

NewUser1972

Hello everyone.  I am trying to find out why I have credit payment history (mostly positive but the odd missed monthly payment) going back well over 6 years on some closed accounts when I check my Experian report.  Everything I search says CCJ.s Defaults and missed payments drop off after 6 years. I dont have any CCJ's or Defaults but I do have some 1's and 2's missed with two old Very accounts which were closed in 2020.  The missed payments are from 2016 and 2015 (so 7 and 8 years back).  Is is right that they are still listed?  With TransUnion and Equifax they are long gone, as they only show payment history going back 6 years.  Thanks in advance for any personal experiences of this and/or advice.

Thanks

NewUser1972

Hi. I am bumping this and asking the question slightly differently... Should a missed payment marker fall off my credit report after 6 years?  Is this always the case.  Is it right that a missed payment marker is still on my credit file for longer than 6 years (in some cases up to 8 years).  I am being told by Experian that this is because my account was closed in 2020 but I can only find information on line that says anything bad falls off after 6 years, it doesn't distinguish between open or closed accounts. Thanks

NewUser1972

..another update (although I appear to be talking to myself here). I spoke with Equifax who also seem to have data going back to 2014 and was told that for Settled and Defaulted accounts (mine are marked settled) the payment history stays on file until the record falls off after 6 years.  This means that 6 years from the settled date the record will disappear but until then it remains, along with all of the payment history (including some missed payment markers going back to 2015) until 2026 (6 years after the settled date).  I tried to explain that this meant that my missed payment markers would effectively be on my record for 11 years but they also kept agreeing that payment history is retained only for 6 years! I am a little lost with this and so would appreciate some feedback if anyone has any experience. Thanks

MrFrugalFever

I would just raise a dispute and see what they say. 

Lenders can see more than what Joe public are led to believe anyway, especially if you have had a relationship with them in the past.

My understanding of the process is that the history is a moveable feast, the data held will drop off if older than 6 years, so let’s say you missed a payment in May 2017, well in theory next update to CRA’s would see that drop off. 

There are a few caveats to this though which is pertaining to Bankruptcy whereby you can be negatively impacted for up to 15 years.

NewUser1972

MrFrugalFever said:

I would just raise a dispute and see what they say. 

Lenders can see more than what Joe public are led to believe anyway, especially if you have had a relationship with them in the past.

My understanding of the process is that the history is a moveable feast, the data held will drop off if older than 6 years, so let’s say you missed a payment in May 2017, well in theory next update to CRA’s would see that drop off. 

There are a few caveats to this though which is pertaining to Bankruptcy whereby you can be negatively impacted for up to 15 years.

Thanks for replying.  I raised a dispute and they told me that it wont come off until the record comes off because its a settled account. This means it'll be on my file for 11 years.  This doesn't seem right to me.  I asked them for a copy of the policy where this is clear and he told me to Google it!

NewUser1972

Just to say I have opened a new post for this but in short both Experian and Equifax effectively 'freeze' records when the account is closed. Any history visible at the time it is frozen then remains until 6 years after the closure.  Therefore if you had negative markers 5 years and 11 months before you closed the account they would still be visible for another 6 years from closure. So conceivably up to 11 years and 11 months.  On this basis if you have missed payment markers you are better leaving the account open until they drop off (i.e. 6 years with Equifax and 4 years with Experian) and then close the account. 

MrFrugalFever

Sounds pretty naughty to me!