Credit score help please

Lorne

Hi all,

I wonder if anyone could advise me about closing accounts and my credit score.

I have a default on an account in January 2006 which is impacting heavily on my score, the account is now settled and as far as I am aware information is held on your score 6 years from the settlement date. What I'd like to know is that if the account is open do they still just hold 6 years of information?

For example - January 06 default if account left open and only 6 years of information is held it will be off my account in January 2012 or January 06 default, account closed this month March 2008, information held on my account for 6 years from settlement it is off my account in March 2014.

Hope that makes sense. I just don't want this to be impacting on my credit score longer than it has to be and am nervous about closing off the accounts. I have read Martin's info on closing accounts improving your rating but surely in this case I'd be best hanging onto them??

Would appreciate comments and advice.

Many thanks, Lorna

Mozette

Sorry I don't know, just bumping this

fermi

Pretty simple. The information recorded on defaulted accounts is removed 6 years from the original default date.

From Link: Experian Sample Report 2008

A defaulted account is removed from your report after six years whether or not you have paid the debt in full. If you have paid some of the debt off, the balance should show how much you still owe.

And Equifax: How long will information stay on my Credit File?

Credit Agreements: 6 years from the date the account was settled, written off or defaulted, whichever occurred first

Lorne

Thank you very much! Really appreciate your help and comments