credit files

loobyloo1980 · 20 February 2005 at 8:03PM

can someone tell me how long defaults stay in activity and how long they remain on your credit file after settling? I have a default from 2002 and would really like to have it settled before much longer. I am aiming to try and have it clear by the time it would be due to be removed from my credit file. I think it's 6 years isn't it? But does this mean 6 years total whether you clear it or not, or 6 years after settlement?

Also, once it has been settled and the time is up - does it wipe your slate clean effectively or is there always some record of having defaults?

munchies · 20 February 2005 at 8:27PM

Hi -the default should remain on your credit file for six years from the date of the default, whether the debt is settled in that time or not. If the debt is settled within the six years it will then show as settled but the default will still be able to be seen until the six years is up. Sounds like yours should be removed in 2008. There shouldn't be any record of it after that date. Did you know you can add a 'notice of correction' (a 200 word statement) to your file to explain something on your file. Creditors then have to consider the notice when making decisions about whether to grant you credit. Contact Experian/equifax for more info.

loobyloo1980 · 20 February 2005 at 8:44PM

munchies wrote:

Hi -the default should remain on your credit file for six years from the date of the default, whether the debt is settled in that time or not. If the debt is settled within the six years it will then show as settled but the default will still be able to be seen until the six years is up. Sounds like yours should be removed in 2008. There shouldn't be any record of it after that date. Did you know you can add a 'notice of correction' (a 200 word statement) to your file to explain something on your file. Creditors then have to consider the notice when making decisions about whether to grant you credit. Contact Experian/equifax for more info.

Hiya, thanks for your reply. That is what I was hoping you would say!!!

I have attached a notice of correction to every entry that was a debt as a result of my relationship breakdown. I signed up for experian's free 30 day trial of online credit file access and did it then. I haven't ever had my report from equifax though so should get theirs really. Although everything is on experian - so would it just be duplicate stuff?

bj-sailaway · 21 February 2005 at 8:10PM

I recently got my credit report from Experian, it showed up that I had missed my payments for 3 months on a GM credit card. However, GM "revoked" the card - means I can't use it anymore. I can't seem to see a record of this on the file. Would this be the same as a default? This happened early last year, I have overpaid each month to bring the debt down since. Maybe I'm not reading the report correctly?

loobyloo1980 · 21 February 2005 at 9:22PM

bj-sailaway wrote:

I recently got my credit report from Experian, it showed up that I had missed my payments for 3 months on a GM credit card. However, GM "revoked" the card - means I can't use it anymore. I can't seem to see a record of this on the file. Would this be the same as a default? This happened early last year, I have overpaid each month to bring the debt down since. Maybe I'm not reading the report correctly?

NO if it's a default you can definitely tell. It doesn't show any on time or late payments or anything. Just gives a code 8 (I think) and says defaulted or something like that.

bj-sailaway · 23 February 2005 at 10:54AM

Thanks Loobyloo, I will just have to see how long these late payments affect me getting a credit card. Judging from other listings, I need to lay low for a while before applying. Is it worth getting both my reports? Are they likely to vary much?

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