I have cleared everything now what......

Hi again, I have paid of all my debts on my credit report it says that all my debts are satisfied/settled how long will it be before this is off my credit report and finished with? Some were entered in default!!

Also my registration at my new address is wrong I AM on the council list and have just received a letter from them saying that this is all completed but its not showing me at my new address. This was all completed 1st July????

Comments

  • tinalives
    tinalives Posts: 903
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    Congratulations!

    I know everything stays on your credit report for six years.

    Regarding your new address - if it's the electoral roll you're talking about, I was told by a bank that electoral roll information is no longer required to be updated immediately and as a result it can take months before it shows on your credit report.
  • Forgot to say that i have a HP i dont really count this as debt as i have the value of the good there against it. But if i manage everything ok for the next 1 to 2 years will this have a major effect on anything else that I may try to get???
  • Congratulations on becoming debt free!

    You can dispute anything that is incirrect or that you don;t agree with on your credit file by raising a Dispute.

    I assume you've already got a copy of your credit report?

    If not - you can get one for £8 with Equifax - and it will be viewable online for a month. You can raise a Dispute with them as well at no extra cost.

    (I'm only mentioning Equifax 'cos i used them before).
  • surfcat
    surfcat Posts: 734 Forumite
    i thought equifax reprts were only £2, and now electoral rolls should be rolling so are updated a lot more than previously
  • calleyw
    calleyw Posts: 9,822
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    Congratulations on becoming debt free!

    You can dispute anything that is incirrect or that you don;t agree with on your credit file by raising a Dispute.

    I assume you've already got a copy of your credit report?

    If not - you can get one for £8 with Equifax - and it will be viewable online for a month. You can raise a Dispute with them as well at no extra cost.

    (I'm only mentioning Equifax 'cos i used them before).


    Papercopy costs £2 so why pay £8 to see it on-line.


    Yours


    Calley
    Hope for everything and expect nothing!!!

    Good enough is almost always good enough -Prof Barry Schwartz

    If it scares you, it might be a good thing to try -Seth Godin
  • Penny-Pincher!!
    Penny-Pincher!! Posts: 8,325 Forumite
    Hi topman1889

    All defaulted accounts will be kept on credit files for 6 years regardless of being satisfied or not. Even if you have say a current credit card which you pay in full each month-the default will remain for 6 years regardless. Good behaviour now will not change this time period.

    I would imagine that you will be refused for all credit if you apply for it-but you may be able to get a credit building credit card if you pay a deposit! Again though, most lenders will only see the defaults (whether satisfied or not) and will refuse you any kind of credit.

    We were in the same boat 11 years ago and it was hard. The only thing I can suggest is to not let it happen again. We pay most things cash after saving for them now. We now have a couple of credit cards and only one with a smallish balance (rest are 0)-but this is on a 0% sky credit card till March 2006.

    Good Luck!

    Penny-Pincher!!
    xxxx
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  • margaretclare
    margaretclare Posts: 10,789 Forumite
    topman1889 wrote:
    Forgot to say that i have a HP i dont really count this as debt as i have the value of the good there against it.

    Yes, HP (hire purchase) IS debt and whatever you're buying on HP is not yours until the final payment.

    OTOH the fact that you've not defaulted on the HP, have paid it off regularly within the term specified, will count in your favour. But you can't call yourself debt-free until it's all paid off!

    Margaret Clare
    [FONT=Times New Roman, serif]Æ[/FONT]r ic wisdom funde, [FONT=Times New Roman, serif]æ[/FONT]r wear[FONT=Times New Roman, serif]ð[/FONT] ic eald.
    Before I found wisdom, I became old.
  • loobyloo1980
    loobyloo1980 Posts: 587 Forumite
    I'd just like to say congratulations on clearing your debts :T

    I am very envious and cannot wait til I can post that message about my debts.
    Official DFW Nerd #148 :D
    Debt level @ highest (May 2004): £15000 :eek: Debt level @ August 2006: £9591.53
    Lightbulb moment May 2006 :idea:
  • Dammam
    Dammam Posts: 349 Forumite
    Just to clear up a point, the debt stays on your credit record for 6 years FROM THE DATE OF DEFAULT. Is this right? It's how I read it. So if you defaulted in May 1999 and paid the debt next week, the debt should no longer show on your credit report.

    Can someone confirm this please?

    Also, how long does it generally take for the cleared debts to show on Equifax/Experian after settlement?

    Finally, always get a credit report from BOTH companies. Costs a little more, but I have found glaring differences between the two companies records'.
  • mattp_3
    mattp_3 Posts: 270 Forumite
    any information remains on the file for 6 years, so if you get a default in Jan 2005 but fail to meet the repayments after that for another year, the default will drop off in Jan 2011, but the missed payments would still show on the file until Jan 2012.

    if you have paid off a credit card in full - make sure you send them a letter and ask them to close the account and contact the CRA's, otherwise the information regarding any missed payments will still be viewable.

    not all credit companies contact the credit reference agencies each month, some might update every three months, so it isnt particularly quick.
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