Credit Report

[cheekymonkey07]

Hi all

I have a missed payment on my credit report which is not listed as a default or anything it was just the last payment of a lease agreement which I disputed and was never asked to pay. All other payments over the 4 years were paid on time right to the last one, it is not showing as settled or anything. My question is, this so called missed payment was on the 26th Aug 2006 and I have never had any communication with them about it, will it drop off my credit history at anytime or at all????

Thanks Guys keep up the good work.

[Ruby]

Re: Credit Report

Experian remove defaulted accounts off their system after six years, whether paid off or not. Check your account in September/October this year . Know you said your account was not defaulted but should probably fall in the same category. Hope that helps ......

[cheekymonkey07]

Re: Credit Report

Thanks Jack lets hope it does cheers.

[cheekymonkey07]

Re: Credit Report

Once the default drops off will my credit rating get better cos its poo at the moment

[miliitant]

Re: Credit Report

if it is just a missed payment marker rather than a default, the marker will stay on your credit file unless its six years from the time the account is closed, but as data only has to be kept for a period of six years, i can see no reason why it should not drop off after six years as historical data

[cheekymonkey07]

Re: Credit Report

I have two oh there one is a default account which ends this month 28th will that make it any better thanks

[miliitant]

Re: Credit Report

depends if you have other defaults or ccj and late payment markers

once a default drops off then yes, your score will improve but not by much if the examples shown above are on your credit file still

i myself gave up on worrying about credit files long ago

credit, who realy needs it

i just save up now

[cheekymonkey07]

Re: Credit Report

Its a personal thing the reason the default is on there is I was ripped off by a ltd company and couldn't pay the credit card back its only £3000 but the company have never chased me for it I used it to pay the wages of my drivers its was the only debt I couldn't pay back I lost my house and payed back nearly £180,000 which they owed me. I managed to keep going and now don't have any loans credit cards or overdrafts but these people have never chased me for it. The only missed payment I have is due to the final payment on a car I had on lease which I disputed with them and they have never followed it up that was 6 years ago this september I paid all the other payments. So it would be nice to have a clear credit history after being ripped off thanks.

[Nic]

Re: Credit Report

When does a default drop off your credit file? Is it 6 years after the default was out on to your credit file ( though I don't know where they sent said default notice to) or is it 6 years after last payment was made I.e statute barred I've just done my credit report after cap quest letters so trying to see if I can understand what the report is meaning also it says near all of the account statices account closed what does this mean? Thanks guys

[Nic]

Re: Credit Report

When does a default drop off your credit file? Is it 6 years after the default was out on to your credit file ( though I don't know where they sent said default notice to) or is it 6 years after last payment was made I.e statute barred I've just done my credit report after cap quest letters so trying to see if I can understand what the report is meaning also it says near all of the account statices account closed what does this mean? Thanks guys

[Nic]

Re: Credit Report

bump for answer to my question please guys?

[happycreditreport]

Re: Credit Report

Very important and nice Discussion. I like this discussion.

[Eloise01]

Re: Credit Report

Very important and nice Discussion. I like this discussion.

But we don't like spammers trying to make money out of our website....

[FlamingParrot]

Re: Credit Report

I have reported Happy Spammer's other post!

[FlamingParrot]

Re: Credit Report

When does a default drop off your credit file? Is it 6 years after the default was out on to your credit file ( though I don't know where they sent said default notice to) or is it 6 years after last payment was made I.e statute barred I've just done my credit report after cap quest letters so trying to see if I can understand what the report is meaning also it says near all of the account statices account closed what does this mean? Thanks guys

I realise this is an old question that apparently didn't get answered. As it is a question very frequently asked, I'll answer it anyway for the benefit of others.

A default drops off 6 years after it was recorded on your credit file, although it may not be exactly on the same day, could be up to a month later.

Defaults have nothing to do with the Statute of Limitations, Statute Barred is 6 years after last payment or written acknowledgment (5 years in Scotland). Many people keep making reduced or token payments for years after defaulting, in which case the debt may well still be live and not SBd even after it's dropped off the credit file.

Any offer of repayment or settlement it also likely to reset the clock as it constitutes acknowledgment, even when no payment is made. Similarly any court action, even if stayed or discontinued, can reset the clock. :clock:

On the other hand, defaults are usually recorded 3 to 6 months after the first missed contractual payment (as per OFT guidance), but it can be later than that, in which case the debt will be SBd before it drops off the credit file, even more so if the debtor is in Scotland.

The advice often given on other forums of checking your credit file to see if a debt is SBd or not can be highly misleading for the reasons stated above. They are 2 totally separate issues, the confusion arises due to the 6 year period applying to both, but it's not the same 6 year period.