Credit file entries?

[Onestepatatime]

Ok so as you are aware I've a few defaulted debts with various DCA's chasing. I get a regular credit file monthly via noddle. So up too this month I've had a few defaults showing for credit cards and loans. The default dates were 3/2011, although payments were only stopped on most in 2016.
This months report shows no credit cards or loan accounts on the file and my score has improved by an albeit small margin?

So the question is; records are held on file for six years but this is from default date or last payment? I'm wondering if this is an error on the file or whether they genuinely don't show anymore? If this is the case would any future credit search show any information that I don't see on the file such as the defaulted accounts?

One other thing that crossed my mind is that if default date was 2011 would this mean the parasites chasing would not succeed against a statue barred defence? Or would the fact payments only stopped in past year or two prevent SB ?

[nemesis45]

Re: Credit file entries?

Ok so as you are aware I've a few defaulted debts with various DCA's chasing. I get a regular credit file monthly via noddle. So up too this month I've had a few defaults showing for credit cards and loans. The default dates were 3/2011, although payments were only stopped on most in 2016.
This months report shows no credit cards or loan accounts on the file and my score has improved by an albeit small margin?

So the question is; records are held on file for six years but this is from default date or last payment? I'm wondering if this is an error on the file or whether they genuinely don't show anymore? If this is the case would any future credit search show any information that I don't see on the file such as the defaulted accounts?

One other thing that crossed my mind is that if default date was 2011 would this mean the parasites chasing would not succeed against a statue barred defence? Or would the fact payments only stopped in past year or two prevent SB ?

Hi, All defaulted accounts are removed from credit files 6 years after the default date. However this does not necessarily mean a debt is statute barred, any payment or unequivocal acknowledgment of the debt in the relevant 6 year period resets the 6 year " clock " to Zero.

The debt/account cannot be reported on credit files again.

Hope that helps!

nem

[Onestepatatime]

Re: Credit file entries?

Thanks nem, does this mean that my credit rating should start to improve?

[warwick65]

Re: Credit file entries?

Thanks nem, does this mean that my credit rating should start to improve?

Yes it does
However in my experience the dropping off of defaults makes little difference if there are any left.

A note of caution , again from experience- applying for credit, even low limit cards such as Cap 1 can trigger renewed interest from creditors who may wonder why you are not paying them if you can afford credit.

[Diana M]

Re: Credit file entries?

payments were only stopped on most in 2016.

. . . One other thing that crossed my mind is that if default date was 2011 would this mean the parasites chasing would not succeed against a statue barred defence? Or would the fact payments only stopped in past year or two prevent SB ?

If your last payments were made in 2016 the debts would not become SB until six years later (or five years if you live in Scotland) i.e. 2022.

(This is assuming all of those debts have already been defaulted as your post implies and/or none of them are/were fixed-term loans or secured loans where it's 12 years.)

Di

[Onestepatatime]

Re: Credit file entries?

Yes that's my thoughts, however I intend to deal with existing before jumping into more!!

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[MENTION=87380]Diana M[/MENTION]
Please explain the Loan part? I had several loans that defaulted?

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Should say none were secured.

[nemesis45]

Re: Credit file entries?

Thanks nem, does this mean that my credit rating should start to improve?

Yes but slowly, don't be tempted to start applying for credit building etc.
What do you have on your credit files currently?

nem

[nemesis45]

Re: Credit file entries?

Yes that's my thoughts, however I intend to deal with existing before jumping into more!!

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@Diana M
Please explain the Loan part? I had several loans that defaulted?

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Should say none were secured.

That's fine mortgages unseal, secured on property the SB period is 12 years.
nem

[Onestepatatime]

Re: Credit file entries?

For knowledge?
If the defaults are removed after 6 years is this the same for a CCJ should one be applied to your credit file also are CCJ's something that are visible beyond 6years?

[warwick65]

Re: Credit file entries?

Hi
yes a CCJ remains on your file for 6 years however there is some dispute as to just how enforceable it is after 6 years.For example I had two from the early 90's that each still had over 2K owing when I stopped paying on 2011. I have not heard from either since.

Then there is the issue about even if a CCJ will be reported on your credit file. If I understand it correctly, it only gets reported if there is more than the initial intervention by the courts - such as an application to vary the payments or enforce the judgement.

More info can be found in one of [MENTION=87380]Diana M[/MENTION] s posts but not sure where it is