Defaults "ignored" after 3 years?

[knoxvillain]

Hiya,

Obviously I'm aware a default is pretty bad on your credit record. However, I was googling info on defaults the other day and I came across a comment somewhere where it was claimed that creditors start to ignore defaults once they are over 3 years old? Seems a bit dubious, is there any truth in it? Does it ever become less bad? ie after 3 years or maybe in the last 12 months before it disappears?

knox

[knoxvillain]

bump

[Rhia]

I don't think anyone knows the answer to this. I certainly don't but would be interested if anyone could shed any light on it. The EUdirectives state it should be three years (which I undestand is the norm in Europe) but although there was some panic among DCAs earlier this year in that they were convinced this was to be adopted here I haven't seen any more about it.

[ncf355]

Rhia,

do you have any info about the EU directive?

[rippedoffagain]

At the moment, as we are all aware, credit is extremely difficult, if not impossible to get if you have any adverse credit. I suspect that in a year or two (?), when the dust settles on the present economic shambles, that the banks will relax their lending criteria.

Apparently, the three years on the continent was a response to having to rebuild large parts of Europe, post two world wars. Society needed the ability to borrow, in order to enable the rebuilding effort.

[knoxvillain]

yeah, to be honest I'm not interested in credit with regards to loans and credit cards, I'm working on clearing those, not gaining more. The only credit I'll be looking for is a mortgage. I have 1 default and the rest of my accounts are up-to-date and fine. :s The default is from Sept 2006

[tifo]

Originally Posted by Rhia

I don't think anyone knows the answer to this. I certainly don't but would be interested if anyone could shed any light on it. The EUdirectives state it should be three years (which I undestand is the norm in Europe) but although there was some panic among DCAs earlier this year in that they were convinced this was to be adopted here I haven't seen any more about it.

It is not ignored and they take account up to the time it comes off.

The 3 years in EU is consistent with the setup and it was actually 3 years in the UK when first launched in the early 70's. 'They' decided to 'up' it to 6 years in line with the rehabilitation of criminals from the act, thereby judging us 'criminals' without a trial, acting as judge, jury and executioner. A Freedom of Information Act to the OFT/I.C.O will reveal this info.

[tifo]

Originally Posted by Rhia

The EUdirectives state it should be three years (which I undestand is the norm in Europe)

Any info or links on this as it could be interesting to see?

[postggj]

HI KNOX
like me i know you have had some defaults from hbos removed.
last week i had an alert from experian saying they had put it back on again after seven months. after a heated conversation on friday, they again confirmed they would be deleating it again in 48 hours.
point being is i think hbos are being under handed and hope people wont notice.
keep an eye on your credit file

[knoxvillain]

Thanks for the heads up. I'm on CreditExpert like you so would hopefully get an alert. Don't see how they could put it back on since the account is settled and closed. Will keep an eye out tho.