Default - Time on creditrating

[trixter444]

Hi All,

 

Quick question - If a default was satisfied in June 2003, I know it stays on your credit file for 6years, but should it affect how you get credit now in 2007?

 

I have got 2 conflicting answers so I thought I would doublecheck!

 

Thanks

[sequenci]

It would still affect your ability to get credit.

[Surfer01]

I thought it was from the time the default was raised, not from the time it is satisfied.

[trixter444]

Its from the time it was satisfied Ive been told by Experian. My friend got a default in May 2003 for £70 for Ace Cards? (bit like Studio cards im told) but she paid it the month after, not thought anything of it, and when she has gone to get a mortgage with her boyfriend, they were rejected because of this satisfied default from 4 years ago.

[mcuth]

I thought it was from the time the default was raised, not from the time it is satisfied.

 

It is - but that's still 6 years. So, if you had a default dated 30/11/01, it should now be gone - but if you had one dated 20/12/01, it'd still be there. The date satisfied has no bearing on it.

 

See:

https://www.creditreporthelp.experian.co.uk/static/ycrhc/1b6c25a95fb5428588da337cdfcd613a.html#q284b513b09c64c568b5d6ddabcb29873

How long do credit accounts stay on my report?

 

We hold open accounts indefinitely. Once an account is closed, we hold it for six years from the settlement date. We also keep defaulted accounts for six years from the date of the default. The current balance on a defaulted account should show if payments have been made since the default or if the account now been fully paid.

(my bolding)

 

 

 

Cheers

Michael

[Goldlady]

How about the way that defaults are renewed each time a debt is assigned?

[mcuth]

How about the way that defaults are renewed each time a debt is assigned?

 

As far as I'm aware, they shouldn't be - I'm under the impression that an account can only be defaulted once, and that the original one should stand - any others should have complaints raised to the CRAs about them.

 

Of course, that's just my opinion - I always stand to be corrected

 

Cheers

Michael

[rory32]

If a default was satisfied in June 2003, I know it stays on your credit file for 6years, but should it affect how you get credit now in 2007?

 

It depends on the type of credit. Most credit cards only bother to check 3 years credit history. A mortgage lender, on the other hand, would do a full credit check.