Credit files - After the 6 years has passed

[powerful_rogue]

Just a quick question in relation to credit files and the six years they go by. Below is a screenshot of one of my accounts showing on my credit file. Some of the payments are now 6 years old and are still showing.

 

Are they meant to drop off after the 6 years, or is it in relation to the whole accoutn dropping off after 6 years?

 

I was under the impression 6 years after a payment was made, it would drop off.

 

[noimagination]

IMO it will all fall off after 6 years, 6 years after the account was last active. so in april 2011 it will fall off, or you will have to prompt them to take it off.

 

Thats my take on it n-e-way, I might be corrected.

 

If you could get the 3 3's taken off, this would be good history to have. it is settled now, u never no they might?

[powerful_rogue]

Thanks for your reply

 

See this is where im getting confused, because everywhere you read it talks about CRA holding onto your payment history for 6 years. If it was to do with the date the account closes or becomes setteled, we could be talking in this case around 10 years.

 

Very difficuly to try and find an answer anywhere.

[noimagination]

Very difficuly to try and find an answer anywhere

I totaly agree!

For a definitive answer I would ask the CRA's direct.

[powerful_rogue]

I will give the credit reference agencies a call tomorrow to clarify, but after searching around it appears that it is six years from when an account is settled/closed that the information is removed. However this dosent apply to defaults whic are removed six years from the date they are applied.

 

This really has angered me because 5 years ago when I turned 18 I was finically stupid. I racked up three defaults and made numerous late payements.

 

Four years ago I sat down and sorted everything out anda year later everything was paid off and settled/closed. Since then I am very cautious with money and make all my payments on time. Ive got myself a good job and purchased a house.

 

The three defaults will drop off in March/April and May 2008 which will be like a weight being lifted - However im trying to get them removed sooner using the default letters.

 

My concern now though, is that the accounts I managed badly dont show settled dates until 2004. These were opened late 2001, early 2002. Up until today I was under the impression that as soon as the six years had passed, the information would start dropping off. (EG - A later payment in Dec 2001 would drop off in Dec 2007).

 

So all the late payments I made in 2001/2002 are going to stay showing on my credit report until around 2011 (six years after the accounts were settled).

 

Bad choices and decisions I made when I was 18/19 are going to haunt and hinder me until im around 29/30 years old.

 

Very very pi$$ed off

[powerful_rogue]

Hi,

 

Ive spoken to the credit reference agencies and they confirm that the information stays on the account for six years AFTER is has been setteled/closed. (Excpet defaults, which drop off six years after being added).

 

Now this is somthing im going to look into as I believe it to be extremely unfair and unjustified. In mu opinion six years is too long anway, but six years AFTER the account has been settled/closed means late payments could stay on your account for 10, 15 or even 20 years.

 

Example being - You open up a store card in 2000, make numerous late payments that affect you credit rating in 2001. You manage to sort the situation out, however you keep the account open until 2015. Those late payments wont drop off until 2021 - 20 years after you made those late payments.

[sillygirl1]

The situation with 'linked addresses' is similar. I am now getting post from people I purchased a property from - and moved out of over a year ago, there is a link to them on my file and sorry but a NOTICE OF DISASOCIATION is not enough, it needs to be removed as I have no financial link other than purchasing a property they once owned.

 

Experian and the CRA's are going to be next on the list for action, as are the ****** solicitors who deal with the DCAs....

[powerful_rogue]

Ive got a linked address because Halifax sent my loan application to a completly wrong address (other side of the country!) Im now in the process of trying to get that removed.

 

They also have me linked to my partners parents address for some strange reason! Ive never lived there, never ordered anything there and even when I met my partner she wasnt living there!

 

CRA say that it is industry practice to hold data for 6 years, however would be interesting to find out where it says the information will be held for 6 years AFTER the account has been closed.

 

If information does need to be held for six years, I personally believe it should be 6 years from the date it is added.

[powerful_rogue]

From Experian:

 

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.

 

 

Defaulted and settled accounts are kept on our records for six years from the date of default or settlement. After this time they are automatically removed.

 

From Call Credit:

 

All active (open) SHARE accounts will appear on your credit file whilst the account remains active, as long as lender remains a member of SHARE. This is the case whether the account is up to date or in arrears (but not default).

 

Once a SHARE account is closed/settled, the record will remain on your credit file for a period of 6 years from the date of closure/settlement.

 

If any of your SHARE accounts are defaulted by the lender (this usually occurs when an account is in serious arrears and the lender issues a default notice) the record of the account will remain on your credit file for 6 years from the date of default. The date of default is confirmed to us by the lender.

 

From Equifax:

 

Closed or inactive accounts, depending on the manner in which they were paid, stay on your report for up to 6 years from the date of their last activity.

[tifo]

it's meant to be 6 years after the default is first registered. If they defaulted you on 22 May 2001, it would come off midnight 21 May 2007.