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Statement from Equifax website regarding account info


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Credit Agreement information remains on your Credit Report for a period of six years from the date that the account was settled, written off or defaulted, whichever occurs first. Active accounts will remain on your Credit Report indefinitely.

Hi guys, was just checking my redit file, and queried something with Equifax, when I noticed the caption above on the website.

I was under the impression that account info will stay on file for 6 years from the date that u settle, so if you have an account which you defaulted on in 2005, then settled the account in 2007 this will be on file untill 2013, as opposed to 2011.... but the above statement seems to suggest otherwise.....

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Hi

 

As I see it, the account was settled in 2007 but it was defaulted in 2005 therefore, the first cause of action was the default. The default should fall off in 2011. I think the "settled" will still appear but that's not negative info as all it will say is settled and not defaulted.

 

That's how I see it but of course I could be wide of the mark :)

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Yeah same hee, however, my reason for starting this thread was, there were some cases where people on here had reported an account with a default was still visible on their file after the 6 years, and they were told by the CRA's that this was because the account drops off the file after it has been settled for 6years.... am confused regarding this, so will maybe ring up all three CRA's individually and get them to confirm...

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I see where you're coming from but once the 6 year mark has been hit any entry older than that should disappear but I'm wondering if when the CRA put account settled they state it was previously defaulted I.E 2007-Account Settled(previously defaulted). If they did that it would be very naughty as they are circumventing the 6 year "rule"

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any account that is settled will be removed from your credit file completely 6 years after the settlement date. any account that is defaulted will be removed completely from your credit file 6 years from the default date regardless of whether it is settled as a later date i.e. account defaulted in 2005 but default then satisfied/settled in 2007 will be removed 6 years from the 2005 date. the same rules apply for CCJ's and bankruptcy

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I think the confusion here is regarding whether an account defaulted or not.

 

1) If the account defaults, the history stays on your credit file 6 years from that date

2) If you fall behind on payments but do not reach default status, then go on to close or settle your account, that history stays on for six years from the closure date.

 

Further example of point 2:

-You fall behind on an account in 2002, then catch up with payments.

-You then close the account in 2004.

-The bad history relating to 2002 stays on your account until 2010!

 

As stupid as it seems, that is what I've been told! lol In theory, therefore, you can have bad credit history showing on your credit file 11 years, 11 months after it occurred!!

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romeshw, this is where the confusion was, as this is what I had been previously told.....

 

The quote from Equifax, although vague, does account for our understanding.

 

If you default, it's 6 years from then.

 

If you don't default, have some late payments, but then close, it's 6 months from the closure date.

 

It's better therefore that if you get late with payments to either default completely or close the account as soon as possible.

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Hi

I had an account written off last year and last month it showed 6 payments late. I wrote to the credit card Co and pointed out their mistake(and included their letter sent to me writing it off) and today it does not exist on my credit report.

I keep monthly copies of my credit report on 'word' for comparison.

gill5blue

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Hi

I had an account written off last year and last month it showed 6 payments late. I wrote to the credit card Co and pointed out their mistake(and included their letter sent to me writing it off) and today it does not exist on my credit report.

I keep monthly copies of my credit report on 'word' for comparison.

gill5blue

 

Hmm, that's interesting, so maybe by writing to the companies involved we might be able to get some of this old history removed, especially if its over 6 years old. Might be worth a try!

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Don't forget that prior to an account being settled there's only so much account history prior to the settlement status that can be held. Its either 36 or 48 months worth of history so as new history gets added to an account the older history starts falling off so in that sense the account may have had historic late payments but if you keep the account going and pay on time each month the old late payments will fall off your credit file.

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Hi

I had an account written off last year and last month it showed 6 payments late. I wrote to the credit card Co and pointed out their mistake(and included their letter sent to me writing it off) and today it does not exist on my credit report.

I keep monthly copies of my credit report on 'word' for comparison.

gill5blue

 

 

If you don't mind me asking how did u manage to get the account written off? Do you mean there was an un-enforceable CCA?

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Hi Stressed

Luckily for me they actually did not have any thing, it was a credit card originally from Woolwich then taken over by Barclays, I cca'd barclays and their first response was they could not find any paperwork, and would not pursue me for the account, so this was easy for me.

gill5blue

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  • 4 weeks later...
If you don't default, have some late payments, but then close, it's 6 months from the closure date.

 

Interesting. I had an account with Next that has 1 missed payment marker on it. I settled the account and closed it in 2006. The data is still sitting on my credit record.

 

I am about to start the process of getting Next to remove it. I wasn't aware that settled accounts were supposed to come off your credit record after 6 months. Maybe someone could clarify. In the meantime, I will have a look on the CRA 's websites.

Please note that I am not a solicitor or legally trained. The advice I give is from my own personal experience based on my own personal circumstance. If you choose to follow any advice I may give, please make sure you understand the implications of following that advice. :-)

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