CC Debt not showing up on my credit file.

[franco1977]

I've got an historic CC debt with HSBC which I CCA'd in August 2007 and they wrote back saying they couldn't find the Credit Agreement. There's been no potentially payment since Summer 2006, however unlike my other debts this ones completely missing from my credit files (Noddle & Checkmyfile). Has this already disappeared off my file or is there a chance its not linked correctly?

[renegadeimp]

Probably been and gone. Are you still being chased? If so, send the Statute Barred letter and see what comes back.

[franco1977]

Not being chased, but hoping to get these debts off my credit file and get back on the property ladder....

[renegadeimp]

If it isnt on there after all this time, it wont ever get on there.

[BRIGADIER2JCS]

As you have use 2 CRA's that use ''2nd hand'' data I would suggest that you check either Experian or Equifax as well, as the others are not always reliable.

 

If you are sure that the following is correct in regard to the missing debt then it is statute barred.

 

There must be 6 clear years without any payment (to any party) made in regard to the debt (5 years inScotland) and no unequivocal written admission of liability for the debt.

[franco1977]

Once the debts have dropped off, is there any visibility to potential new lenders e.g. a mortgage lender?

[renegadeimp]

I think they are able to see how long the file has been clear for, but not the old entries since they have been removed. Prime lenders are looking at 3-5 years of Clear and stable history now, even though they are the ones that caused the financial meltdown. Each lender has their own criteria, but the normal criteria is around 3-5 years clear.

[franco1977]

So they can see historic debt footprint, but not the debts themselves if the defaults drop off and the debt become SB'd?

[renegadeimp]

They can see the time it has been clear. They cant see any debts or historic entries as they dont exist. If you had a debt that was removed today and it was the only debt on there, then they would simply see that the file was clear for one day. Thats my understanding of it anyway.

[franco1977]

Oh! ok....so it looks like a sub-prime mortgage if they still exist then I'm presuming its better to let the debts fall off, than settle them or does it not matter either way...

[renegadeimp]

I would stay far far away from sub prime lenders. APart from the extortionate interest rates they charge, they do some really shady stuff.

[BRIGADIER2JCS]

The accounts will no longer form any part of your credit record so will not be there for potential lenders to see.

BUT mortgage lenders look to a much longer period of good++ credit management these days often up to 5 years,

so removal of one or two default entries will improve the ''credit score'' to a degree you will need to have other accounts

showing good credit management for a the very least 3 years, even ''subprime'' lenders are very cautious now.

Things to avoid are multiple credit applications in a short period of time these leave search ''footprints'' on your credit

files which most certainly have a serious impact on credit worthiness.