Credit report questions

[billypre]

Hi guys,

i just got my credit report and have lots of questions, so starting this thread and will post questions as they come to me so hopefully you can all help me understand everything and for future reference for new users etc.


1. How long do financial associates stay on your credit file ?

I ask this because i hvae a link to an ex and this is from over 6 years ago but is still appearing on my file.

Date created - 28-01-2003
Last updated - 26-06-2004

[billypre]

Re: Credit report questions

2. Do DCA's report payments etc to credit agencies ?

[oscar]

Re: Credit report questions

Hi guys,

i just got my credit report and have lots of questions, so starting this thread and will post questions as they come to me so hopefully you can all help me understand everything and for future reference for new users etc.


1. How long do financial associates stay on your credit file ?

I ask this because i hvae a link to an ex and this is from over 6 years ago but is still appearing on my file.

Date created - 28-01-2003
Last updated - 26-06-2004

This will stay on you file - you need to file a notice of dis association (i think thats it)

2. Do DCA's report payments etc to credit agencies ?

In the main yes, but assuming this is a defaulted account, only that the default exists (as usually the account has been terminated) and that they essentially own the debt.

[billypre]

Re: Credit report questions

This will stay on you file - you need to file a notice of dis association (i think thats it)

Thanks, i'll look into that.



In the main yes, but assuming this is a defaulted account, only that the default exists (as usually the account has been terminated) and that they essentially own the debt.

So, in theory, you could be owing to 20 odd accounts and still be repaying thousands but nothing would show in your credit report after the defaults fall off, although the debts would still be live ??

[oscar]

Re: Credit report questions

Yep - after 6 years the default drops off - regardless if any debt is still owing on it.

[loring]

Old Credit Files

Hi everyone
Does anyone if is possible to ask a Credit Reference Agency to supply a credit file say for example the year 2002. I don't know if it is possible to produce a retrospective credit file from archive records.
The reason I ask is that I have an old credit card debt going back to around the year 2000 and it is still with the original creditor. I cannot remember if they ever issued me a default notice and when I sent a Subject Access Request to them they have only given me a dodgy reconstructed Agreement and monthly statements from 2004.
Thanks
loring

[loring]

Old Credit Files

Hi everyone
Does anyone if is possible to ask a Credit Reference Agency to supply a credit file say for example the year 2002. I don't know if it is possible to produce a retrospective credit file from archive records.
The reason I ask is that I have an old credit card debt going back to around the year 2000 and it is still with the original creditor. I cannot remember if they ever issued me a default notice and when I sent a Subject Access Request to them they have only given me a dodgy reconstructed Agreement and monthly statements from 2004.
Thanks
loring

[The Debt Star]

Re: Credit report questions

Yep - after 6 years the default drops off - regardless if any debt is still owing on it.

Hi. Gotta quezzie on this. The account presumably remains on the credit report but with the Default removed, correct? If so, what do they mark it with? An Arrangement to Pay Indicator instead?

[Riz]

Re: Credit report questions

Hi. Gotta quezzie on this. The account presumably remains on the credit report but with the Default removed, correct? If so, what do they mark it with? An Arrangement to Pay Indicator instead?

No. 6 years after the default, ALL details of the account are removed from the report.

And yes, before you ask, it can result in some daft situations when people without a default may still be left with adverse data.....

[The Debt Star]

Re: Credit report questions

No. 6 years after the default, ALL details of the account are removed from the report.

And yes, before you ask, it can result in some daft situations when people without a default may still be left with adverse data.....

Hi. I have heard this, is it correct?

"All references applied to your credit file are automatically removed after 6 years, including defaults and CCJ's . [WHICH IS CONSISTENT WITH YOUR POINT ABOVE, BUT....]

"However, because you are making payments, the debt is still alive (and will not become statute barred), therefore it will stay on your credit report as an outstanding debt until it has been fully repaid.

"There will be a note added next to the debt level on your credit report which states that you are in an arrangement over the repayment of that debt at reduced payments, which in itself is a separate 'black mark' to the original default notice.

"This mark will remain until the debt is repaid in full and is supposed to alert creditors to the fact that you are still experiencing financial difficulties."

[Riz]

Re: Credit report questions

"However, because you are making payments, the debt is still alive (and will not become statute barred), therefore it will stay on your credit report as an outstanding debt until it has been fully repaid.

"There will be a note added next to the debt level on your credit report which states that you are in an arrangement over the repayment of that debt at reduced payments, which in itself is a separate 'black mark' to the original default notice.

"This mark will remain until the debt is repaid in full and is supposed to alert creditors to the fact that you are still experiencing financial difficulties."

Who told you that nonsense?

[The Debt Star]

Re: Credit report questions

so that advice is wrong then? surely if I am still paying (in my case, an OC and an in-house DCA) on Defaulted accounts, this remains on the credit file in some way, shape or form as the liability is still owed them?

[Riz]

Re: Credit report questions

so that advice is wrong then? surely if I am still paying (in my case, an OC and an in-house DCA) on Defaulted accounts, this remains on the credit file in some way, shape or form as the liability is still owed them?

Not once 6 years have passed since the default was issued.

I know it's odd, and somewhat counter-intuitive, but that is the way it works.

Honestly. Once 6 years have passed from the default, the only way a debt is ever going to effect your credit file is if the creditor goes for and gets a CCJ/bankruptcy etc.

The credit report system is very oddly set up. Which I presume is why there are always so many questions on forums about them.

[The Debt Star]

Re: Credit report questions

cheers mate. that puts my mind at rest somewhat.

[caspar]

Re: Credit report questions

Who told you that nonsense?

Me!

Taken direct from This Is Money . co.uk - they don't normally get things wrong!

If you are referring to what happens to your credit file 6 years after a default has been applied in the UK, then the simple answer is the default is removed.

All references applied to your credit file are automatically removed after 6 years, including defaults and CCJ's .

It's best to imagine your credit file is a rolling log of the previous 6 years of your credit history.

However, because you are making payments, the debt is still alive (and will not become statute barred), therefore it will stay on your credit report as an outstanding debt until it has been fully repaid.

There will be a note added next to the debt level on your credit report which states that you are in an arrangement over the repayment of that debt at reduced payments, which in itself is a separate 'black mark' to the original default notice.

This mark will remain until the debt is repaid in full and it supposed to alert creditors to the fact that you are still experiencing financial difficulties.



I am a great believer in trying to post accurate information, so guess this is not my best first post! However, the source is usually very reliable.

I'm also a great believer in knowing chapter and verse where information comes from, so if this is wrong, please could somebody point me to the exact piece of legislation that states this is what CRA's actually do?