Life after debts SB

[julian]

All defaults have disappeared and all accounts are SB, and a basic account and a credit-building card showing green. What now? Cleansed/worthy/reformed or still a pariah?

It appears that normally only recent defaults impact acceptance. Any views/experience on whether there is a general financial blacklist (from which one is never removed) that is checked by everybody, or if the individual institution would dig down into their archives, should I approach a previous creditor with which there is an SB debt? So raising one's profile.

Not intending to fall off the cliff again, but need to be 'impeccable' as may need job in City. Hence wouldn't want anything to be fully visible to the casual enquiry, e.g. a bank's ability to see 12 years' worth of CRA reports. Previous jobs have asked for financial statements and declarations of no debts/CCJs or such issues that could cause/prove impropriety.

[cymruambyth]

Re: Life after debts SB

I believe that the six year rule does apply to all your records and as long as default was registered 6 years ago then it should disappear to all the world

[BuzzyBee]

Re: Life after debts SB

All defaults have disappeared and all accounts are SB, and a basic account and a credit-building card showing green. What now? Cleansed/worthy/reformed or still a pariah?

It appears that normally only recent defaults impact acceptance. Any views/experience on whether there is a general financial blacklist (from which one is never removed) that is checked by everybody, or if the individual institution would dig down into their archives, should I approach a previous creditor with which there is an SB debt? So raising one's profile.

No, there isn't a blacklist that lives forever, however, the six year rule doesn't necessarily apply internally, i.e. an individual institution *could* still have details about you having defaulted on your accounts on file but only with regards to accounts held with that company, although when you send a SAR they are all quick to say they do not hold data older than six years, it's not likely but not impossible for a bank to hold old data about you.

Not intending to fall off the cliff again, but need to be 'impeccable' as may need job in City. Hence wouldn't want anything to be fully visible to the casual enquiry, e.g. a bank's ability to see 12 years' worth of CRA reports. Previous jobs have asked for financial statements and declarations of no debts/CCJs or such issues that could cause/prove impropriety.

Defaults and CCJs are removed off the records after six years so there can't be a chance of anyone seeing 12 years' worth of records if the records are no longer there. Financial institutions run their own credit checks after they've issued a conditional job offer, subject to references and credit checks. From experience, they seek your consent to check your credit files and the CCJ records rather than just declarations, unless you are talking about companies that aren't able to access CRA data (anyone is able to obtain CCJ data). If you don't see the defaults on your credit reports, neither will they.

[julian]

Re: Life after debts SB

Big Data and extended retention periods give me the colleywobbles. As money is no object for financial institutions, there is a chance our delinquency will ever be deleted and expunged, albeit it is a Civil not a Criminal offence to fall into debt.