How soon are defaults removed from your credit file/history?

Question

How many years are defaults held against you for and when if ever are they removed from your credit history all together? Thanks

Answer 1

How long do defaults remain on a credit file?

In normal circumstances, the defaults will expire after 6 years. The exception is if the creditor continues to re-apply the default throughout the period when the amount remains outstanding. In this case, the default rolls and could theoretically be on the record forever (unless you pay the money off).

If this happens, there is action you can take.

A default can only be legally issued ONCE on the same debt. It has a 'life-span'of six years and must come off the credit reference agencies files after this time - this is the law under the Consumer Credit Act.

However,if they DO re-issue the default, it is NOT consumer credit law being broken, it comes under the Data Protection Act.

You can obtain a report 'Defaults Filed with Credit Reference Agencies' by Carol Hufton, from the Citizen's Advice Bureau. It was published in June 1999 by the Data Protection Registrar to 'give the registrars view on the standards of data quality which should be met when filing information about Defaults'.

The report states that 'the date of the default should not post date the CCJ or bankruptcy', and that otherwise is 'a breach of the 1st Data Protection Principle' - 'the re-recording of a default is not acceptable'.

To resolve the situation, fax a copy of the relevant paragraphs of the report, and a copy of your credit file showing the breach to the lender. You may also wish to send the same to the reference agencies. Firmly insist that the default is amended to show the original, and only the original date of default. If that date is more than six years ago, the default must be immediately and permanently removed, and not reapplied.

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Answer 2

Some may stay in your file for up to seven years. As long as it is in your file it will have some negative influence on your credit score. If you cured the default a couple years ago, and you have used your credit responsibly since then, it will not have as much negative effect as it would if you never cured the default or if you have shown irresponsibility by having more defaults and/or late pays. If it is a foreclosure or tax lien, expect it to haunt your credit file for seven years.

Answer 3

They are removed 6 years after the default was first registered.

Answer 4

As far as I was aware, the bad credit is held against your credit file for 6 years AFTER the debt has been cleared.

Answer 5

This is from the Experian credit reference site:
How long does information remain on the credit report?
Experian stores information from credit grantors and public records, including bankruptcies, judgments and liens. Missed payments and most public record items remain on the credit report for seven years, with the exception of Chapter 7, 11 and 12 bankruptcies, which remain for 10 years, and unpaid tax liens, which remain for up to 15 years.

Probably not what you wanted to hear useful address is:
http://www.experian.com/consumer/credit_report_faqs.html#long

Answer 6

The rules have just been revised ,, now down to 3 years , Bankruptcy down to 5 years from 7..... CCJ's now removed after 3 years...( Debt under £500 is not normally recovered due to the expense of recovery )

Answer 7

Any adverse or negative information regarding your payment history remains on your credit report 7-10 years.
if the debt is not paid in full or settled companies may collect their debt at anytime.

Answer 8

I BELIEVE THE DEFAULT CAN BE REMOVED ONCE IT IS SETTLED OR AFTER SIX YEARS OF IT FIRST BEING REGISTERED

Answer 9

After three years in some case, but five or seven years in other cases.

Answer 10

you can pay for them to be removed after two years, contact your town's court