You might like to compare mortgages across the UK market, and see your eligibility for personal loans. Therefore, most employers will just check public data, such as County Court Judgments and bankruptcies. An exception might be if you apply for a job with a lender or credit reference agency. You can ask for an inaccurate default record to be updated or removed by raising a credit report dispute.
However, there are several things that can reduce its negative impact:. You can also take steps to improve your credit score , which can help balance out the negative impact of a default. In the long-term, you get more control over your finances with a paid CreditExpert subscription.
What is a default? If that happens, the entire collection account would be removed seven years from the date of your first missed payment that led to the collection or charge-off status. If you pay the collection account before the seven-year period is up, it can remain on your Equifax credit report, but the account may have less of an impact on your Equifax credit score.
Bankruptcy public records stay on your Equifax credit report from seven to 10 years, depending on the type of bankruptcy. Other negative accounts , such as repossessions, can also stay on your report for up to seven years from the date of the first missed payment that led to the negative status. Negative accounts can also include foreclosures, and short sales or a deed in lieu of a foreclosure if reported in a negative status. Your credit history is also used to create a credit score, based on the information in your credit file.
You might be able to take steps to improve your credit score , which can help to reduce the impact of a default on your credit history. We understand that having a default on your credit file might be worrying. But by working with Lowell, we can help you to work towards clearing your debt and reducing the impact that a default has on your credit file. Start your journey to becoming debt-free today by arranging a fair and affordable payment plan with Lowell, or find more information about debt and working with Lowell in our Debt Guidance section.
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How long does information stay on my credit file? Last updated: 05 October Credit accounts and relationships — As long as the account or relationship is open and then 2 years after Information about credit accounts and relationships will remain on your credit file whilst the account or loan is open and then for up to 2 years after they have been closed.
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