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Q&A » Debt
Could someone please answer this question for me as I am a bit confused? I thought that once you had defaulted on a debt, it only stays on your credit report for 6 years, regardless as to whether the debt has been repaid in full. However, someone recently said that the record stays on your credit report until the debt has been fully repaid. Also, if you can remove the default record after 6 years, how do you go about this?
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878A default only stays there for 6 years, but it is not as simple as that. If there has been any rearrangement of the debt, the clock restarts.
Also, the group which held that debt can retain it on their records, so could refuse credit later.
You can also be chased for that debt for 6 years after the last time that they chased you for it, so they could do it every 5 years for life, for example.
It is also possible for them to extend the period if you move and do not notify a change of address.
Mike
Posted on 15 September 2012 |
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