Personal Credit Ratings

BanjoSpanner

Hi,

How long does it take before a black mark on your personal credit report drops off the other end ? Some say 3 years, some say 5 years, others say never. But does anyany really know the correct answer for sure ?

Many moons ago ( 1996 ) I borrowed €500 to buy a bicycle and like the irresponsible student I was at the time, I soon after F'd off to Australia and never paid it back. It's still there today registering black marks on my credit report every month.

I did contact the institution in question about a year ago, offering to clear the balance. They told me that they had written it off their books as a bad debt and closed the account. So they weren't interested in me putting it right, however they continue to allow it be recorded on my credit report. So it seemed there was nothing for me to do not but wait until it drops off over time.

So does anyone know the time span for these things ?

Thanks.

Gillo

It's meant to be five years, check the ICB's website.

jor el

It is supposed to be 5 years, but I'm not sure if this is from when the payments stop and the black mark added, when the loan period ends, or when the bank write it off. Did you get a copy of your credit report?

dotsman

If it's the ICB it's 5 years from the time the bank wrote off your account. Easiest way to find out is order a report (only costs $6)

If it's the banks own credit rating, I'm actually not sure how long they should keep it for. I know I've read all this before, but can't remember offhand what the rules are. Part of me thinks that Data Protection might result in them having to remove it after a certain period, but another part of me thinks that they can keep that internally for as long as they want (as long as you are a customer), becuase in their eyes you're a ceating, stealing scumbag who should never be trusted again:D.

Fighting Irish

They should keep it forever

dudara

Moved to Banking & Insurance & Pensions