Having a bad credit score generally can be a major hindrance in life
How long does information stay on a credit report
Having a bad credit score generally can be a major hindrance in life, particularly when certain large purchases need to be made such as a new car or even a house.
Generally for that reason, whenever the opportunity arises to amend or affect how long certain elements or pieces of information remain on your credit report, it’s always wise to fix them.
In general, lenders will put less equity in things that happened more than 2 or 3 years ago, although on the other hand if you were previously declared bankrupt you may find that it may take 5 or 6 years to start having credit again.
Here are some of the main items that can be found on a credit report, and how long they tend to stay on there in general:
- Credit agreements – 6 years from the date that the account was settled.
- Searches – 1 year for credit application searches and 2 years for debt collection searches.
- CCJ’s – 6 years from the date of judgment / decree
- Bankruptcy – 6 years from the original registration date
- IVA’s – 6 years from the original registration date, as long as it is no longer current
- Electoral roll – Indefinitely
For a typical loan of £30,000.00 over 120 months with a variable interest rate of 19.56% per annum, your monthly repayments would be £598.34.
Including a Product Fee of £2,400.00 (8% of the loan amount) and a Lending Fee of £807.00, the total amount repayable is £71,800.20.
Annual Interest Rates ranging from 11.88% to 29.38% (variable). Maximum 50.00% APRC. The loan must be paid back by your 70th birthday. Read more.
Think carefully before securing debts against your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
