Credit Report FAQ
How often data is updated
Credit agencies keep a record of defaulted accounts for
six years from the date the lender decided you had broken the terms of the agreement. The
lender will have told you that the account was to be classed as being in default. The
current balance on a defaulted account should show if payments have been made since the
default or if the account has now been fully paid. After six years defaults are
automatically removed.
The electoral roll is published in December of each year
using information that is given to local authorities. Your local authority will be shown
against the entry on your credit report. Local authorities typically update their records
monthly, and automatically pass the changes to the credit reference agencies. Therefore in
most cases changes of address should appear on your credit report within two months of you
notifying the local authority.
Credit agencies keep a record of all searches on you for
12 months. This allows lenders to take account of previous credit searches when you apply
for credit. Your report does not show whether or not an application was successful. If you
request an amendment to your credit report, keeping a record of previous searches means
that the credit reference agency can see which companies searched your report and the
agency will notify them of any subsequent changes.
Unpaid CCJs remain on your credit report for 6 years from
the date of judgment. If the amount was paid more than one month after the judgment, you
can apply to the County Court for a certificate to show that you paid and the judgment is
'Satisfied'. You can then provide copies of this to the credit reference agencies, and
your credit report will still show the CCJ for 6 years but with the status showing as
'Satisfied'.
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