How long does Information Stay on My Credit File?
This all depends on the type of data. Identity information including your name, date of birth, gender, driver’s licence and address history is held for the life of the credit report. For other information on your credit report, here are some of the typical timeframes.
Repayment history information
Any credit enquiry
Overdue accounts listed as a payment default
Overdue accounts listed as clearouts
Writs and summons
Overdue accounts listed as a serious credit infringement
For some information the timeframe will vary
- Information about consumer credit accounts you have with credit providers (known as consumer credit liability information). This information can be held for 2 years after the account has been terminated or ceases to exist. This means that the account information will remain on file for the length of the loan plus 2 years.
- Similarly, if you are bankrupt, have a debt agreement or personal insolvency the length of time this information remains on file could vary depending upon when the bankruptcy, debt agreement or personal insolvency agreement was entered into and when it ends.
How about overdue debts?
We also suggest
Chasing a late payment can feel like the most awkward of jobs for the small business owner. It’s hard to get the balance right between wanting to stay on the good side of the client while looking after your cash flow.
But careful management of your debtors by seizing control of this process should be your priority. These tips show you how to capitalise on a wealth of information now available on your debtors to help avoid those awkward conversations and get paid faster.
Many credit providers rely on business credit reports to aid their decision making when assessing applications for credit.
Small business owners have a lot on their minds, especially when they are in the crucial first stages of establishment, and again when they start to think about expanding. The attraction of starting up or taking over a small business is the ability to bring a novel idea to the market and be responsible for the direction of your own career.