How long does information stay on your credit report for?

Disclaimer: this article aims to provide information about your credit report, but may not be applicable to all customers.

No matter if you’re applying for car finance or find yourself in the unfortunate position of being unable to meet a monthly repayment, credit enquiries and how you repay credit will all be noted in your credit report.

As a result, you’ll likely see your credit score fluctuate on a regular basis as hard checks are made and regular credit payments are met or missed. But if you’re looking to improve your credit score, you may be wondering how long things stay on your credit report.

To help you plan out your future credit plans, the team at Zuto have pulled together data on how long the most common credit enquiries stay on your report.

How long does a default stay on your credit file?

For many of us, missed or delayed payments are an irregular but unavoidable reality of trying to meet credit obligations. There’s no shame in failing to meet the odd credit payment, but you’ll naturally want to avoid missing any if you can.

If you do default on a payment, this will stay on your record for up to 7 years from the date the payment was meant to be made.

How long does bankruptcy stay on your credit report?

Most of us will never experience bankruptcy in our lives, but if you do have to file for it, then you will have a note of bankruptcy attached to your credit report for 10 years.

Unlike missed payments, there is no variation in this length of time, and note of your bankruptcy will stay on your record after the 10 year period as a note for future creditors.

How long do closed accounts stay on your credit report in the UK?

Like bankruptcy, closed credit accounts will also stay on your credit account for up to 10 years. Fortunately, if these accounts were closed in good standing, they could actually benefit your credit score.

However, if you closed these accounts without settling them in a satisfactory manner, then the negative impact could impact your record for the next decade.

How long to do CCJs stay on your credit report?

A CCJ (County Court Judgement) will stay on your file for a maximum of six years from the date of issue, and like bankruptcy, will be permanently noted on your credit file for future creditors.

However, unlike other enquiries on your credit report, a CCJ can be removed immediately if you make the required payment within the first month of sentencing.

How long does an IVA stay on your credit file?

Like a CCJ, an IVA (Individual Voluntary Agreement) will also remain on your credit file for up to six years, starting from the date of its approval by your creditors.

However, it’s important to note that, unlike a CCJ, an IVA will not be removed from your credit report if you pay it off early – though it will be marked as complete, which may help to reduce the impact it has on your credit score.

How long does positive information stay on your credit report?

As we mentioned above, credit accounts closed for the right reasons can help to benefit your credit report for at least a decade. But as for open accounts in good standing, the information relating to these may actually benefit your credit report indefinitely.

How long do hard searches stay on your credit file?

Perhaps the most common type of enquiry that will appear on your credit report, hard searches are carried out upon your request, or by a third party with your permission, when you’re seeking to apply for new credit.

Hard checks will stay on your credit report for a maximum of 24 months. However, while common, they will only have a minimal impact on your credit score – provided you don’t make too many of them in a short space of time.

In the long run, while a hard check may stay on your report for two years, its effects could be offset within a month or two by positive credit-boosting actions.

With this information to hand, you should have a better idea of how long you might have to wait in order to clear up your credit report. But if you’re looking for how to potentially remove negative information right now, you might be interested in our article on how to remove negative points from your credit report.

And, if you’re in need of essential credit, like car finance, why not get in touch with the team at Zuto directly? We specialise in bad credit car finance, working with you to lay out a repayment plan that fits your financial situation.