Reduce the 'Default' notice expiry time on credit reports

Once you have paid a debt, if it has reached 'Default' status on your credit report, whether you have paid it off or not, it remains there for six years. This is still the case should you be paying it back on a reduce amount agreement; if you do not make the originally agreed monthly payment, it will 'Default' and remain there for six years (despite you meeting the new agreed monthly figure), stopping you getting a mortgage etc. This is too long a time to pay for bad judgement, considering the current sentencing for actual crimes. This should be reduced to a maximum of 1 year from the date the account is 'Settled', if not removed immediately.

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Created By

Ralph Matthews

Created On

Thursday 15 September 2011

Closing Date

Sunday 16 September 2012

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