Reduce the time period Items remain on a Credit Report
The time scale for items remaing on a credit report should know be reduce. Due to the current eccomomic conditions people are somtimes not responisble for occuring adverse information recorded on a credit report (ie: redundancy)
The current time scale of 12 months for a search
6 Years for any adverse information (unless paid off in 1month of judgement)
6Years for any Loan
Unlimited time for previous address history.
Propsal of the following
Searches no more than 3 months
Adverse info reduced to 3years (if settled removed after 1year)
Loans reduced to 3years (when settled removed after 1 Year)
Address history As lenders only request 3years address history anything older than this should be removed
This will help people who have been effected by the eccomomic turn down and will help get things moving when the eccomomic situtation improves
Do you support or oppose this petition?
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