Should i repay my default?

Question

i have just received my credit report - on it i have a default i had from an old credit card i used to have - the company who gave me my report says that defaults stay on for 6 years - this being the 6th year!!

Should i still go about repaying it? will this help me get credit in the future or will this make no difference

Thank you

Vicky

Answer 1

I would wait a bit and see if it gets taken off

Answer 2

I work in the mortgage industry and if your default is 6 years old you would be unlucky for this to affect your credit score,

As its been so long i would leave it! unless they threaten a CCJ then pay it off asap :)

Answer 3

It will make no difference at all. Paid or unpaid, the default will stay on  your file until it is removed at the end of the six year period. It will be noted as having been paid but that won't impress anyone - paying a bill nearly six years late won't get you any brownie points.  

Answer 4

Im a believer in making things right. If you owed the money you should pay it.  I look at credit reports all day long and I take into high consideration the character of the person sitting on the other side of my desk...as far as it "helping" your credit score I doubt it would do that much for you, if anything...but its the right thing to do if it wasnt the card companies error. Things like this have a way of coming back to haunt you..

Answer 5

If you still owe them you should make an effort to pay it, but whether you do or not makes absolutley no difference. Wait a year and it will be gone, but if you don't pay then what you owe they could put another one on you!