Repossessiongreenspun.com : LUSENET : Repossession : One Thread
How long does a property repossession stay against my credit rating? I have been told 4 5 and 6 years and am unsure are you able to confirm the correct timespan so that I can ask a main highstreet Building Society for a mortgage?
-- Ann Russell (firstname.lastname@example.org), January 05, 2002
Normally bad credit affects your credit rating with the reference agencies for six years.
-- Anne David (email@example.com), January 05, 2002.
A repossession will remain on record for 12 years actually - not on your credit file (that is 6 years as the previous poster said) but on a separate record consulted by Lenders. It contains details of all repo's and the dates and whether they were ever paid off. As far as I know, voluntary repo's miss[ed] the list for some reason, but if you are on it the Lender will find out when they do their search for your history.
-- Too scared to say (firstname.lastname@example.org), January 05, 2002.