how long does bad credit record stay in your file nowadays? in OZ?

Question

Hi I just want to know how long bad credit record stay in your history for these days with the economy crisis happening in Australia?

I owe a credit card company $2000 but I have been overseas for quite some time.
I want to know if after i paid them back will the bad credit record come off my file or will it still stay there and for how long until?

i also want to get a home loan through a vendor some vendors can finance people with a bad credit. I heard that there is a 7 year period for bad credit to stay in your file but I don't know if that's true. 7 years isn't up yet for me, I first failed to make a payment in the year 2006 and now its 2009. so it's only been 3 years but i wonder if i can still get help with financing within the 7 year period or will have to wait until the 7 years is up?

Answer 1

It's 7 years, but the time is taken from when you pay the debt, not from when you incur it. If you don't pay it at all, there is no statute of limitations and it will stay on your file forever.



Steer clear of vendors who offer finance to people with bad credit records. They don't do it out of the goodness of their hearts, but because they sell the property at an inflated price and then charge a high interest rate. It was the collapse of loans like those to people like you that precipitated the worst of the current Global Financial Crisis. Interest rates went up; people lost their jobs or their incomes dropped; they couldn't pay their mortgages and when they tried to sell, they found that their loan was for more than the house was worth. In America, you can walk away from a mortgage and the lender is only entitled to whatever the house is sold for. In Australia, they sell the house at a fire sale price and you still owe the balance - huge difference.

Answer 2

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RE :How long does bad credit record stay in your file nowadays? in OZ?

Hi I just want to know how long bad credit record stay in your history for these days with the economy crisis happening in Australia?



I owe a credit card company $2000 but I have been overseas for quite some time.

I want to know if after i paid them back will the bad credit record come off my file or will it still stay there and for how long until?



i also want to get a home loan through a vendor some vendors can finance people with a bad credit. I heard that there is a 7 year period for bad credit to stay in your file but I don't know if that's true. 7 years isn't up yet for me, I first failed to make a payment in the year 2006 and now its 2009. so it's only been 3 years but i wonder if i can still get help with financing within the 7 year period or will have to wait until the 7 years is up?

1 following 3 answers

Answer 3

yes



its 7 years

Answer 4

WHY DONT YOUS YOUR EFFING CREDIT CARD ANYMORE IT SAYS ON FOR YEARRSSSSS!!!!!!!!!!!!!!!!!