Hi
Just a quick question, I have been thinking about purchasing a home and recently obtained a copy of my credit rating from veda and noticed on there there was an payment default on a mobile phone bill for $980 from back in february 2005.
Apparently this will automatically disappear from my report this month, but if I pay it out it will stay on the report for another two years ?
Will this affect me if i apply for a home loan if it no longer appears on my report ? And if i pay it and then stays on my report for another couple of years what sort of impact will that have on my ability to borrow money ?
It would be great to get some input on this as im a little confused.
Bad Credit
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
- Contact:
Re: Bad Credit
Hi,
Please call Veda to see if it will remain on your file if you pay it now. My understanding is that if the 5 yrs is up and this has not been paid then the Telecom company can relist the default so it stays there for another 5 years! Please discuss this with Veda Advantage as I am not so sure.
If this is removed from your credit file then banks will not take it into account when assessing a loan application, so we can get you an excellent loan at a discounted rate.
Thanks
Please call Veda to see if it will remain on your file if you pay it now. My understanding is that if the 5 yrs is up and this has not been paid then the Telecom company can relist the default so it stays there for another 5 years! Please discuss this with Veda Advantage as I am not so sure.
If this is removed from your credit file then banks will not take it into account when assessing a loan application, so we can get you an excellent loan at a discounted rate.
Thanks