Credit Score Basics > How long does credit history last in the UK?

How long does credit history last in the UK?

Wollit Team1 minute read · Updated 1st July 2024

Your credit history is a record of how you've used credit in the past, such as loans, credit cards, and other financial products. It's used by lenders to assess your creditworthiness and determine whether to approve you for credit and at what terms.

However, your credit history doesn’t last forever on your credit file. Here is what you need to know.

How long do things stay on my credit file?

Your credit file keeps track of various financial information, like missed payments, defaults, or CCJs. How long this information stays on your credit file depends on the type of default and who manages your credit file.

Usually, the following details stay on your credit file for six years from the date they were recorded:

Defaults on your accounts, such as unpaid overdrafts.
Part settlements where a creditor accepts a lump sum payment and writes off the remaining debt.
Student loans.
Approved DROs, IVAs, or protected trust deeds.
Debts that you've fully paid off.
Credit inquiries, like applying for a loan you don't proceed with.

In some cases, though, it can take more than six years for one of these “adverse events” to be removed from your credit file:

If your IVA agreement is extended, it may take seven years to be removed from your credit file.
Bankruptcies can last up to 10 years, and if restrictions are extended due to dishonesty or negligence, they can stay on your credit file for up to 15 years. This is rare, and would only happen if your bankruptcy is the result of fraud or other criminal activity.

Do lenders care about old credit history?

Some lenders may only consider your credit history over the past year or two when making a decision, while others may look at your entire history.

However, even if lenders ask about your old credit history, it will still matter less than your recent one. Focus on building a strong overall credit profile, and your credit history will grow stronger with each passing year.

The good news is that now there are many apps can help you build and improve credit. One such app is Wollit.

Wollit works by reporting a fixed-fee monthly subscription as a loan repayment to all credit reference agencies. This helps you build a history of timely debt repayments, which is the main factor that matters for your credit score.

On top of this, Wollit can also report your monthly rent payment to Experian. This can add another line in your credit report that shows lenders you pay your bills on time, helping you reduce the impact of a single late payment in your overall credit file.