How long will the black mark stay on my credit file?
A Default will remain on your credit file for 5 years from the date it is published on the credit bureau. A Judgment will remain published on your credit file for 5 years from the date of the judgment or order handed down by the court. A clearout which is the worst form of default will remain published on an individuals credit file for 7 years The Privacy Act allows credit reporting bureaux to publish sequestration orders made under the Bankruptcy Act 1966 for a period of 7 years. Debt agreements and composite arrangements made pursuant to Part IX and X of the Bankruptcy Act 1966 are not sequestration orders and are therefore only permitted to be published by a credit reporting bureau for a period of 5 years.
