Retention of Information
Credit information is recorded over time until five years of information is shown on your credit report.
However, while a loan is still active (one where payments are still being made, or are expected to be made), lenders will see only the most recent two years of payment information on the credit report provided to them.
When a loan has been closed (where all payments have been discharged, or the loan closed off or written off by the lender), the information will be completely removed from the credit report five years after the last payment was made.
Personal information is held on the Central Credit Register for a period of five years from the date the last loan was paid off.
Each time you or a prospective lender obtains your credit report, a record is created on your credit report, called a footprint. This footprint records the date, the lender name, and the reason why that particular lender sought your credit report.
The footprint is shown at the end of the report for a period of five years after a lender last requested your credit report.
The identification documents you provide as part of your application will be retained for a period of five years.
The Central Credit Register does not:
- decide if a loan is approved or not – the lender makes that decision;
- score or grade credit reports
The Central Credit Register has been implemented on a phased basis, and started with consumer loans such as credit cards, mortgages, overdrafts and personal loans on 30 June 2017. Information has been submitted on a monthly basis since then.
Since 31 March 2018 moneylender loans, local authority loans and business loans have been included on the Central Credit Register.
Since 30 June 2019 information on hire purchase, personal contract plans (PCPs) and asset finance will be included on the Central Credit Register.
This snapshot submitted each month includes information such as of number of overdue payments if any, and amount outstanding.
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