Credit data used by lenders goes back too far and needlessly penalises people
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At present whenever one applies for a loan, mortgage or credit they are usually credit scored and the credit references agencies go back 6 years - 72 months
This means if you missed a mortgage payment 70 months ago and have been up straight since you could be declined or have special terms applied - usually a higher interest rate !
This is grossly unfair and lenders should be forced to look at only the last 3 when making a lending decision
What bearing does it have if you missed a phone or credit card payment for whatever reason 5 years ago ?
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