After the expiration of the credit card, how long does it take to clear bad records?

We all know that it is now a credit company and that credit is very important to everyone. Right now, whether you're applying for a mortgage, car loan, business loan, or personal consumer loan, or applying for a credit card, you need to check the credit report.

But nowadays, many people are very unfamiliar with credit information, especially today when credit cards are very popular. Many friends are often late. With some friends, it doesn't matter if the credit information is overdue. I am not asking for a loan anyway. Or apply for something else and wait until you want to apply for a loan or do something else and then you can pay off the arrears?

It is too simple to think about the question of the credit investigation. There are undeclared credit investigation files. This does not mean that the money can be erased after paying, but it takes longer to clear bad records. As to how long it will take to eliminate bad records Registration depends on different situations.

1. Under normal circumstances, as long as everyone pays after the credit report is overdue, the bad credit report will be eliminated after 5 years.

The current retention period for my personal credit information is 5 years. Of course, these 5 years are a prerequisite, not all real information will be automatically eliminated after 5 years. The premise of elimination is that all arrears including principal interest, penalties and other expenses are settled, which will be calculated from the day of settlement, and bad credit will be automatically cleared after 5 years.

For example, a person failed to repay after their credit card repayment date of August 1, 2018, and the overdue amount was 10,000 yuan. Until May 1, 2019, all of its arrears include principal, interest, and default Jin costs around $ 11,825. He chooses to pay off all debts in one lump sum on May 1, or at least to pay off the minimum amount each following month. After 5 years, that is, after May 1, 2024, his bad credit history will automatically be eliminated.

2. If everyone doesn't pay after the deadline, bad credit will still exist.

As I said earlier, the principle of bad credit elimination is that you have to pay off all of your debts at once or guarantee a minimum monthly payment. If you haven't repaid even the minimum repayment after the due date, your bad credit records will still exist. For example, if you consume a $ 5,000 bill on May 20, 2017 and have not paid it off after it expires, your bad credit reports will still exist, even if you have until May 20, 2022. That makes 5 Years since your consumer bill, your bad credit still exists, and if you never pay it off, that bad credit will stay with you into your old age.

Speaking of which, some friends may say that if the credit card bill is not paid for a long time, won't the bank write off the bad debt for more than a year? In fact, writing off bad debts by the bank has nothing to do with everyone defaulting on their payments. The cancellation of bad debt is the behavior of the bank, but the debt owed is your own behavior. The debt relationship between you and the bank will not automatically disappear once the bank has written off the bill. Up. If you don't pay the debts afterward, even if the bank cancels the bad debts and transfers the bad debts to a third-party asset management company, your bad credit records will still exist.

3. Credit records caused by special circumstances can be repaired by the bank. After repair, they will be restored every two months without waiting 5 years.

While under normal circumstances bad credit records are kept for 5 years from the date everyone pays the arrears, not all credit records should be kept for 5 years, and some special circumstances may force the banks to do so. Repaired.