Credit Rating
Credit repair is an important tool in the battle to becoming
debt free - especially if debt consolidation is your preferred
option. The first step in ensuring your credit rating is right is
to find out what lenders know about you, and to make sure it is
accurate.
This ClearDebt credit rating and repair guide provides:
- Information about what credit ratings are and how they are
calculated
- Factors that can damage your credit rating
- Your rights to information on your credit rating
- Contact details for the main UK credit agencies
This guide may help both those who are in the early stages of debt management,
considering a re-mortgage or debt consolidation loan or who have
been through bankruptcy or an IVA and want to begin the
process of repairing their credit rating.
Download the Credit
Rating PDF 
The effect of an IVA on credit ratings
In the early stages of applying for an IVA, whilst your proposal
is with creditors awaiting approval, we usually advise that you
continue to make repayments - even if you are unable to afford the
monthly minimum payment. Failure to make even a token payment can
seriously affect your credit rating.
Once an IVA proposal has been accepted, your creditors will
notify the credit reference agencies so that you are now in an IVA.
In most standard cases this information will stay on your credit
file for 6 years from the start of your IVA.
When you have successfully completed your IVA, you will be free
from debt, but it can take some time before your credit record
reflects this.
We hope you have found our advice guides useful. If you want
some personalised debt advice, speak to one of our advisors on
0800 019 2095 (FREE from BT landlines. From a
mobile call 0161 969 2030) or complete our online contact
form and we will call you back.
Complete the online contact form
now>>
