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:
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
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.
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