A default hurts your credit score, but how long for? That depends on the default date recorded on your credit file. If a the default date is too late, it harms your credit score for longer than necessary. The Key Rule to remember is "A default drops off after 6 years". This always happens, regardless of whether: you have repaid it in full you made a partial settlement you are still … [Read more...]
Credit Ratings
There is a lot talked about credit ratings on the Internet but it can be very confusing and sometimes even wrong!
If you can't make the proper payments to your debts, your credit rating will suffer. But different debt options affect your credit score in different ways, so I've written these articles looking at the details of each situation.
And most importantly, when will your credit rating improve and what can you do to help this.
See The top ways to check your credit records for details.
The best free ways to check your credit score
Keeping track of your credit record is smart, but how do you go about it? With over 18 different ways to check your credit record in the UK, it can get confusing. So, what are your options—and which are the best free ones? And is it ever worth paying for "extras"? Many people think they have a single credit score - WRONG! The three Credit Reference Agencies It is a myth that everyone has a … [Read more...]
Bad news – MSE Credit Club switches from Experian to TransUnion
In November 2023, MSE announced that its Credit Club report would soon switch to cover TransUnion data, not Experian data. MSE has told subscribers: The need-to-know change: Experian is stopping giving us access to its full credit report. So ... we’re moving to one of the other three big credit reference agencies, TransUnion. MSE has tried to dress this up - the first paragraph was headed The … [Read more...]
Can I get a new mortgage fix with poor credit?
A couple of readers have asked about mortgage fixes when they have a poor credit record or simply a lot of other debt: Ms A: We are in a DMP and we were told it would make it very hard to remortgage. So we are now on Santander’s SVR and it’s over 7%. Can we really just ask them for a new fix and they won’t say no? Mr B: I'm worried about talking to Nationwide when our current mortgage fix ends. … [Read more...]
How does a DMP or a payment arrangement affect your credit rating?
A debt management plan (DMP) is a good debt solution for many people who can manage to repay their debts if interest stops being added. If you are trying to decide whether you need one, you may want to know how bad the effect will be on your credit file, and how long it will be before your credit rating recovers. There isn't a simple answer: DMPs are used in a lot of different … [Read more...]
How can I improve my credit score faster?
A reader asked: My credit rating is very low. I missed payments on three debts five years ago after I was made redundant the previous year. They have default dates in a year or two later. Since lockdown I have been paying them off slowly. One was paid in full last year and another just repaid this month, but my score hasn't changed. One more is being paid £50 each month but that won't be … [Read more...]
How to repair your credit record after bankruptcy
Bankruptcy badly affects your credit record for six years. This article looks at what should show on your credit record after you are discharged from bankruptcy. For almost everyone, discharge happens after a year. But if lenders don't record bankruptcy and your discharge correctly, they will continue to damage your credit record for longer than they should. Even if you … [Read more...]
Will a parking ticket show on my credit record?
A reader asked: I've got a parking ticket in a car park which isn't right because you couldn't see the signs the way I went in. I've been sent a letter saying if I don't pay they will go to court and this will then show on my credit record. My partner says she got a speeding fine and that wasn't on her credit record. Are they lying to me? This article looks at what will happen if you don't pay a … [Read more...]
Improving your credit score after an IVA
An IVA wrecks your credit record for at least six years. It can be longer than six years if your IVA doesn't complete within the 6 years, perhaps because you have had payment breaks. After your IVA finishes, in theory you don't need to do anything and all the problems will disappear from your record after the six year point... But it is important to check your IVA firm has closed down your … [Read more...]
“A mystery CCJ on my credit record – I know nothing about it”
A reader, Ms J asked about a CCJ that suddenly appeared on her credit report. "I check my credit record a couple of times a year and there is now a CCJ on there. It looks like it was added 2 months ago at an address I left ages ago, possibly 8 years. I don't even know if this is real or some sort of error. It's only a few hundred but I don't want to pay it if I don't have to and I don't know … [Read more...]
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