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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.

“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...]

June 8, 2022 Author: Sara Williams Tagged With: CCJ, Credit ratings

How can my creditors find me?

If you are very worried about your debts, you may be wondering how easy it would be to disappear and leave them all behind. perhaps you have already gone, leaving Britain because of Brexit. Will your old records be linked with new ones on your credit records? Can your creditors find you if move, go abroad, change your name? Some of these sorts of ideas aren't very sensible - and there may be … [Read more...]

March 18, 2022 Author: Sara Williams Tagged With: Credit ratings

Can I get a mortgage with recent defaults?

A reader, Mr D, asked: My partner and I have a combined income of £56,000, We have a deposit of £28,000 (inheritance) and are looking to become first time buyers at a price of £230,000. We have defaulted debts that are being paid off, and previous history of payday loans from over 2 years ago from a time when our financial situation was much more difficult. The defaults are about 18 months … [Read more...]

November 22, 2021 Author: Sara Williams Tagged With: Credit ratings, Defaults, Mortgages

ClearScore adopts the new Equifax credit scoring out of 1000

In mid November 2021, ClearScore has finally adopted the new 1000 Equifax credit scores. Equifax credit scoring changed in April 2021, when it switched to calculating scores out of 1000 - they used to be calculated out of 700. It also changed the bands used to describe your credit rating. Equifax didn't make an announcement about these changes. The Equifax Credit Report & Score was … [Read more...]

November 19, 2021 Author: Sara Williams Tagged With: Credit ratings, General news & policy

Is your name in a fraud database?

Sign saying fraud

There are three large UK databases aimed at alerting lenders to possible fraudulent applications for borrowing: National Hunter,  Cifas and Sira. If your name is on one of these connected with fraud you may find it difficult or impossible to take out credit and your bank account may be closed. But sometimes the information on the databases may be wrong and you need to get it corrected. In … [Read more...]

October 22, 2021 Author: Sara Williams Tagged With: Credit ratings

How fast can I improve my credit score for a mortgage?

dream of a house

Here are some questions I have seen recently about how long it takes to improve your credit score for a mortgage: I was foolish with credit cards for years but now I am determined to buy a house - how long will this take? My credit score is dreadful. My new partner has a good credit record and we want to get a mortgage. I have a poor credit rating but I have now inherited a deposit. How … [Read more...]

April 2, 2021 Author: Sara Williams Tagged With: Credit ratings, Mortgages

How much will my credit score change if … ?

How much will my credit rating go up or down? That is a very common question. But it's often tricky to answer! This article has some guideline numbers from Experian that may help. These are only indications - your credit score may not go up or down by this much. They assume nothing else has changed on your record. They also apply to single issues. If you have two defaults already, getting … [Read more...]

February 18, 2021 Author: Sara Williams Tagged With: Credit ratings

I’m in a DMP – can I get a mortgage?

A reader asked about applying for a mortgage when she is in a Debt Management Plan (DMP): "I have been in a DMP for 8 years and still have 6 to go as I still owe £16,000. With hindsight, I should have gone bankrupt!  My parents will give us a 20% deposit in 2021, but they don't know about my debts so I can't use their money to end the DMP. Will I be able to get a mortgage?" I've written before … [Read more...]

December 18, 2020 Author: Sara Williams Tagged With: Credit ratings, DMP, Mortgages

“Will partial settlement make it hard to get a mortgage?”

Ms F asked: "I have been in debt management for five years after my marriage breakdown. After an inheritance, I want to pay off my DMP as it will carry on for years. I could pay in full but my house needs some urgent work and my car is on its last legs. I asked about my credit score if I offer a partial settlement and was told this would show as partially settled on credit score file. Will I … [Read more...]

October 28, 2020 Author: Sara Williams Tagged With: Credit ratings, Full & Final settlements, Mortgages

How to improve your credit rating after a DRO

A Debt Relief Order (DRO) lasts for one year and then your debts in it are wiped out. But it shows on your credit record for six years. This article looks at what should happen to your credit record during the DRO year and after it has finished. Some of your creditors may have go tt this wrong, you need to ask them to correct any problems. You can start to improve your credit rating after … [Read more...]

February 26, 2020 Author: Sara Williams Tagged With: Credit ratings, DRO

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