It depends on what credit you are applying for...
The IVA will stay on your credit report (Experian, Equifax etc.) for six years from the start of your IVA as Skint has already stated.
For stores (Currys, Comet etc.) and other organisations that rely on a credit ‘scoring’ system, this will count against you, for the full six years. However, for mortgages and secured loans, your ‘credit risk’ is rated on your last twelve months performance. This includes whether an IVA is being conducted satisfactorily, no missed secured (mortgage, second charge loans etc.) or unsecured (credit cards, personal loans etc.) loan payments.
The bulk of your credit report consists of details about credit accounts that were opened in your name or that list you as an authorised user (such as a spouse's credit card). Account details, which are supplied by creditors with which you have an account, include the date the account was opened, the credit limit or amount of the loan, the payment terms, the balance, and a history that shows whether or not you've paid the account on time. Closed or inactive accounts, depending on the manner in which they were paid, stay on your report for up to 6 years from the date of their last activity. Credit reference agencies record an inquiry whenever your credit report is shown to another party, such as a lender, service provider, landlord, or insurer. Inquiries remain on your credit report for up to two years. Public records. Matters of public record obtained from government sources such as courts of law including County Court Judgments and bankruptcies may appear on your credit report. Most public record information stays on your credit report for 6 years.
Remember to ensure your credit file is updated send a copy of your completion letter (from your supervisor) to both credit reference agencies. All of your debts covered by the IVA should be marked as satisfied by each original creditor when your IVA is completed.
Checking Your Credit Report
Many different lenders and other businesses to make decisions about you use your credit report. When it comes to your credit report, it is what you do not know that can hurt you. Credit card companies, mortgage loan companies, car loan and insurance companies, even landlords and employers check credit reports to find out about your credit past. The reason? They assume if you were responsible in the past, you will most likely be responsible in the future. When it's time to consider any sort of financial move a new home or car, a new credit card, a new auto insurance policy, even a new job it is time to check your report.
You have the right under the Data Protection Act 1998 to obtain your credit file by post at a cost of £2. You can do this by completing the forms below and sending them to the credit reference agencies :
Experian Credit File Application Form (PDF)
http://www.leybridge.com/experian_app.pdf
Consumer Help Service
Experian Ltd
PO Box 8000
Nottingham
NG80 7WF
Equifax Credit File Application Form (PDF)
http://www.leybridge.com/equifax_app.pdf
Equifax Credit File Advice Centre
P.O. Box 1140
Bradford
BD1 5US
You can check your file online using the following sites:
Experian
http://www.experian.co.uk/consumer/
Equifax
https://www.econsumer.equifax.co.uk/consumer/uk/
All of the above agencies offer a service whereby they will charge you a fee of up to £15 for viewing your file an unlimited number of times in a 3 month period. This will give you the ability to query any entries you do not agree with and check that they have been removed or amended.
When you get your report, review it carefully. If you see problems on your report, such as an unpaid bill that you simply forgot about, act right away to resolve the debt. Then ask the business to which you owed the money to send a letter to the credit reference agencies saying that the matter has been resolved. Also, make sure your report is accurate. Check for accounts you didn't open, charges you didn't make, and delinquencies you didn't cause. If you see evidence of fraud, contact the credit reference agencies immediately. Explain the situation and ask that an alert be placed in your file. Also, report the fraud to the police. Your credit report will follow you throughout your life and can help you financially or hurt you. Review it carefully! Within a month of your inquiry, the credit-reporting agency should notify you of the results of its investigation. If You Cannot Resolve a Disputed Item you have the right to attach a 200-word statement, free of charge, explaining the nature of your disagreement. Your statement will become part of your credit file, and will be included each time your credit file is accessed.
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LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.
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