getting good credit rating faster then 5 years?

[julia.b]

Once you have an IVA, is there a way of handling your Credit rating by proving you have improved your credit standing? In other words is there a way of getting back into good credit rating faster then 5 years?

[Moneystinks]

My understanding is that your credit rating will be on the floor for6years from the date of approval of IVA. Thereafter it will gradually improve as long as you run your affairs appropriately.

Personally the only reason and I mean ONLY I would want to repair mine is to get a better mortgage. No more cards, loans etc.

Good luck

[emma_t]

Hi there

In an iva your credit rating would be affected for 6 years from the approval date of the iva.
I don't think there is anything you can do to improve it in this time but you can start to rebuild it after the 6 years.

Emma

[TheMatrix]

Its not just credit that you want a good rating for though, if you wanted to change mobile phone contracts, take out a subscription for example sky, come off a prepayment utility meter, even get a basic bank account with a debit card with no credit often they will do a search of these agencies.

I agree though, the only debt I will have in future is a mortgage, I'm not having any other credit again, I've learn't my lesson the hard way.

[TheMatrix]

These are some notes from one of my previous posts about improving your credit rating. There is nothing you can do about getting defaults taken off early but at least you could get them marked as satisfied if they are not and that may help you clear up your file while you wait for the defaults to drop off and ensure the correct default date is registered. Some of mine are post the IVA creditors meeting date so once I get my certificate of satisfaction from my IP I will be following these notes too...

Make sure all your defaults are satisfied with the CRA's once your IVA is completed.


The CRA's have a obligation under the data protection act, and consumer credit act to ensure that the data is correct. Here is the letter I would use to make sure that defaults are marked as satisfied...

Dear Credit Reference Agency,

Your reference 123456-7890

Thank you for sending me my credit reference file. Please note that I no longer owe any money to CREDIT Company Limited.

The file shows that I did default on my credit agreement with CREDIT Company Limited, however the default date shown is incorrect, I ask that you amend the default date to show the date of my IVA creditors meeting where this debt was included.

The date of my creditors meeting was
xx/xx/xxxx as confirmed on the insolvency register.

As I have now successfully completed my IVA, please see the attached Insolvency Practitioners Certificate confirming this, I would also ask that you mark this default and the IVA as fully satisfied.

I expect a reply within 28 days of you receiving this letter Please make it clear all debts have been paid.


Yours faithfully,
IN A IVA


Some notes...

Keep a record of all contacts you've made with creditors and CRA's

You don't owe them any money now, the IVA legally wiped out that debt.

Your ex-creditor is trying it on. You have rights under the data protection act. Your next course of action would be to pursue the Information Commissioner, detailing all contact and showing proof your debts are cleared for an assessment.

There are some great little guides and advice on dealing with this problem on his website

http://www.ico.gov.uk/Home/what_we_cove ... ights.aspx
useful guide: http://www.tradingstandards.gov.uk/fife ... credit.pdf

You may have to get to the point of threatening court action but I doubt very much it will get that far once they realise they are dealing with someone who knows their rights under the act.

If you've proof that the IVA has been settled and that debt was included in the IVA then that means the debt is settled and any data that reflects otherwise is inaccurate and you have a right to have it corrected. The data controllers in this case the CRA's have a legal responsibility to ensure the data is correct.

If you have to go down the route of making a 200 word statement on your file, known as a 'Notice of Correction' make sure you get it taken off when all the defaults drop off.