www.iva.co.uk

Hi All, hope everyone is going into autumn with their sanity intact!

It's been 2 months now since I got my certificate of completion (thanks Judith of DFD) and its been a relief to have it all done and dusted and that I am now looking forward. It's also coming up to 6 years since the IVA was registered and i have around 3 weeks until the report drops this history off my record. Since then, I've been busy getting my credit report updated (I'm sure they roll their eyes whenever I contact them!! "That's not correct, that's not correct..!!"). I've been inundated with spam offers of credit cards offering to help repair my credit and it's good to know that my only reaction is to chuck them in the bin! How on earth do they know??!!!! It's like they've been sitting there waiting!! I would never consider a credit card again!

Anyway, most of the companies have been good at updating. I just have a couple of questions for advice purposes really.

I've checked all 3 different credit reference agencies (Experian, Equifax, Callcredit) and they have differing scores for me. One says excellent, another says fair, another says poor. Is this normal? I would have thought they would all be at the same level.

Also, I might consider applying for a career development loan as I'm due to start my professional course in a few weeks and it would help with tuition and course costs. I'm not definite I'd do this as I have rules for myself and would only consider 3 types of borrowing now: mortgage (unlikely for a few years), hp or pcp for a car (still learning to drive so again not for a while) or career development loan (only a small amount and only due to this course if I have to). I also have rules for myself that I won't do multiple borrowing at any one time anymore. Definitely no credit cards or overdrafts. Plus I've got much better at saving and budgeting and generally not wanting to spend money.
My question is, would I have any chance if being successful at this point for a career development loan or should I wait a month more?

I found that all three credit agencies gave me different scores. I presume it's because they have different criteria and not all creditors report to all the agencies.

Unfortunately I'm not sure about the career development loan, hopefully someone else will be able to help.

And I meant to say good luck!

Well done!!
Be really really careful with career development loans & my advice would be to avoid the one offerred by Lloyds at all costs, this loan has been one of my downfalls & they are now my biggest creditor. They may well have changed the terms now, but long story short, even their own staff were aghast at the terms of this loan several years later.

Really? Thanks for the advice. Sounds scary. On google searches only Barclays and co-op bank show up as offering them. It's something I wouldn't go into lightly if at all. It would help though - if I did I'd start saving up now in order to pay it off and try taking as little out as possible. People have said they are ok as long as you pay them off immediately once finishing your course. I'm doing mine over 2 years and so is aim to have it ready for the end of the course or before (repayment).

If its only a 2 year course & you are confident that you will be able to repay it quickly then it might not be too bad. Its all about the small print!!

Yes, definitely and only taking out a minimal amount. Have saved quite a bit for my own fees but need a bit extra, without going crazy. Plus I've reduced necessary outgoings to minimum at moment and am getting exceptional at that. Not sure if I will get accepted though. At the end of the day, if I don't, then that's ok, I'll find another way. Would just be convenient.

Two of my credit files are now completely clear and they have vastly different scores [623 Noddle and 999 (lol) Experian], though the categories only differ from 'good' to 'excellent'; the other CRA, Equifax, very unhelpfully has the IVA still showing almost three months after the 6 year anniversary date and that score is obviously much lower. I have told them about this and they have undertaken to get rid of it asap - which in their terms means a week; it doesn't take me that long to press a button.

Yes, it's a bit annoying and Experian asked me why I was worried about updating it as it would drop off soon. My stance is that although I went into default nearly 6 years ago, I have worked for that time to redress the situation and have done so successfully within the terms of my arrangement. So, I'd like to be extended the courtesy of my records being updated accurately without unnecessary delay! Normally works. It's not rude, just firm.

How many credit reference agencies are there out there? I thought there was only 3 major ones? Especially as to can get your statutory one for £2... Never heard of noddle!

Keep checking them. With mine they put defaults on after my 6 year was up. I paid for experian for a couple of months and Equifax well worth it and complain if there is something on there to the company. I got a total of over £300 form Santander and £190 from Halifax. Good luck. I am a bit unsure why it says fair on one dig deeper there will be something on there you have not seen. It should all read Good or Excellent.

Hi Poppy, You can sign up to Noddle for free - it's linked to CallCredit, which, along with Equifax and Experian, make up the three main CRAs. Noddle will give you access to what they have on your credit report for free; if you want your credit score to be visible then it will cost you £30 for 24/7 internet access for 12 months. Noddle is updated monthly - in fact my Noddle account has just been updated today and the last two defaults [wrongly dated at 10 September - should have been 29 June, grrrr] have therefore just dropped off as has all trace of the IVA cos the cc was issued on 21 August.

Here's the Noddle link https://www.noddle.co.uk/sign-up

Thanks brokebryn! Will give it a look and see. Will also check why the credit score differs so much.

The actual credit scores given by these companies are meaningless and are disregarded on the whole by lenders. As you have discovered they have different rating criteria and most searchers go by looking at your actual history in the file.

Agree with Foggy - complete waste of time credit scores. On my Noddle site i have a score of 2/5 - but elsewhere my score are really high/excellent.

Each lender has its own credit criteria.

Yes, I have heard a lot of people say that, Foggy. That's why, again so I have heard, it is useful to have a few things knocking around on the credit report such as a phone contract, bit of insurance, etc, as well as a mortgage if you have one.