Credit report

[Chappie]

Hi

Checked my credit report this morning. My insolvency has dropped off the report. My secured loan that became part of my iva has been marked partially satisfied with a 0 balance. But noticed that my credit rating number has gone even lower than when I had these on my report. Is there a reason for this and will it improve. I know things show for 6 years but confused why my rating is so low.

Thanks

[Foggy]

The credit rating is a somewhat meaningless figure in reality. What is important, and what creditors actually see, is your credit history. A clean or blank credit history is as bad as one full of defaults as they will want to know why. But, currently, your potential creditors also see a partially satisfied loan and will know why that is probably there. You need to write to the lender and ask that they default the account with a date around the beginning of the IVA start, as the loan was taken into the IVA. Then it will disappear. Use the template here: https://www.iva.co.uk/what-does-an-iva- ... dit-record

[Chappie]

The default date is Sept 2014.it was only added to my iva in 2016. Will they change the default date, It will drop off next year. When the 6 years is up. So will I have to wait till then.

Thanks

[Foggy]

The default date is usually the date that the relationship between debtor and creditor breaks down --- in an IVA this is usually taken as the start date of the IVA -- but your situation isn't as clear cut as the loan was drawn in much later. You may have to stick with the recorded date and wait until it drops off in 2020.

[Chappie]

Thanks Foggy.

As I thought, waited this long. So guess another year isn't going to matter.

[MerlinL14]

Mine also took a dive Chappie, once all my defaults fell off the report then I can only assume that as there was no current history than it can only go down. Took a good 6-7 months before it climbed as up to date information was being recorded.