Need to Change Credit Rating

Agent_Gibbs

I've entered in a Debit Management Plan and have been making agreed payments with my creditors. In the meantime i've been trying to raise funds to pay off my debts by looking to remortgage my house, but each time i've been turn down. I have now gained access to my credit score and 3 of my creditors are showing that i'm making late payments and have defaulted as well, even though they have agreed to reduce payments plan and my credit plan shows the payments being made.
How can i change my credit score or should i say how do i get my credits to change my credit score?
At present i could possible pay off all my debts within 3 months if my credit score was better, but at this rate its going to take over 5yrs to clear everything.
Any ideas please?

cifpower

As you are on a payment plan you have defaulted on your original credit agreements so your creditors are right in placing this info on your file. It will stay there for 6 years.

izools

You cannot simply "Change" your credit score.

Credit scoring is an increditbly intricate process taking a plethora of factors into consideration, all of these factors are facts. I.e. whether you've defaulted on a credit commitment in the past, how late your latest payment has been / currently is, how much you earn, how much you owe, how long you've lived at your address etc.

You may need to face the fact that there is slim chance of being accepted for a mortgage if you have outstanding defaults / arrears, it quite simply may be impossible.

What you need is a GOOD, "All of Market" mortgage broker, be honest with him / her about your situation, and they will approach various sub prime and prime lenders to see if there would be any point going through an application with them.

If you have very good repayment history on your mortgage account, and a good stable job with solid income, with plenty of equity in the house, and aren't looking for a big LTV (i.e. under 75% of the value of the house), and are going to clear all outstanding unsecured debt with the mortgage, you may just be approved.

But you need to seek professional advice from a whole of market mortgage broker first. It may be better to post your issues in the mortgage board, there will be more clued up people over there

Jemma-T

You could try printing off your own 'credit report' -do you as much use.

In your case I'd recommend seeing a local broker who may be able to help. Just expect high charges but any mortgage broker worth their salt should be able to help you. They may want some cash fees though.

Be careful though.

Agent_Gibbs

cifpower wrote: »

As you are on a payment plan you have defaulted on your original credit agreements so your creditors are right in placing this info on your file. It will stay there for 6 years.

Believe it or not, but one of my creditors - BOS - who have agreed to my DMP - are showing that my payments are up to date/on time and on my credit report with them is satisfactory. I would appear that each credit card company is a law unto themselves

LeeSouthEast

Yep. Some will "play nice", some won't.

Agent_Gibbs

LeeSouthEast wrote: »

Yep. Some will "play nice", some won't.

It would be nice if i could get the other creditors to play nice, but i can only ask them to help as it would be in their interest to get me off their books, soon rather than later

izools

Unfortunately there is no way to change the way a creditor share's their information. As others say, they are a law unto themselves, and technically they are well within their rights to report your account in default even if you are late with just one payment, most are more flexible as it is in their best interest, but how flexible varies from creditor to creditor