Will I get a better credit report???

joders

My biggest debts (£3460.46 - Very & Littlewoods) Finally have a payment arrangement - yayyyy!! These will be paid off by 2023 & 2029 (lol!)

I'm also arranging payment plans on my smaller debts.


Once i'm shown to be keeping up with payments and the balances shown to be going down, will the defaults disappear from my credit report?


I'm wanting to have clear-ish credit for May next year.

lindann_2

I always thought that any defaults last up to six years since the default occurred, l could be mistaken, but l wish you the very best in clearing debts

joders

Oh that's a shame, I was getting all excited for a minute there.

Thank you

Tixy

Yes the defaults will remain for 6years from when they were first entered.
But your creditors should keep updating your file to show that the outstanding balance is reducing.

joders

Thank you for the info Tixy.

The reason i'm looking for better credit by May is so as I can move into cheaper rented property - i'm currently in private and to go with an agent they do credit checks and I have no guarantor.


Long story short, in May when I apply with an agent for a new home, would the credit check be likely to come back ok or do you think it'd just fail because of defaults?

billinghamfan

From reading other threads I don't think they can see defaults just CCJs and the like.

Tixy

Well at the moment lettings agencies can only do a credit check on public information - such as CCJs and IVAs / bankruptcy etc.

They don't get to see the detail of your credit report such as your credit account and defaults / missed payments - thats because they don't currently share that same level of information themselves.

There are proposals to change this so that letting agencies who agree to share their tenantes own account history/ payment information will then may be able to do a full credit search or may just be able to see you rental repayment history- whether this will happen and when is still unknown.

News article Rent payments to go on your credit file
and then U-turn means flatmates' poor credit won't harm you

joders

I have no CCJ's, IVA's or Bankruptcy so I may well stand a chance.

On Credit Expert my Credit report currently has 4 defaults but I've today made payment arrangements with those companys so i'm really hoping it does help to improve my credit.

joders

Thank you for all info, it is much appreciated