Credit Rating Help!

Teachertom

Hi all. I need some help please.

I have an account that I have not used for a year. I thought that I was all settled on that account only to find that I have been -£4 for the past year. I have since settled this account but my report still states that I have 10 kissed or late repayments even though it was in fact 1 missed payment but it has been recorded as this as I have been at -£4 for the past year.

I obviously didn't realise that I owed this amount of money so my credit rating is now looking pretty poor as I am not able to access a personal loan and car companies won't give me credit.

So what I would like to ask
1) am I able to get this taken off my credit report?
2) now that this account is settled will my rating start to improve? If so how long will it take?

If your could give me any help or advice it would be greatly appreciated as I am now starting to get stressed over £4 which I had in another account.

Dovah_diva

Teachertom wrote: »

Hi all. I need some help please.

I have an account that I have not used for a year. I thought that I was all settled on that account only to find that I have been -£4 for the past year. I have since settled this account but my report still states that I have 10 kissed or late repayments even though it was in fact 1 missed payment but it has been recorded as this as I have been at -£4 for the past year.

I obviously didn't realise that I owed this amount of money so my credit rating is now looking pretty poor as I am not able to access a personal loan and car companies won't give me credit.

So what I would like to ask
1) am I able to get this taken off my credit report?
2) now that this account is settled will my rating start to improve? If so how long will it take?

If your could give me any help or advice it would be greatly appreciated as I am now starting to get stressed over £4 which I had in another account.

No, you cannot get it removed from your credit report as it is an accurate record. It will fall off your record 6 years from the date of the default. Obviously settling it will help improve matters but is will show as a default for six years.

You need to start to rebuild your credit rating by obtaining credit and using it sensibly.

Teachertom

What is the best way to start building it up again?