Credit rating and DMP

Bananas777

I have had a DMP for about ten years. I just checked my credit score with Experian and it says excellent- 961 out of 999. Can this be right?

Bananas777

It seems to be based on the fact that I've had my current account for 132 months. This is the simple account I changed to when I took out the DMP. I thought my credit rating would have been poor. Considering a DRO for the remaining debt, not sure what to do now.

dumpyboy

Have you tried to get a full current account or a credit card of some sort

Bananas777

No, I just have a cashminder simple bank account. I checked the Experian report online.

Bananas777

It does say on there RBS recently checked me, that is true, they are sending me a card for a shared account set up by my mum.

DevCoder

The score means absolutely nothing, lenders don't see it.

Lenders/Banks will look at your credit history not a score.

Tixy

If you were on a DMP for 10 years then it is quite usual/likely that the old debts will have dropped off your credit file by now.

So by the sound of it on your credit file now you have a limited credit history but no negative entries.
Is the basic current account the only account that appears on your file? or do you have any other accounts (such as utilities/mobiles etc)

In terms of your abililty to get accepted for new credit (if that is what you were thinking) you'd obviously still need to declare that you have the remaining debts, even though they don't appear on your credit file.

If you are eligible for a DRO and do take that option then that would show on your credit file for the next 6 years.

How much do you owe currently? And how much are you paying a month to the DMP?

DCFC79

krisdorey wrote: »

The score means absolutely nothing, lenders don't see it.

Lenders/Banks will look at your credit history not a score.

Agreed.

OP forget about the score.

Bananas777

Hi again, thanks for the replies. I still have about £3,500 to pay and am paying £30 a month.

Tixy

A DRO seems quite drastic for that level of debt, however it is of course down to personal circumstances.

Is £30 the max you can afford? do you anticipate your finances changing any time soon so you can afford more towards the debts?

Experian_company_representative

Hi Bananas777.

It sounds like your report is getting to a good place to be.

As you might know the debt management plan itself does not appear on the report as we don't hold details of these.

Tixy has mentioned that it is likely that the accounts that were part of the DMP no longer appear on the report as they were closed over six years ago. A new Debt Relief Order would appear for six years after it is recorded.

Our Ask James page covers DMP's and your report in more detail here.

I certainly wish you the best with whichever steps you decide to take next.
Regards
Neil