Trying to improve my credit score

GP1983

Hello,

I have obtained a detailed credit report with checkmyfile.

I am paying some of my loans off (slowly). There are a number of other debts, such as utilities which have defaulted. I believe (I could be wrong) that as they have already defaulted, there is little point in paying them off as it won't improve my credit score and that after 6 years, they'll be removed. Is this correct?

For example, I have a Yorkshire Water outstanding amount of £200 which defaulted 7 May 2016. It says it will be reported until 2022. Does this mean it'll disappear from my credit report altogether?

Is there anything I can do at the moment in order to improve my score, short term? My credit rating is obviously very bad indeed.

SHill

It's not the score that matters...it's you paying your debt in timely manner.

your credit history...

Geoff1963

Most debts become unenforceable after 6 years of non-payment ; but during that time you could get a County Court Claim, so you are sitting under a Sword of Damocles.

DCFC79

Its not your score your improving but your credit history.

System

GP1983 wrote: »

There are a number of other debts, such as utilities which have defaulted. I believe (I could be wrong) that as they have already defaulted, there is little point in paying them off as it won't improve my credit score and that after 6 years, they'll be removed. Is this correct?

Unless they take you to court, get a CCJ then instruct bailiffs to come round and collect the money or get an attachment of earnings order to recover it from your wages/benefits.

Also unpaid defaults will make it hard to do things like pass a credit check to move if you're renting, get a new phone contract, even to change energy supplier so you're not paying through the nose on a token meter.

GP1983

Thank you for your information. I'm more than aware this is unethical however my circumstances are that I can't afford to pay everything off and I'm just trying to prioritise.

Is there anything I can do at the moment to improve matters for myself? Would you say it's better to contact all my creditors and arrange plans with them - no matter how small the payments are?

All I want to do now is look to the future and establish the quickest way of being able to, for example, obtain a mortgage in the future.

Arleen

GP1983 wrote: »

Thank you for your information. I'm more than aware this is unethical however my circumstances are that I can't afford to pay everything off and I'm just trying to prioritise.

Is there anything I can do at the moment to improve matters for myself? Would you say it's better to contact all my creditors and arrange plans with them - no matter how small the payments are?

All I want to do now is look to the future and establish the quickest way of being able to, for example, obtain a mortgage in the future.

Then head off to debt free wannabe board, post a soa and people will show you a way how you can repay your debts. That is the way towards that.

YorkshireBoy

GP1983 wrote: »

I have obtained a detailed credit report with checkmyfile.

Are they showing full information from Experian these days? They didn't previously, but admitted so in the product T&Cs.

If they don't, it's not as "detailed" as you think!

Why don't you get an ongoing free monthly report (assuming you're paying for checkmyfile?) from Clearscore (for Equifax), Noddle (for CallCredit), and MSE (for Experian)? Much better to get the full works surely?

JubilantDoor972

Sounds like you could do with getting on a debt management plan before it gets way out of hand. If you say you can't afford utilities that is cause for concern and there are numerous services out there to help. I was in alot of debt a long time ago and StepChange sorted me right out.

They go through a budget with you and then contact creditors on your behalf to split the remaining amount of your money after necessities to each one to pay them off in a timely manner. For me it also stopped any further action and any interest being applied further.

GP1983

I've moved back home, so it's a case of I'm paying 3 debtors back with what I can in order to leave me with enough to live on. I am weighing up whether it's worth getting the other debtors paid too, or leaving it for 6 years (3 have passed) and letting them 'drop off' my file. If I add them, I'm going to be in debt for a long long time.

SHill

If your having issues with paying off all your debt contact citizen advice bureau. They will help and assist you and coordinate a better plan.
So you can stop having sleepless nights of worry, be content that you paying what you can and ensure that you budgeting properly.

Also go on the Money Advice Service and look there too...you need some help and support.