www.iva.co.uk

Hello,I was after some advice please.  My Iva started Oct 2010 and finished March 2016..... 5 months late because of a ppi issue but all gas been completed now.... any way been.told I now need to build up my credit score which I've been trying to do but it keeps going down not up. .... my IVA is now off 9f the insolvency exchange but how much longer does it stay on my credit report?? And also is it true that all the accounts I defaulted on even though are now satisfied eill stay on there for 6 years to show lenders I once defaulted?? Many thanks David

Hi,

Have you had your completion letter yet? If not then it won't come off your credit record until you do.

Have you also checked to see if any of your creditors have continued to default you. If so then you also need to contact the data controller for them and tell them to put defaults back to the start of the IVA which means they will now drop off.

Once October 2016 has passed you should be able to start tidying up your credit record.

I have had my completion letter, and all my creditors have marked me as satisfied and are all showing as closed.

Lisa, why would it be easier to do after October 2016?

It is six years from the start of the IVA that it will totally drop off your credit record. You should be able to start and clear up any defaults though now.

My iva completed last year but has only just reached its 6th year. Over the last few weeks it has been lovely to watch my experian online report and see all the defaults and iva drop off. As soon as your iva and defaults are off your report your credit score will increase. I also applied for a vanquis credit card shortly after my iva completed which will help improve your credit score after a while.

Because it stays on your records for 6 years from the start of your IVA I'm afraid.

Thank you all very much for your help

You're welcome David - not too long to go!

Lisa, it seems to be lasting forever though, I've started sa ING money now and my plan is to get enough fir a deposit for a mortgage. So need to get that credit rating improved for that but have a few years to go.
Many thanks again for your advise

Worth mentioning that the credit score is only seen by you and is just the credit reference agency's interpetation of the data.

Any company just gets the data not the score. They make up their own mind!

You also need to ensure any NOTICE OF Corrections are removed - when they are not needed, they will stay on your credit file
One of the credit agencies use to add these!!!

You should see a positive shift after October.