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How can I Improve my Credit Rating after an IVA ?

If you are or have been in an IVA then you may wonder how this will affect your credit rating. You may find to begin with that your rating has declined due to your debts, but it is possible for you to increase this and obtain credit. If you are still currently in an IVA then the best way for you to do this is to complete your IVA and avoid missing payments.

How to improve your credit rating

Once you have completed your IVA you will be able to improve your credit rating. There are a number of ways in which you can do this and these can include making sure you pay all debts on time and obtaining a copy of your credit report from one of the agencies and checking it thoroughly. It may be that there is an error in which case you can try to get this changed. You should also avoid applying for lots of credit all at once. If you do have a bad credit rating then it is important that you do not attempt a quick fix by contacting a credit repair agency.

After your IVA you could also make sure that a copy of your completion letter is sent to the main credit reference agencies so that they are aware that you have completed your debt.

Factors that will adversely affect your credit rating

It is important to be aware of the factors that will reduce your credit rating. These include applying for too much credit at once and creating multiple searches, missing payments or paying late. Also included are any defaults that you may have, along with County Court Judgments, and bankruptcies. It is worth noting that any negative information such as this can remain on your credit file for 1-6 years. It is therefore wise to avoid getting into any of the above situations if you wish to take credit in the future.