Credit bureaus gather information from creditors that have provided you with credit in the past, for example department stores, credit card companies and banks, landlords and the HM Inland Revenue etc. The consumers credit history information is stored in databases which then allow creditors to evaluate and determine the consumers ability and willingness to repay credit. Typically, credit bureaus give the following information:
- Your open accounts
- Credit limits
- Current balances
- Number of late payments
- Collection actions
- Tax liens
- Whether you own your own home or not
Although lenders assess information differently there are several items that look worst on your credit report which are: late payments, bankruptcies, multiple searches, defaults (paid/unpaid), CCJ’s and repossession orders.
To obtain a copy of your credit report you will be required to provide the following details:
- Your full name
- Your current address
- your previous addresses over the past six years
- Your signature
An IVA can help repair bad credit
As an IVA is working to a strict budget you will be restricted from obtaining further credit but once an IVA is complete and each of the original creditors are satisfied your credit file will be updated and you will be able again apply for credit.
If you have been rejected for a loan because of bad credit then we can help repair your credit rating. Simply contact us on our free helpline and we will guide you through the steps you need to take.