How do I update my report now my IVA has ended?

Dear James,

I have just completed my IVA and want to get a mortgage with a special company, but they won’t give the mortgage until it states on my credit rating the IVA is satisfied. What is the quickest way to get it updated and how long will this take?

Craig, Barnsley

Dear Craig,

Congratulations on completing your IVA. It’s important you make sure your credit report is updated to help you begin rebuilding your credit rating. The Insolvency Service should tell us about the completion but if you’d like to send us confirmation of this, such as a letter from your supervisor, we can check and confirm this for you. We will mark the IVA as completed so that anyone searching your report will know it has ended. It will stay on your credit report for six years from the IVA start date. You should also check to make sure that any debts included in your IVA and listed separately on your report are dated on or before the IVA start date and no longer show as outstanding. If any do need updating, we can help you liaise with the lenders in question. If you think that explaining on your report the circumstances that led you getting into difficulties in the first place might help you, send us and the other credit reference agencies a notice of correction. This is a statement of up to 200 words which will then become part of your report and be seen by lenders looking at it in the future. While the note appears you won’t be able to access instant credit. This is because your application will have to be assessed by a person who can read your note rather than by a computer. But if it helps turn a ‘no’ into a ‘yes’ you’ll probably be happy to wait a little longer for a decision. It’s fair to say that when assessing your credit report lenders tend to focus on your most recent credit history, so your job now is to use and manage credit well and build a new positive track record that will give any prospective lender confidence you can be trusted to repay any new credit you ask for. (March 2012)


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