Credit Rating

A good credit score opens up financial opportunities, such as the ability to buy things with borrowed money that's paid back over time. Find out more here.

If your credit score has been affected by problem debt, you may be looking for ways to start rebuilding it and getting on with your financial future.

A debt payment programme (DPP) remains on your credit file for six years, along with other default markers and court judgments that have been made against you. This can seriously affect your ability to borrow for this period of time, and longer.

Credit unions in Scotland provide services to more than 250,000 people and one in 20 Scottish residents are members.

It is possible to get a mortgage with a bad credit rating, even if you have previously been declared bankrupt. Mortgage loans for bad credit borrowers do exist – you may just need to look a little harder for a specialist mortgage lender for bad credit.

If you’re worried about the effect that your debt might have on the people you live with, it’s worth knowing that credit files are independent of each other unless there is, or has been in the past, a specific financial link such as a joint loan.

If the information in your credit report is misleading in some way, or misrepresents you, and the credit reference agency isn’t able to remove or amend it, you’re entitled to use a Notice of Correction (NOC) to explain your situation.

Your credit file is an important source of information for lenders and other financial institutions, and a bad credit rating can affect your life in a number of ways. Given that a default remains on your credit record for six years, it’s also a long-term issue.

If you are currently working on reducing the amount of debt you have, improving your credit score may not be at the top of your agenda.

The Rental Exchange scheme is a new initiative which allows tenants to have their monthly rental payment recorded on their credit file.

If you’ve had a default placed on your credit file it can affect your financial situation in a number of ways. The drop in credit rating makes it more difficult to obtain borrowing, and in some cases, it can even affect your employment.

Knowing your credit score and keeping a regular eye on your credit file can prove incredibly beneficial if you wish to apply for a mortgage, credit card, loan or other type of credit. By checking your credit file you can identify any errors that could be standing in the way of you accessing the best deals.