Credit Rating Articles
In what situations can a bad credit rating affect you?
19th December 2018Your 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. An obvious scenario where a bad credit rating will […]
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What is the Rental Exchange scheme and how can it help improve my credit rating?
7th November 2018The Rental Exchange scheme is a new initiative which allows tenants to have their monthly rental payment recorded on their credit file. This is a huge step forward for tenants, who until now, were not rewarded for consistently paying their rent on time. This is in contrast to homeowners, whose monthly mortgage payment is recorded […]
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How to check your credit score for free
9th May 2018Knowing 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. There […]
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5 simple steps to rebuilding your credit score
24th April 2018If 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. Whether you are still struggling with your debt or have entered into an official debt management or insolvency procedure such as a Debt Arrangement Scheme (DAS), Trust Deed […]
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How to restore credit rating after Scottish debt programme has been satisfied
5th March 2018A 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. Even if you can secure borrowing, lenders are only likely to offer unfavourable […]
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How Universal Credit works in Scotland
27th December 2017The introduction of Universal Credit was intended to simplify the benefits system and reduce the opportunity for fraud, but it has received much criticism, partly due to an inherent lack of flexibility. The Scottish government is now able to use new social security powers, however, when administering Universal Credit. These devolved powers were brought in […]
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Understanding your credit report – the difference between ‘settled’ and ‘satisfied’
16th October 2017When you look at your credit report, you’ll see various status codes marked against individual loans and other borrowing. These indicate the extent to which you’ve repaid your creditors, whether there were any defaults, and if the account has now been closed. You may also have noticed that two codes sound fairly similar, and relate […]
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Can my debt affect the credit rating of those I live with?
1st August 2017If 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. This linking is called financial association, and occurs naturally […]
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10 positive steps you can take now to improve your credit rating
8th November 2016If 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. However even if seeking out further credit is not something you want to do in the foreseeable future, it is still important to ensure your credit record is as […]
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Can a default be removed from your credit file?
12th April 2016When lenders decide whether or not to offer you a loan, it is the information held on your credit file that forms the basis of their decision. This information also helps to combat fraud, as your identity can be verified if you are on the electoral role. Problems can arise if you fail to make […]
Read moreScottish Students Create Handbag Designed to Stop People Overusing Their Credit Cards
24th November 2015A trio of students based in Dundee have designed a handbag that discourages users from spending money on their credit cards. The bag, which its designers are calling a “unisex satchel”, is programmed to generate a deep Ray Winstone-like voice saying “don’t even think about it” and “put it down, put it back” when a […]
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Rebuilding your credit rating
1st July 2015Getting into any type of debt will adversely affect your credit rating, and if you enter a formal arrangement such as a Trust Deed or Debt Arrangement Scheme, it remains on your credit file for six years. After this time you will need to start rebuilding your credit score. A range of options exist to […]
Read moreGetting a Mortgage with a Bad Credit Score
1st April 2015It 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. Having a bad rating score does not always reflect […]
Read moreI’ve completed my debt management plan, how can I improve my credit rating?
21st October 2013At Scotland Debt Solutions, we’re committed to helping our customers get their finances back on track. However, we realise that while debt solutions are often necessary, they can affect your credit rating. If you’ve recently completed a debt management plan you’re probably not looking to take out any further credit just yet. Although, it’s always […]
Read moreI need a personal loan but have a poor credit score, can a credit union help me?
4th April 2013Credit unions in Scotland provide services to more than 250,000 people and one in 20 Scottish residents are members. Credit unions are an alternative way to build savings, or take out affordable loans. If you have a bad credit rating and are considering taking out a personal loan to consolidate your debts, a Credit union […]
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Why am I being refused credit?
1st March 2013According to recent research from the Office of National Statistics (ONS), Scotland has the lowest level of personal financial debt in the UK. However, many Scottish residents are still turning to credit to pay the bills. Having a credit application declined can be disheartening, but it’s important not to panic. There could be many reasons […]
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