5 simple steps to rebuilding your credit score

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. 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 or Sequestration, your credit score will have been adversely affected.

A poor credit score will make it more difficult for you to secure credit such as loans, mortgages and hire purchase agreements. It can also affect your chances of being approved by landlords and even getting some jobs.

So if you have a bad credit score, what can you do to start rebuilding it?

1. Register to vote

Ensure that you are registered on the electoral role as this is where lenders will look to confirm your identity and address, without which they are unlikely to approve you. You can check the electoral role and register to vote at gov.uk/register-to-vote. Or if you are a foreign national and not eligible to vote in the UK you can provide each of the three credit reference agencies (Experian, Equifax and Callcredit) with ‘proof of identity’ such as a UK driving licence or a utility bill which can be attached to your credit file.

5. Make all of your payments in full and on time

Finally, and somewhat obviously, the best way to rebuild your credit score is to ensure that you make all of your payments in full and on time. Prioritise your necessary payments and ensure that you aren’t spending money on any extraneous outgoings and slowly over time you will see your credit score start to increase.

If you are one of the thousands of people in Scotland struggling with problem debts, contact the friendly experts at Scotland Debt Solutions today. We have experience of helping thousands of people just like you to take back control of their financial future, often by writing off a proportion of their debt. Contact us today on 0800 063 9250 and find out how we can help you take charge of your debt and get back into the black.