if you had a really bad credit rating, does that really disappear after 6 years?

Question

and what's the best way to build up your credit rating? (uk)

Answer 1

Yes provided you have not acknowleged the debt in any way within the 6 year period specified by the Limitation Act 1980.
Google Limitation Act for verification. CAB should also be able to advise you. Repair you credit rating by not getting into more debt, not easy but try.

Answer 2

the bad rating itself doesn't disapear... your credit rating is constantly being reviewed.

What will dissapear are any defaults, county court judgements (CCJs) or other "black marks" on your credit report, providing the reason you got them is finished... in other words, if you owe a credit card £2000 but have arrears, this will be on your record and will not be removed until the arrears have been paid.

The best way to build up a credit rating is (bizarely) to get more credit. However, for a poor rating, this is often impossible.

I had a very poor rating including CCJs, arrears, defaults and all manner of other problems. I registered with a debt management agency. That way, I was able to pay off my debts without having to take out any further loans, and do so in a few years. Once all the debts were paid in full, that increased my credit rating. I then took out smaller, more manageable loans and cards, only when I needed them and only if I decided I could afford them... each one increased my credit score too.

It's a hard road to take, but I'm living proof that it can be done. Just don't fall for any scams by people claiming to be able to "fix" your credit rating. It does nothing. Only your own hard work can do anything.

Also, you might want ot consider checking your current credit report on the Experian website... you can enter you details and get a free credit report... And then if there is something on it you disagree with, you can query it and have them change it.

Good luck!

Answer 3

Yes, and the only way to build up your credit rating is to make sure you pay your debts on time, ie your utility bills and such like. You could always change your name, but thats a bit naughty, and you'll still have to build up your credit rating from scratch.

Answer 4

It doesn't just go away. You have to build it back up. Pay ALL your bills on time. If you have high balances pay them off. DO not close any of your accounts even after you have paid them off. Use credit in small amounts and pay it off every month. This will increase your credit score but it will take time.

Answer 5

Yes, i completely messed up my credit when i was younger and had defaults left right centre. It does take a while to rebuild, records are removed after 6 years for defaults and 8 years for ccj's.
You should maybe also add a "notice of c orrection" on your credit file and explain why your credit was adverse and what you have done to improve it. Also, go to www.experian.com for my tips/advice on how to improve your credit.

Answer 6

They say it does but I'm not sure I have medical bills that are holding me down.But there is this guy on the radio who may be able to help you he has a website you can go to and ask a question and he will e-mail you back within 3 to 5 days go to it and ask him the site is Clarkhoward.com and you will see on the home page where it says ask a question and then just follow the steps.Good Luck I know exactly where you are coming from I know.

Answer 7

Not if you continue to be a bad creditor during that six years...steer clear of credit cards, store cards and shops offering interest rates of any kinds.

Answer 8

Not really. Sorry. But if yu have changed yur cr. rating to a positive one tremendously, that will make a difference.