Hello maverick267.

I think we've read here again and again that Experian credit scores soon after a trust deed has ended aren't very useful.

We keep hearing that they're very high but that this isn't being matched by the experience people have when applying for mainstream credit soon after discharge.

As we've stated previously, lenders do not use these credit scores anyhow. They use their own scoring systems based upon the information on your credit report.

I'd therefore be concerned to make sure the content of my credit report was accurate more so than the arbitrary (and often not very useful) score the agencies often to supply.

If obtaining credit in the future was important to me, I'd also be looking for opportunities to be able to demonstrate responsible use of credit on my credit report (without building up new debt balances or incurring interest costs).

Hi maverick267,

As TDA had advised I wouldn't pay any attention to your "credit score".

You want to ensure that your credit report and any default dates are correctly noted and any outstanding balances have been marked as settled or partially satisfied.

I organised a training event on credit ratings for my colleagues which was run by the head of consumer affairs at Experian and he explained that lenders have pre determined conditions and triggers for someone applying for credit and will use the information contained on a credit report to make this decision. It's therefore key for this information to be as accurate as possible to enable your credit file to repair itself as quickly as possible.

thanks that sounds more plausible

Is there an basic guide anywhere online on his to clean up your credit report after a trust deed?

Hi TimeLord,

Hopefully the following article covers these issues:

https://www.trust-deed.co.uk/repair-your-credit-rating.html

There's really only two steps if you break it all down:

A - After discharge make sure your credit report is updated and accurate.

B - Start creating some positive new credit history (though this isn't without risk and some people may prefer to steer clear of credit altogether).

Oh... and remember that many lenders will see a payday loan as being a black mark on your credit report - even if you repay it on time.

Mortgage brokers we know sometimes face significant issues helping clients that have taken one of these out, even if it was repaid on time and the credit file is otherwise perfect.

Steer well clear.