Credit reference agencies and DPPs
Credit reference agencies (CRAs) build your credit file based on how you manage your finances.
Banks and credit card companies use that information to decide whether to lend to you.
Get in touch with one of the three main CRAs to see what your credit score is.
Check your report for free online or request a paper copy for a one-off small fee.
Compare the details in the reports. These should show your credit history for the last six years.
Each agency provides guidance on how to read your report:
Free multilingual debt guide
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Our guide to dealing with debt in Scotland covers:
- The debt collection processes
- Where to get help
- Budgeting
- What to expect from a debt advice session
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Checking your credit file
When you read your report, check that all the debts included in your DPP are:
- Listed as starting on or before the start date for your DPP
- Showing as completed
Ask your lender to update any debts that show an outstanding balance.
Ask the CRA to add a ‘notice of correction’ to your file if exceptional circumstances, like redundancy, led to your debt.
How to improve your credit file after a DPP
The best way to do this is to take out some form of credit with a low limit. Make sure you:
- Do not miss a payment
- Stay within the agreed credit limit
Keeping control of a small amount of credit helps you:
- Build a better credit history and
- Improve your credit file
This is a good idea if you plan to get a mortgage in the future.
Looking to the future
After completing your DPP, you may be wary about taking out any form of credit.
But if you want to improve your credit file you will need to allow yourself limited access to credit. Or you could use a credit card for emergencies.
Make sure you stick to your budget, and pay what you owe in full every month.