Exiting Sequestration

[1903Lee]

Afternoon

After three hard years I am about to end my sequestration in April of this year. I'm wondering whether there is any advice from those who have come through the process on what I should be doing now and how to go about re-building my credit rating.

Many Thanks

D

[IdaInFife]

Personally I forgot about trying to rebuild my credit rating and lived within my means as not doing that got me in trouble in the first place.....it will be 6 years before your credit rating will improve anyway

[1903Lee]

Many thanks. Over the past three years I've got used to living within my means and I don't see that changing. I'm assuming it's six years from when I was sequestrated as opposed to when the process completes?

[maroondevo52]

Hi,

 

Your Sequestration will remain recorded on your credit file for 6 years from the date it starts.

After six years have passed, the record of your Sequestration will be taken off your credit file.

 

It is important to understand that it is possible for any of your creditors to record a formal default notice against you after the date that your Sequesration started. In the same way as the record of your Sequestration, default notices will also remain on your credit file for 6 years. It is therefore possible for a default notice to remain on your file after the record of your Sequestration has been taken off thus extending the time that your credit rating is affected.

The way to overcome this is to get a copy of your credit file after your Sequestration finishes. If you find any default notices have been added after the start date of your Sequestration then you should contact the associated creditor and request that the date of the default be changed to the date your Sequestration started.

[1903Lee]

Many thanks. I'll start the ball rolling shortly. I don't suppose there is a draft letter on this site anywhere? I can't see one.

[dx100uk]

did you get your cra file to check as above?

 

dx

[1903Lee]

Not yet. I'm waiting until I receive confirmation that the sequestration period is over. Still looking for a draft letter if there is one out there?

[maroondevo52]

Best wait and see if you'll need any letter.

[dx100uk]

draft letter for what?

 

get your credit file

 

see noddle below

 

dx

[1903Lee]

A draft letter to send to the credit agencies making them aware of any inaccuracies on my report, of which there are a few.

[maroondevo52]

Hi,

 

There's no 'template' letter as such.

 

All credit reference agencies are legally required to look after people’s details in compliance with the Data Protection Act. This means that they must make sure that the information held on an individual’s credit file is used fairly, kept secure, remains accurate and is kept up-to-date.

 

If your credit file is inaccurate, you can raise your concerns with the credit reference agency. However, the problem may lie with the original lender or organisation that supplied the agencies with their information and you may need to contact them instead.

 

The addresses of the credit reference agencies are:

 

Equifax Ltd

Credit File Advice Centre

PO Box 1140

Bradford

BD1 5US

0844 335 0550

http://www.equifax.co.uk

 

Callcredit Plc

Consumer Services Team

PO Box 491

Leeds

LS3 1WZ

0870 060 1414

http://www.callcredit.co.uk

 

Experian Ltd

Customer Support Centre

PO Box 8000

Nottingham

NG80 7WF

0844 481 8000

http://www.experian.co.uk

[1903Lee]

Many thanks!

[BRIGADIER2JCS]

Inaccurate data on DRA files must be challenged with the company named as the creditor on your files the CRAs cannot amend or remove it without approval.

You can add a notice of correction to the files while challenging the data.

[1903Lee]

Thanks.

[Wee Jock McPlop]

Is that the same with Trust Deeds? I just received my discharge two weeks ago and it will be six years this September since it became protected - it was extended to allow time to cover the property equity without forcing me to sell my home.