How do I update my credit report now my DMP has ended?

Dear James,

I have just completed my debt management plan with Payplan and am now debt free.  How do I make sure that this is reflected in my credit reports from companies such as you?

Sandy, Epsom

Dear Sandy,

Congratulations on completing your debt management plan (DMP). While we don’t keep standalone entries on DMPs on credit reports, you’re likely to find many of the debts that were included in your DMP are listed separately. So your first task is to get hold of a copy of your credit report from each of the three credit reference agencies. Then check your past credit agreements to make sure that the ones that have been cleared by your DMP have been updated as either settled (non-defaults) or satisfied (defaults). Closed credit history records stay on your credit report for six years. For defaults this is six years from the default date, for non-defaults it’s six years from the settlement date. Assuming you’re going to have to put up with some adverse credit data on your report for a while longer, you might consider adding a notice of correction to your credit report, which is a statement of up to 200 words. In this you could stress that you took responsible action to clear your past debts through a DMP and, if it would help, you could also explain why you got into difficulties in the first place. If you want to see how your credit history shapes up at any stage, the Experian Credit Score gives your credit report a rating on a scale of 0-999, based on the work we do helping lenders build their scoring systems. Good luck. (November 2012)

James
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