Completing a debt arrangement — whether it’s a DMP, IVA, or DRO — is a major step in regaining control of your finances. But what many people don’t realise is that your credit report may still be showing outdated or incorrect information long after your arrangement ends.
Why your credit report still matters:
✅ 1. It affects your future borrowing
Lenders, landlords, and even utility providers check your credit file before offering services. If your report still shows old debts as unsettled or your arrangement as active, it could result in refusals or less favourable terms — even if everything is technically resolved.
✅ 2. It reflects your financial story
Your credit report tells a story about how you’ve handled money — and that story should reflect the progress you’ve made. A completed arrangement should be marked correctly, and all included debts should show as settled with no remaining balance.
✅ 3. Errors are more common than you think
Creditors and agencies don’t always update your file when they should. Defaults may be dated incorrectly, settled accounts may still show as active, or your arrangement might not show as completed — all of which can damage your credit score unnecessarily.
What can you do about it?
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Check your credit reports regularly using services like Credit Karma, Experian, or ClearScore (they’re free).
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Look for inaccuracies, especially on the accounts included in your arrangement.
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Take steps to get them corrected — this usually involves providing supporting documents and contacting the agencies or creditors directly.
💡 Or you can let us take care of that for you. Our service is designed to ensure your records reflect your completion, without the stress of chasing creditors yourself.
