The step-by-step guide to rebuilding your credit score after an IVA

This guide applies to England and Wales, with relevant differences for Northern Ireland. It is for general education only and is not financial or debt advice.

When your Individual Voluntary Arrangement (IVA) comes to an end, you can start looking ahead. There are a few practical things worth checking first to make sure your records are accurate and up to date.

Rebuilding your credit history takes time, but there are practical steps you can take now to make sure your records are accurate. Here’s where you can start.

Where to begin

There are a few practical things worth checking first to make sure your records are accurate and up to date.

First things first: check what your credit history says about you.

1. Check your credit score

Your credit score is a number calculated using information from your credit history. It gives you a broad indication of your credit health.

There are three main credit reference agencies (CRAs) in the UK: Experian, Equifax and TransUnion. Each uses a different scoring system, so the score you see can vary depending on where you check it.

You can check your score with Experian. The easiest way to see your reports from other CRA’s is usually through a free app, like ClearScore (which uses Equifax data) or Credit Karma (which uses TransUnion data). Both are free to use and give you a clear view of what's on your file with no charge and no impact on your score. Your score is likely to still be low after your IVA is completed.

While your IVA is active, you'll have credit restrictions that affect how much money you can borrow. Those restrictions lift once your IVA is completed. Your score still takes time to recover because new repayment information needs to build up on your report. Want to understand what you're seeing? Read our guide on your credit score breakdown for when an IVA ends.

2. Check your credit reports

Your score is only part of the picture. It's worth checking the information behind it too. You can access your statutory credit reports from Experian, Equifax and TransUnion for free, and it's a good idea to look at all three, as the information each CRA holds can differ slightly.

Take particular care to check the accounts included in your IVA: 

• Check the default dates. They should all start before your IVA began.
• The IVA and default accounts normally stay on your credit file for six years from the date your IVA began.

If any default dates are showing as starting after your IVA began, you can contact the lender and the relevant CRA, provide your completion certificate, and ask them to correct the errors.

Do you have any financial associations?

Your credit report might show a financial link to another person, such as a former partner, housemate or friend. If you’re no longer financially connected but the association is still showing, you can ask the relevant CRA for a Notice of Disassociation.

You can fix errors without paying

Be aware that you may come across companies offering to correct your credit report for a fee after your IVA. There's no need to use them. You can always report incorrect information for free to the lender and the relevant credit reference agency yourself.

3. Check you’re no longer listed on the Insolvency Register

In England and Wales, you can check the Individual Insolvency Register. Northern Ireland has a separate IVA Register. There will be a short gap between making your final payment to your Supervisor and your details being removed from the public insolvency register.

Once your Supervisor tells the relevant register that you've completed your IVA, your entry should be marked as complete. It then stays on the register for three months before being removed automatically.  

Search for your name on the relevant register. If your details are still showing more than three months after your Supervisor notified the register of your completion, contact your Insolvency Practitioner (IP) and ask them to look into it.

You should be able to find their contact details in your IVA paperwork. They will also be listed under ‘Insolvency practitioner contact details’ on your record on the register.

4. If you own a home, check for any restrictions on your property

If you're a homeowner, a restriction may have been registered against your property as part of your IVA. Check with your Supervisor whether this happened.

When you complete your IVA, your Supervisor should update HM Land Registry to remove the restriction. This can take several weeks to appear on the Land Registry's records, so it's worth checking that the update has actually happened.

In England and Wales, you can search the title register for your property. You'll need to register using your name, address and contact details before searching using your postcode. There is a small fee to access the title register.

The process is different in Northern Ireland, where there isn't currently the same online search. You'll need to request a search by email or phone, or make an appointment to do it in person.

Remember to always use official government services when checking information connected with your IVA.

Small, simple steps towards a healthier credit report

Once you’ve checked that all your records are up-to-date,  you can turn your attention to rebuilding your credit history by using the right products and managing them well.

A stronger credit history opens up more financial options in the future, from phone contracts and insurance to bigger money goals.

You don't have to change everything overnight. Start with a few practical steps.

1. Get on the electoral roll

If you're eligible to vote, register at your current address.

Being on the electoral roll helps lenders and credit reference agencies confirm your identity and address.

While you're checking the electoral roll, make sure the address you use across your financial accounts is consistent too. That includes bank accounts, bills and other financial products.

It’s a small admin job. But it helps make sure the information being reported about you is accurate and consistent.

2. Get your bills organised

Your credit report builds a record of how you manage financial accounts over time. Keep your details accurate and your payments organised to help you build up your credit history from here:

• Active credit accounts (e.g. loans and credit cards) will show up to six years of payment history
• Previous names and addresses linked to your financial history may remain on your credit report for as long as the details are considered relevant for identification purposes 

Check whether your utility bills are reported to the credit reference agencies. For example, many mobile phone providers now report phone contract repayments to the CRAs. So if your circumstances allow, you could consider an affordable phone contract in your name to demonstrate consistent repayment history.

Keeping your financial accounts and bills organised and paying the amounts owed on time can help you build consistent financial history that becomes increasingly relevant for lenders looking at your credit report and deciding whether to offer you credit in the future.

To help you pay on time, you can use Direct Debits to make it easier to pay regular bills automatically. Just make a note of the Direct Debit dates to ensure you have enough money in your account when the payment is due.

3. Check your credit reports regularly

You could set a monthly reminder to check your credit reports. Many credit reports get updated monthly with new repayment information, so set yourself a reminder to check as new information is reported, to spot anything that doesn’t look right.

Look for incorrect addresses, an account that hasn't been updated, an unfamiliar application or any financial association that looks wrong. 

If you do find any errors, remember to raise it with the relevant lender (if applicable) and the credit reference agency so it can be investigated.

Build at your own pace

Completing an IVA is a significant financial milestone.

For most people, an IVA involves years of making monthly repayments. Completing it is a genuine achievement,  though it's worth knowing it stays on your credit file for six years from the start, so rebuilding your credit reputation with lenders takes a bit of time from here.

As you carry out credit-building activities after your IVA, you can begin developing a more up-to-date credit history and showing lenders how you're managing your finances now.

That could open up more financial options in the future.

For now, focus on the things you can control: make sure your records are accurate, keep your financial accounts organised and build from there at a pace that works for you.