- Thursday, 30 April 2009The
IVA process can result in a clear credit record six years after an IVA is completed, according to Experian.
In an MSN Money article, the credit reference agency explains that IVAs, bankruptcy and debt-related court judgments will appear on a person's credit history.
"The evidence remains on your credit report for at least six years," the organisation notes.
After this time, however, it may be possible to clear IVA details from the report, allowing the individual to get their finances back on track.
While six years may seem a long time in order to do so, Experian points out that even missed repayments on borrowing remain visible for three years after they are reported.
The article adds that there has "never been a better time" for consumers to assess their finances with access to low-interest credit becoming tighter.
Clearing debt though the
IVA process could help consumers who would be unable to do so through conventional debt management techniques.
Experian previously told MSN Money that lenders look to individuals who owe relatively little when deciding whether to approve new loans.
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