- Wednesday, 1 April 2009The record of an IVA application on an individual's credit report need not mean they cannot access borrowing, according to Experian.
In an article for MSN Money, the credit reference agency explains that a commentary note can be added alongside the
IVA information on a person's credit history.
By doing so, the person can make it clear to potential future creditors if the circumstances surrounding their insolvency were unavoidable or beyond their own control.
"You can ask to add a note of explanation that will be seen by lenders," readers are told.
"For example, you might have had an accident and skipped a few repayments."
But Experian adds that a note can make clear that the IVA application was a one-off and that the person's previous and subsequent credit performance was strong.
Motoring costs could be among the driving forces behind consumer spending at the moment, as Experian recently reported a reluctance to downsize to more economical vehicles from many Britons.
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