Tips to improve your Credit Score after Debt Review Removal
After the removal of a debt review and with consistent responsible financial management, the time it takes to see a significant improvement in one’s credit score can vary. This is due to several factors that influence the improvement of a credit score.
One of the key factors is repayment behavior. Consistently making payments on time can significantly improve your credit score. This is because payment history is a major component of credit scoring models. Late payments or defaults on loans can negatively impact your score, while a history of on-time payments can help boost it.
Another important factor is the credit utilization ratio, which refers to the amount of credit you’re using compared to your total available credit. Keeping your credit card balances low and not maxing out your credit limits can help improve your credit utilization ratio, which in turn can positively impact your credit score.
The length of your credit history also plays a role. A longer history of responsible credit management can benefit your credit score. This includes the age of your oldest credit account, the age of your newest credit account, and an average age of all your accounts.
Once the debt review listing is removed from your credit report, you will typically see a significant improvement in your credit score. This usually happens within 21 business days after the National Credit Regulator (NCR) has confirmed the validity of the documents related to the removal of the debt review.
However, it’s important to note that the improvement of your credit score is a continuous process. Your score will continue to increase as you adhere to the factors that influence credit score improvement. This includes maintaining good repayment behavior, managing your credit utilization ratio, and building a long history of responsible credit management.
Got More Questions? We have gathered the most frequently asked questions about exiting debt review here.
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