Learn more about Bankruptcies and Voluntary Arrangements
- What is a Bankruptcy?
- How long will a Bankruptcy stay on my credit file?
- How will a Bankruptcy / Voluntary Arrangement affect my credit rating?
- Where does Bankruptcy/ Voluntary Arrangement information come from?
- Why are accounts included in bankruptcy still reporting on my Equifax Credit Report™?
- How long will a Voluntary Arrangement stay on my credit file?
- Who Took Me to Court?
- What is a Voluntary Arrangement?
- Why are accounts included in my Voluntary Arrangement still reporting on my credit file?
- I am discharged from Bankruptcy, how do I update my file?
- My Bankruptcy has been annulled, how do I update my file?
- Does my Debt Relief Order appear on my file?
What is a Bankruptcy?
A bankruptcy order (called a sequestration order in Scotland) is one way of dealing with debts you can't pay. The bankruptcy frees you from your debts so you can make a fresh start, with a few restrictions. The assets you have left will be shared out fairly among the people and companies you owe money to. We hold details of bankruptcies that the official gazettes and/or the Insolvency Service give us
How long will a Bankruptcy stay on my credit file?
For six years after the bankruptcy order, although we'll take it off sooner if it's been annulled.
How will a Bankruptcy / Voluntary Arrangement affect my credit rating?
These are likely to make it harder for you to get credit. Only the lender can decide whether or not to offer you credit. If you are refused credit, you should contact the lender directly to find out why.
Where does Bankruptcy/ Voluntary Arrangement information come from?
Either through the official gazettes published by HMSO (Her Majesty's Stationery Office) and/or the Insolvency Service.
Why are accounts included in bankruptcy still reporting on my Equifax Credit Report™?
All the items included in your bankruptcy will stay on your report for six years after the date of the order - the bankruptcy itself doesn't automatically remove them.
How long will a Voluntary Arrangement stay on my credit file?
This automatically comes off your credit report six years from the original registration date.
Who Took Me to Court?
I'm afraid we don't have details of the person or company who took you to court. You can find them by contacting the county/sheriff court directly and giving them your case number.
What is a Voluntary Arrangement?
This is an alternative to bankruptcy. It lets you agree with your creditors to pay part or all of your debt. You need to apply to the court and an insolvency practitioner will help you throughout the arrangement.
We hold details of voluntary arrangements that the official gazettes and/or the Insolvency Service give us .
Why are accounts included in my Voluntary Arrangement still reporting on my credit file?
This information stays on your credit report for six years.
I am discharged from Bankruptcy, how do I update my file?
Ask the court for a certificate of discharge and send a copy of this to us. When we get it we'll update our records. You can then send proof of your discharge to all the lenders listed on your statement of affairs. The lenders whose debts were part of your bankruptcy will then need to mark the entry on your credit report to show that you don't owe any money on that account.
If there's other information on your report that was part your bankruptcy, it will stay on your report for six years.
My Bankruptcy has been annulled, how do I update my file?
We'll need to see a copy of your certificate of annulment, which you can get straight from the court. As soon as we have it, we'll take all mention of the bankruptcy off your report.
Does my Debt Relief Order appear on my file
Equifax are currently displaying this information in the same format as bankruptcy information so the debt relief order will be included in the Court Data section of our report. It will remain for 6 years.