Credit Repair
Those who have suffered repossession will have to be proactive about repairing their credit score. Examining a credit report will show how much damage was done and offer opportunities to correct errors. However, think carefully before employing the services of credit-repair companies that make claims about improving your credit score. The credit referencing industry does not endorse or recommend using such firms. In the U.K., you can order a copy of your credit report from one of the three main credit reference agencies for approximately £2.
Remember, it can take time for mistakes to disappear from a credit report. Late payments for credit cards and other debts remain on credit reports for three years; repossession will remain on your report for six years. Credit agencies are less common in developing markets. In India, for example, there is just one such organization, the Credit Information Bureau (India) Limited (CIBIL), which holds credit-related information on individual and corporate borrowers. However, individuals cannot access their credit reports.
