A Debt Management Plan and the potential impact on credit rating A Debt Management Plan and the potential impact on credit rating
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  • What is a Credit Rating and the Impact of Debt Management Plan?

What is a Credit Rating and the Impact of Debt Management Plan?


A ‘credit rating’ or ‘credit score’ can be difficult to understand but it essentially is based on your credit report which is a record of how you’ve handled your credit in the past. 

Creditors use different criteria to decide whether to lend to you and if you’re a good risk to lend to or not and this includes a credit rating which they can work out from your credit reference file. 

When you apply for credit the lender will search your credit reference file to see ho much of a risk it may be to lend to you. The credit reference file is held by the 3 credit reference agencies (Experian, Equifax and Callcredit) and contains information about you including how you’ve managed your existing credit commitments. 

Will a DMP Show up on your Credit File?

A debt management plan may show up on your credit reference file. Creditors may ask a note to be placed on your credit reference file to say you have a debt management plan. This may affect your chance of getting accepted for new credit. However, if you keep up your DMP and the repayments, this ultimately will look better than unpaid debts or infrequent payments towards outstanding creditors. 

Before entering into any formal or informal debt solution it is highly recommended you seek out professional advice from industry experts. The staff at get help with debt will help you make the right decision for your needs. Call us on 02890 393 626 or take our free online assessment today to begin the process of becoming debt free.

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