In this brief blog, we are going to talk about credit improver and the role of credit improver in the credit repair market. 

Credit improver

Credit improver as the name implies is a credit improvement company. Naturally, this raises alarm bells as most credit improver companies sell products which you can do yourself without the help of any third party but in the case of credit improver they are FCA regulated and we will give them the benefit of doubt when analysing their proposition. Credit improver also offers a guarantee so they must have something unique if not they could find themselves suffering from a lot of claims.

When looking to get any financial product, a major factor which many mortgage lenders, car loan lenders or personal loan lenders will consider before deciding if they will lend to you and at what rate is your credit score.

Your credit score plays a very significant role in your financial life. Your credit score determines the amount of credit a mortgage lender, a personal loan lender or a car finance lender may be willing to lend to you. Your credit score will affect the APR the lender will charge you on the credit. Your credit score may also affect your ability to rent a property or even get a job as most employees and landlords will like to look at your credit score to see if you have good credit behaviour.

Different credit providers will have their own internal credit scoring system. This means that whilst some credit providers will offer you credit based on your credit score there are credit providers out there that will not offer you credit.

Why is credit important in your financial life?

Credit is a very important factor in your financial life and financial wellbeing. Having suitable credit means you can borrow money at a suitable rate during financial emergencies.  Credit also allows us to be able to buy things and pay for them over time, this includes buying a property, a phone(we mostly have our phones on contract- this is a form of credit), buy clothes and even buying a car.

Credit will allow you to make investments which could potentially better your financial life. This means you could get a business loan or commercial loan to put into a suitable investment.

Credit also helps you build your credit score as the credit bureaus (Experian, crediva, call credit and Equifax) will want to see that some credit providers have given you credit in the past. Having credit will also allow you to show a good repayment behaviour as you make your monthly repayments such as a monthly mortgage repayment, a car finance repayment or a personal loan repayment.

If you fail to make your monthly repayments on credit then your credit score could be damaged and this could limit your ability to get credit again in the future.

Can you pay to wipe your credit history?

No, you cant pay someone to wipe off your credit score. Anyone offering this is simply selling a product which doesn’t exist and you should be very wary about people or companies who are offering this service. Most things if not everything on your credit history will usually vanish after 6 years of being there and will stop influencing your credit score.

How can I clear my credit history?

There isn’t any way to clear your credit history. The only way you can remove negative marks from your credit history is by contacting the providers who have left these marks on there and disputing the information they have left on your credit score. You can also contact the credit bureau and dispute what is left on your credit profile if you believe it is an error.

Can I pay someone to raise my credit score?

No, you cant pay someone to raise your credit score but you may be able to raise your credit score yourself by following best practice guides or using credit builder loans such as Loqbox and credit improver.

What is credit improver?

Credit improver is a company which offers you a better credit score or your money back.  When you sign up to credit improver you will essentially be buying a book on how to improve your credit score by following specific steps taken in the book. This is a 66-page book so if you aren’t a fan of reading then you may want to use an alternative credit builder tool such as Loqbox. 

The main element of credit improver isn’t so much the credit improver book but rather how you purchase the book. You are given a loan to pay for the book, this loan is a credit builder loan as its only purpose is for you to show good credit behaviour which improves your credit score by making your monthly loan repayments for the book you purchased.

The loan is a 12-month loan and is structured as follows. You will pay £14.99 as your first payment then £9.99 for the remaining eleven months.

You can get a 24 month or 36-month loan and you don’t have to stick with the 12-month loan. Credit improver states that a longer loan could potentially offer you a potentially bigger boost.

You can also buy out the book upfront but to do this you will need to contact credit improver to do this.

Credit improver states that if you stick to the guidelines recommended in the book then you should see your credit score improve.

You can cancel the loan which you took out to buy the book at any time, return the book and then you won’t have to make any further payments.  Any payments you have already made are none refundable. There is also the option to have a non-guaranteed option which is cheaper at £4.99 but with this option, there is no guarantee your credit score will improve.

Credit improver will report your repayment history to all credit bureaus so their guarantee applies across the board. This includes Crediva, Experian, Equifax and Transunion.

Will credit improver be good for you?

Credit improver won’t necessarily be good for everyone. Some people may see significant benefits with it whilst others may not. Most people who come to credit improver for help will usually have thin credit files due to having no credit history or score at all (this could be the case they have just come to the UK for the first time, e.g foreign students or new EU workers).

Some of the people who come to credit improver may also have bad credit. This could be due to things such as county court judgements, missed credit repayments, loan defaults or individual voluntary arrangements.

Credit improver is good for the above kind of people but if you currently have any debts then you may find that credit improver will not help you and it may be better for you to focus on clearing your debts before using credit improver.

Credit improver states this on its website “ If you have arrears elsewhere our product isn’t likely to make much of a difference. Your best option is to clear your arrears and make every effort to reduce your outstanding debt. Once you have done this, your credit score should naturally start to improve.

If you already have lots of debt its doubtful our product would do enough to improve your credit score. Your best option is to make every effort to reduce your outstanding debt.  “

Due to the fact that credit improver provides a guarantee that you will improve your credit score, you may be wondering if you can claim on the guarantee in a case this doesn’t turn out to be the case for you.

To have a valid claim on credit improver you will need to have followed the below guidelines which are listed in its book.

To claim on the guarantee, you have to stick to the following guidelines:

Make all of your Credit Improver payments on time.

You must not close any credit accounts early.

You must not move address. ( this may be hard if you are a university student who switches accommodation at the end of every academic year.)

Check Credit Improver data is showing on your file.

You must not take any payday loans during the credit improver timeline.

You should not have any insolvencies or county court judgements

You should not have any fraud alerts on your credit reports.

You should not make more than 3 credit applications in a year ( you should be aware that getting a new phone contract, getting car insurance and other forms of products which allow you to spread the monthly repayments may be regarded as a form of credit. If you are in doubt you should check with the provider and also check with credit improver)

You must not be known by more than one name.

You must keep your credit utilisation below 50%.

You must be registered on the electoral roll. ( for EU citizens this will instantly rule you out as you cannot be registered on the electoral roll in the UK.

You should not miss any credit repayments or repayments to utility providers.

The guarantee will no longer apply if credit reference agencies change their algorithms.

credit improver

Steps to take to ensure you are eligible for the credit improver guarantee

To ensure you are eligible for the credit improver guarantee there are three main steps you must take outside of following credit improvers best practice advise. If you follow these steps and your credit score doesn’t improve then you will be eligible for a full refund.

Step1- 

Upon completion of credit improver you should upload your current credit score to the credit improver admin area or dashboard. You can get your score from either Crediva, Equifax, Transunion or Experian. You may also be able to get your score from third party providers. Your name and date should be clearly visible and credit improver may reject any images or pdfs which arent visible or look like they have been tampered with.

Step 2-  

You should follow the 12 guidelines listed above to ensure your credit score rises. The thirteenth guideline isn’t in your control so don’t worry about that one.

Step 3-

 If your score hasn’t risen then simply upload your credit score to the admin area and inform credit improver that you want to claim on the guarantee and they should send you back your full refund.

Will credit improver help you?

Credit improver may help you depending on your personal circumstances. In most cases, the credit issues people face with their credit will usually be improved over time if more negative markers don’t occur on your credit profile. 

If you stick to the credit improver guidelines which are noted on the book then you should see your credit score lowly improve from month four onwards.

If you feel you will struggle to make the monthly loan repayments towards the credit improver book then you should inform credit improver as soon as possible. If you fail to inform credit improver then you may find that you miss your monthly payment which then results in a negative mark on your credit file which will invalidate your credit improver guarantee as well as damage your credit score.

By informing credit improver, credit improver may be able to settle your loan so you don’t have to continue making any more monthly repayments towards the loan.

Credit improver is FCA regulate so if they don’t treat you fairly or if anything goes wrong you can inform the FCA and they will look into your complaint. Credit improver is also very clear on their website, they state that their services may not be suitable for everyone so you must ensure you fit the criteria before signing on.

In this brief guide, we discussed credit improver. If you have any questions or comments please let us know.

John Bate

John has 22 years of experience in financial services. This spans across financial research, financial services (As a qualified mortgage broker and underwriter), financial trading and sales at global investment banks. While working as a publishing research analyst, he covered European bank credit and advised institutional clients on investment strategies at both JP Morgan and Societe Generale. John has passed all three levels of the CFA (Chartered Financial Analyst) programme.