If you need a new home while you've got a DRO, you could find that your options are limited. You might also struggle to open a new bank account during the DRO period and for some time after it has ended. This means it could be some time before you can get credit in the future. The note of your DRO stays on your credit file for up to six years after the date the DRO was made. A lender might change their mind about offering you credit, when they see a DRO registered on your credit file. You're not allowed to get credit for £500 or more without telling the lender that you have a DRO. It can reduce your chances of getting credit from some lenders, as it shows you've struggled to keep up repayments before. Your DRO will show up on your credit reference file. More about your credit reference file and credit rating Will a DRO show up on your credit file? Whether you've ever had your home repossessed How you've managed existing bank accounts and credit commitments It can be affected by your personal financial details including: The level of risk is known as your credit rating. When you apply for a loan or other type of credit, the credit provider will search your credit reference file to see how much of a risk it is to lend to you. If your bank is included in your DRO or it finds out you have one, it's up to them to decide whether to freeze your account or let you open a new one. But some banks automatically check whether any of their customers have been given a DRO. The Official Receiver won't tell your bank about your DRO, unless your bank is listed as a creditor. This page explains what you need to know about how a DRO could affect your credit rating. This could mean you find it more difficult to get credit in the future. If you've got a debt relief order (DRO) or have had one in the past, it will affect your credit rating.
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