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Rebuilding Financial Stability
Steps to improve your credit score and manage money after homelessness.
Relevant for:
Recovering
At Risk
Important Warnings
- Avoid payday loans or high-interest credit cards. They can trap you in debt.
- Be patient. Improving your credit score takes time, but consistent positive actions will help.
- Homelessness and debt often go hand in hand. Missed payments can damage your credit score, making it harder to rent privately or get contracts.
- You can rebuild your credit score over time by managing your money carefully and paying bills on time.
- Registering to vote is one of the easiest ways to boost your credit score.
- There are free services to help you check your credit report and manage debt.
- You have the right to access your statutory credit report for free.
- You can add a "notice of correction" to your credit file to explain why you missed payments (e.g., due to illness or homelessness).
Next Steps
Important Action
Check your credit report
Use a free service like ClearScore, Experian, or Credit Karma to check your score and spot any errors.
Register to vote
Get on the electoral roll at your new address. This proves your identity and address stability.
Get debt advice
If you have old debts, contact StepChange or National Debtline for free advice on how to manage them.
Open a basic bank account
If you don't have one, open a basic bank account to manage your income and bills.
External Resources
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