Credit rating

Ironic Namesake · 15 Mar 2006 at 20:03

I never usually miss any payments and pay off in full every month, although I was away for a week or so and completely forgot about a payment, went into the branch the day after I got back and paid it all off in cash - I asked them if it will affect it at all, and they couldn't tell me :confused:

!bluetonic! · 15 Mar 2006 at 20:08

One missed payment shouldn't.

Trek over to www.moneysavingexpert.com and look in the credit card section for more advice.

Scottland · 15 Mar 2006 at 20:24

Most banks will give you a 24hr (or so) window before they issue a penalty and notify Equifax/Experian.

If you've never seen a credit report then the entry for your credit card (or whatever it is) would look a little like:

MadeUp Bank - Credit Card.
Limit £1,000,000
Balance £0.50
Previous Payment date & amount
Other dates
[Your details]

Payment History: 0 0 0 0 1 0

Where 1 would represent that you missed 1 months payment, or you were 1 month in arrears. It would change to 2,3,4 etc for more missed months (I think) up until D I think.

After the 6 months, that missed payment *should* disappear. Although my memory is fading, it could be 9 or 12 months they keep payment records of.

I don't think it would have much of an adverse affect on your rating if the rest of your record is intact.

stewc · 16 Mar 2006 at 01:03

Payment records are shown in the form of the track of digits for 12 months and the total number of 1's to 3's, 4's, 5's and 6's are displayed for the previous 36 months.

As far as it affecting your credit rating that is really all down to how each individual lender chooses to assess your record. Some may take a dim view of any late payments, others may focus on information such as voters roll records. Therefore I'd think the person in the branch made a sensible judgement call in refusing to comment on the affect any late payment may or may not have on subsequent checks into your financial history.

happytechie · 16 Mar 2006 at 08:41

is there any way that joe bloggs (i.e. me) could see a copy of his own credit rating?

Scottland · 16 Mar 2006 at 08:46

Yeah, just go to the experian or equifax website and you can apply online. Costs about £3 I think.

AndyBorzi · 16 Mar 2006 at 09:16

Scottland said:
Yeah, just go to the experian or equifax website and you can apply online. Costs about £3 I think.

Yeah...I ordered mine online yesterday from experian for £2. I had a bad run about 5 years ago where I got into all sorts of financial difficulties and finally paid off all bad debts 1 year ago this week

I'm kinda dreading what is on there but at least I am clear now!