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Anyone who has missed a required payment will potentially have that reflected in their credit rating which can affect the ability to get credit. Missed payments could include mortgage payments, credit card payments, mobile phone contracts etc. Any agreement entered into where payments should be made by a certain date and that date is missed can affect your credit score.

 

Where you have missed a payment then you should get in touch with the recipient and explain the situation. You should then request that they either do not report the missed payment or that they request that the default is not reflected in your credit score.

 

The banks have promised to work directly with credit agencies to ensure no credit scores are affected. However individuals need to monitor their own credit records and accounts to ensure any items are identified.

 

You can check your credit rating by using one of the on line credit reference agencies for example Callcredit, Equifax, or Experian all offer a service at a cost. You could sign up for a free 30 day trial but do not forget to cancel before the end of the 30 days.