News1 min ago
Credit File
5 Answers
I recently took out a personal loan with a reputable loan company. They told me that my first payment was due 31st Oct. Tonight I received an extremely rude call from their Collections Dept advising that I had defaulted on my first payment as my payment was due 31st September.. After a huge fight (during which she threatened that my credit rating would be affected) the agent checked my notes and did a huge U-Turn on discovering that I had indeed been given the wrong date of first payment. She apologised immediately and said she would void the extra charges they had made in respect of the late payment. I immediately paid the instalment by visa. Incidentally, there were cleared funds in my bank account on 31st Sept but my bank have advised that the direct debit has never been claimed so I am assuming that although the loan was due 31st Sept, the person who advised me of the 31st Oct due date had set up the direct debit for that date as well -hence the arrears.
My question is, does 1 defaulted loan payment really affect my credit rating? I have never defaulted on anything in 20 years and my credit rating is 1st class.. Of course, I will be requesting that my credit file be unaffected but I was just curious to know whether a mere 1 defaulted payment would actually be recorded (4 days late and paid immediately)?
My question is, does 1 defaulted loan payment really affect my credit rating? I have never defaulted on anything in 20 years and my credit rating is 1st class.. Of course, I will be requesting that my credit file be unaffected but I was just curious to know whether a mere 1 defaulted payment would actually be recorded (4 days late and paid immediately)?
Answers
Best Answer
No best answer has yet been selected by foodluva. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.Your credit file (Whcih you can apply for a copy for from Experian, Equifax and Call Credit) will show a series of numbers like this:
001100012322100
The zeros mean that you have paid on time, the 1s that you are one month in arrears, the two's two months in arrears etc.
Your file will therefore show:
1
So long as this sorts itself out, it will then show
1000000
If you applied for credit this month, then it may affect your rating, however, in 6 months time, it will have a negligible affect.
001100012322100
The zeros mean that you have paid on time, the 1s that you are one month in arrears, the two's two months in arrears etc.
Your file will therefore show:
1
So long as this sorts itself out, it will then show
1000000
If you applied for credit this month, then it may affect your rating, however, in 6 months time, it will have a negligible affect.