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  How can late or missed payments affect my credit report and rating?

Anyone that has ever made regular late repayments on loans and credit, or has missed payments altogether, will know how hard it can become to get credit in the future. Those that have been bankrupt will know that getting future credit can become impossible, and that this can affect lives in a really profound way.

Your credit rating is a vital file that can affect whether or not you can get finance for many years to come – so a bad credit rating could means that any chance of getting a car, a loan, a mortgage, or even a credit card are out of the window.

Because your repayment patterns are logged against your credit report, any missed repayments, late payments, bankruptcy or court proceedings, and refusals of credit, can easily count against you. It is important for anyone that wants to enjoy a more stable financial future to keep their credit report in good shape, and to do everything possible to avoid the black marks that can lead to a poor credit rating.

If you are struggling with repayments on any loans, credit cards, or other financial commitments, it is important not to struggle on until the problem gets out of hand. It can be difficult to get your credit rating back on track once it has plummeted, so you should aim to keep the report as clean as you can. Rather than risking missed and late repayments, or worse still, bankruptcy, looking for a suitable solution to cur your monthly repayments and ease the financial burden can make a big difference.