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I’ve missed a payment, will this show on my Credit File?

Your credit rating is used to help lenders decide whether to lend you money, how much to lend to you, and sometimes, how much interest to charge. This applies to most financial products such as mortgages, credit cards, loans, and bank accounts.

How you manage your account will have an effect on your credit rating. Details such as missed payments, repayment plans or defaults may be reported to Credit Reference Agencies.

The good news is that a bad credit score won’t stay with you forever. Negative credit information will gradually be removed from your report but it’s important to realise that there’s no quick way to fix it. The best way to rebuild your credit score is by managing your finances responsibly over time.

To get up to date information on your credit report or to find out if any adverse information has been reported to the Credit Reference Agencies please refer to one of the three main agencies in the UK: Equifax, Experian, or Callcredit.