Covid 19 Status

In line with HM Government requirements to fight the spread of Covid-19 we have measures in place to ensure that we protect our staff, their families and the wider community, but also to ensure that there is minimal disruption to our customers.

Your access to online Multi Agency Credit Reports, Expert Help and Account Management remains unaffected. We take great pride in the support that we provide to our customers and throughout this period will do all we can to minimise the impact on our services. While the country remains in lockdown we will continue to support your queries via a dedicated and experienced team that will be securely working from home, and supported by a Management Team that will continue to be based at our head office and who will be able to provide customer support as required.

The security measures that we have in place to protect your Personal Data, in line with our Privacy Policy, will mean that some elements of our personalised support are affected during this period as our support team will be working with anonymised data when working remotely. Freephone access to our Credit Analysts has been removed during this period while we focus our efforts on continuing to reply to all of your emails and secure messages within one working day.

Thanks for your understanding, and we hope to have full customer support available as soon as possible and wish you well during these challenging times.



How Late Payments Affect Your Credit Score

Posted by Kelly Luff in Credit Score on 23 May 2017 - Kelly is a Marketing Executive at checkmyfile

There are plenty of reasons why you might have missed a payment on your loan or credit card, and chances are your most immediate thoughts are about making the payment to the lender and making sure everything is square.

On top of this, you should also think about how that late payment is going to affect your credit score and what you can do to minimise the impact it has on your ability to gain credit.

How do lenders view missed payments?

Late payment markers are seen as the least serious of the negative information recorded on your credit report, but unfortunately they can have some impact on your ability to gain credit, particularly if it was recent. Most lenders expect to perhaps see a late payment or two in the average credit history – we are after all human and make mistakes or miss things from time to time.

Lenders will check your credit report when you apply for credit and if they see a late payment in the last few months, they could feel that there might be some difficulty in the customer meeting current repayments. If this was a one-off, you shouldn’t be too concerned as it will most likely be disregarded by lenders after a set period of time. But if it occurs regularly, or goes into more serious arrears, you might want to think about the message that the late payments are giving lenders; both present and potential future ones.

If they see more than one late payment on more than one account, alarm bells could start ringing. Simply telling them “but the money was sitting in my account, I just forgot” will not help – they look for patterns of reliability and signs that they can trust you to repay their money.

If there has been a pattern of recently missed payments on your credit file, our Debt Advice Centre has some helpful tips to get your finances back on track.

Can you prevent a late payment marker?

When a late payment letter is received, you are often given a short period of time to make the payment before a late payment marker is reported to the credit reference agencies. If you do get a letter, make your payment ASAP and double check with the lender that they won’t be recording a marker against the account – they should be able to confirm this for you.

Ignoring this letter and leaving the late payment until the next month means that a marker will almost certainly be recorded, and if you are looking to apply for credit soon afterwards you could find that obtaining credit becomes a tougher experience.

If there was a mistake with the lender, for instance in setting up a Direct Debit, speak to them about it as they should amend the information based on their mistake and remove any charges associated with the missed payment. Depending on the lender this may or may not prevent a late payment marker from appearing on your credit report as well. If you feel that the late payment has been sent to you in error or that you do not owe them money, you can also dispute the marker.

How long will a late payment stay on my credit score?

If a late payment has been recorded on your credit report, it will be visible to most lenders for 6 years. Each Credit Reference Agency may report this differently, meaning one or more may still be reporting the missed payment to lenders after this date has passed. One of the advantages of our multi-agency credit report is that you can see how each credit reference agency is reporting missed payments and what may be preventing you being accepted for credit.

Once the account has been closed, the record of any missed payments will be held for a further six years. So if you make some late payments or go into arrears on a credit card, those markers will remain all the time that the credit card is open, and then for six years afterwards. Some people will close that account so they have a six year cut-off date for it being reported, but this is up to the individual and whether they still need that line of credit open.

Remember, lenders don’t expect perfect credit history and will understand the odd late payment, but try not to make a habit of it. And if you do get a late payment letter, there is still time to make that payment and not get a marker, so pay it as soon as you can, even if it is only the minimum amount.

If you want to see how prospective lenders will view your credit report, you can see what they see by using our multi-agency credit report. If you’re not already signed up, you can try it free for 30 days, then £14.99 a month after, which you can cancel at any time.

Do Student Loans Affect my Credit Score?

According to government statistics for 2019, UK students (those currently studying and already graduated) owe a colossal £121 billion in outstanding student loans. To put this gigantic pile of UK debt into perspective, it overshadows the entire world’s combined annual budget for space programmes. All the cutting-edge, space-bound engineering and cosmic knowledge of the world’s most well-funded space agencies, NASA (US), ROSCOSMO (Russia), and CNSA (China) only collectively reach an estimated £28 billion a year – barely comparable to the grim achievement of today’s British students.

Published on 4 Mar 2020 by Sam Griffin

Full Article

What's More Important: Your Credit Score or Report Data?

The relationship between Credit Scores and Credit Reports is pretty cyclical: one being strong usually means the other is equally good and you should have easy access to credit, right? Well, in a way. You might be surprised though how much of a role a ‘score’ really plays when it comes to borrowing.

Published on 12 Feb 2020 by Paul Anderson-Riley

Full Article

Do we use FICO in the UK?

A US news story has dropped that’s generating some charged discussion about FICO, the American credit scoring company. FICO has recently announced that the way it calculates Credit Scores is changing. Due to a re-jig in its algorithm, an estimated '40 million Americans are likely to see their Credit Scores drop'.

Published on 10 Feb 2020 by Sam Griffin

Full Article

Bad credit on an address myths

When moving into a new house, the first thoughts that go through your mind could be along the lines of “what colour am I going to paint the kitchen?” or “will my wardrobe actually fit in the bedroom?” You may not immediately ask yourself “I wonder how much debt the previous occupant had!”

Published on 9 Jan 2020 by Kirstie Brown

Full Article

10 Credit Myths Busted

Credit checks are an integral part of modern life: from buying a house or car to applying for a new job or passing a tenancy check, your Credit Report is remarkably versatile. But considering the important role Credit Reports can play, there are still a number of popular myths surrounding them. We’ll look at ten misconceptions to point you in the right direction.

Published on 30 Dec 2019 by Kirstie Day

Full Article

How does my ‘Credit Age’ affect my Credit Score?

Credit age is a difficult concept to define and can be tricky to get your head around. This isn’t about what year you were born – it’s more a reflection of how long and to what extent you’ve been using credit and is an important consideration when looking at your Credit Score - especially if you’re looking to improve it.

Published on 23 Dec 2019 by Andrew Brown

Full Article

Age matters when it comes to your credit score

Credit Action, the National Money Education Charity, scares everyone witless every month with unnerving financial statistics. A few examples include the fact that a property is repossessed every hour and 43 minutes, that every four minutes someone is declared insolvent, and that the Citizens’ Advice Bureau deals with 2,595 new cases every day. In its October 2019 statistics, the charity advised that average household debt is a mere £59,441 including mortgages. According to the BBC, the stat without mortgages has risen sharply to £15,385.

Published on 5 Dec 2019 by Barry Stamp

Full Article

Is there discrimination in credit assessment?

Apple could find itself in hot water in the US after a weekend of high-profile claims that applicants to its recently launched Credit Card were discriminated against on the basis of gender.

Published on 11 Nov 2019 by Barry Stamp

Full Article

Why do I get different Credit Scores?

The first ever idea of a Credit Score was introduced in the 1950s in the United States. Almost by accident, as Bill Fair and Earl Isaac discovered that a study looking at a potential predictor of ill health could be better used to predict bankruptcy and default. They teamed up to form Fair Isaac, Inc, now FICO, to sell credit scores to lenders. FICO scores are now household names by consumers in the US, as they are used extensively, with little competition.

Published on 3 Sep 2019 by Andrew Brown

Full Article

Does Gambling Affect Your Credit Score?

If you’re among the 32% of Brits that gamble on a weekly basis and are thinking of applying for some form of credit in the near future, you might be wondering whether your activity could affect your Credit Rating and your chances of being accepted.

Published on 13 Jun 2019 by Richard Catlin

Full Article


We are rated number 1 for customer service on