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.

Adverse Credit

What is Adverse Credit?

Adverse Credit’ is a term used to describe a less-than-perfect record of repaying credit commitments. Those with ‘Adverse Credit’ will have negative payment information on their Credit Report, such as a Default, Arrangement to Pay, an insolvency, or a mortgage repossession. The term can also refer to a series of late payments on a Credit Report.

Adverse Credit will affect your Credit Rating and as such your ability to take out finance. This information will remain on your Credit Report for six years from the date of account closure, after which time it will automatically be removed. This will continue to have a negative impact while it remains on your Credit Report, but it may become less significant the older it gets provided the rest of your Credit Report is clear of such negative information

Lenders often mention their policies if they will not lend to people with Adverse Credit. This is because it has been statistically proven that those customers are statistically much more likely to default on credit agreements than others without a slim or negative credit history.

As such, some lenders specialise in lending to those with Adverse Credit that operate in the sub-prime lending market. These lenders usually charge considerably more for credit to cover the additional costs of default, and of managing the accounts of those statistically more likely to miss payments.

Q: How can I get adverse credit removed?

A: If the adverse information is accurate, you will be unable to get it removed from your Credit Report until it has been reported for six years, after which time it will be removed automatically.

Q: How will it affect my credit report?

A: On your Credit Report, Adverse Credit is denoted by negative payment status codes including 1,2,3,4,5,6,D and AR, and also by the presence of any judgment or insolvency, whether satisfied, discharged or not.

Potential lenders will be able to see your payment history when carrying out a credit check and if the impact of your negative payment history is severe enough, they may choose not to lend to you as a result.

Q: How can I check for adverse credit?

A: You can see adverse credit on your file by checking your credit report. checkmyfile’s Multi-Agency Credit Report lets you see information from 4 Credit Reference Agencies, not just 1, so you’ll be able to see any negative information on your file regardless of which agency is reporting it.

If you haven’t already, you can try checkmyfile FREE for 30 days, then for just £14.99 a month afterwards, which you can cancel online at any time.

Jargon Buster

Use the links below and the resulting list of terms on the right to locate the term you are looking for. If you can't locate it, please get in touch.