From 1 April there have been important changes to credit reporting which means that your credit record can now include information about whether you are paying your bills on time. Credit providers can now see how much you’ve borrowed and whether you’re managing to make the repayments on time.
Credit isn’t just about borrowing money; power and phone companies also give credit. This means that whether or not you meet, or miss, your monthly payments on your credit card, your mortgage payment or your electricity or phone account for example, can end up on credit reporters’ databases – and be on your credit report.
These changes mean that managing your credit record will be more important than ever. Your credit record allows lenders to check your credit history before giving you credit, such as hire purchase. Your credit record can also be checked by insurers, landlords and even potential employers.
Your credit information is changing all the time and could have a big impact on you. It’s free to check with a credit reporter so do it regularly. You have a legal right to free copies of your credit record. Find out how to get copies of your credit record on our page about credit reporting.
If you are having problems meeting your payments it’s best to seek help as soon as possible. You can find more information about this on our page on credit and debt management.