Repayment History Information
This is a really shady area, particularly in recent times of the pandemic and natural disasters. But there are cases where the banks have made some grave mistakes, thus affecting your score dramatically.
In 2014, the government brought in changes so more “positive” information will be included. This includes whether you have a mortgage, your mortgage repayment history going back two years, your credit card limit and repayment history, and repayment history on car loans and personal loans.
Shows whether you pay your loans on time. Every month, your credit provider can make a record on your credit report showing that you paid on time, didn’t pay, or paid late. You may be listed as paying late even if you are only fourteen days late. Your credit report can list late payments for up to two years, even if you are no longer behind in payments. Repayment History Information can only be listed by a credit provider and not by utilities or telecommunications providers.
If you defaulted on a credit card four years ago but haven’t missed a payment since, it’s likely your credit score will go up. That’s because that positive history will now be factored in, as well as that one default.
We Fix Credit can in some case remove the bad repayment history information and boost your credit score to an acceptable level for you to borrow again.