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When a firm searches your credit record, it leaves a ‘hard footprint’ that can be seen by other lenders.
However, if you are rejected for a loan, for example, this won’t be recorded on your file.
Most people assume that only credit cards, loans and mortgages are included on their credit rating.
In fact, if you miss a mobile phone payment or forget to pay a utility bill, this will also be noted on your record and could impact your ability to borrow in the future.
A quick tip to improve your score, however, is to make sure you are on the electoral register at your current address.
It’s good practice for people to check their credit records on a regular basis to make sure all the information is correct and to ensure they haven’t fallen victim to identity theft.
While missing a payment will be recorded on your file and could affect your overall credit score, it’s worth remembering that lenders will put more prominence on more recent activity.
If you have been completely up to date with all your credit agreements, but once missed a payment, this will not necessarily ruin your chances of getting credit in the future.
On the other hand, making numerous applications for credit within a short space of time can adversely affect your credit rating.
Your credit report contains all your credit agreements from the past six years, and includes how you have managed your repayments.