“…Skipping a bill or a credit card payment does not usually seem like a big deal.
Once the rent has been paid and next week’s salary is in, catching up is not often a problem.
But, starting next Sunday, missed and late payments will have the potential to affect people’s credit ratings.
Banks, finance companies, telcos, electricity, gas and insurance companies will be able to collect and swap information showing how much credit someone has and how they are getting on with repayments.
A few hiccups should not hurt anyone’s ability to borrow money for a house, car or holiday in the future, says credit reporting bureau Veda.
But a pattern of skipping – even on small payments – could result in a negative score…”
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