Credit Rating

I am about to lose my job and I am considering reducing my repayments on a personal loan to the bank. My bank says that if I do, it will effect my credit rating. However, I have no choice as I cannot afford it (even if they spread out the loan term)

If my rating goes down, can I build it up again when I get a new job and can afford repayments. How serious is a credit rating.

Thanks for any advice

Your credit rating is maintained by the ICB (Irish Credit Bureau) and is a record of your interactions with the banks that are affiliated with the ICB. Any financial institution which is affiliated to the ICB can request information about your financial history recorded there. If you fall behind on repayments this will go on your record and will remain on it for five years after the loan is closed.

Viusit www.icb.ie for more information.