When does a Bank black mark customers credit history ?

[mercman]

A quick question. When does a Bank darken customers credit rating ? Is it after the missing of a single loan repayment or a continuous number of missed loan repayments ?

Thanks in advance.

 

[Gerry Canning]

Mercman;
Most Lenders are on the Irish Credit Bureau system.(ICB) What it does ,is show monthly missed payments. eg if on a 48 month HP you missed 1 month , that will show as missed for that month.
That 1 in 48 will not normally {darken} your icb, but if it was 2 + months , without you having a good reason that 2 will {darken} your icb.
Also if it shows you missed 1 every Dec ie 4 in total ,that tells a lender to ask should your payments be for 11 mths ie exclude Dec or worse can you afford loan?
Worse ,can be someone paying 400 each month and payment should be 430. Even if he sorts the small difference in 4 months ie 4@30 his ICB will show 4 down!
The ICB is a bit blunt .

Hope this explains.

 

[mercman]

Thank you Gerry.