Late credit card payment fees are not the only issue for consumers

Reports that credit card customers face £150 million of late payment fees as a result of the postal strikes may not be the only issue for consumers – there’s the potential impact on your credit record too.

As we recently reported you really do need to be careful with paying your credit card statements as a result of postal delays following the Royal Mail strikes.

But as Rumina Hassam of uSwitch.com comments ‘A £12 late payment fee is not the only problem for these consumers as missed payments will also have a detrimental impact on credit records.

This will of course have a knock on effect on future applications for credit and could further increase the 3.32 million peopple who have already had a credit card application rejected in the last year.’

You need to be proactive and, for example, if you find yourself hit with a £12 credit card charge for late payment you need to speak to your provider and see if they will agree to refund it.

The issue is though, even if they agree to the refund, you may find that the missed payment appears on your credit record.

Keeping a close eye on your credit record is vital as this is used by providers of credit to determine whether they will lend to you, issue a credit card etc.

As Rumina adds ‘Alarmingly, of those who did check their credit record in the last 12 months, 13% found mistakes such as payments listed incorrectly as ‘missed’ and inaccurate credit limits.’

You can check your credit record free – it really could be worth your while.