What will happen if there is an overdue record on your credit report?

What will happen if there is an overdue record on your credit report? If you fail to pay back the money in time after borrowing money, it will cause your credit report to be overdue. As China With the continuous optimization and improvement of the credit reporting system, the issue of personal credit reporting has also attracted more people's attention. In addition to the impact on general financial lending, everyone's life and work will also be affected. Let's share what happens if there are overdue credit reporting records. how.

What will happen if there are overdue records on your credit report? 1 Having overdue records on your personal credit report will affect your loan application and credit card processing.

When applying for a loan or credit card now, banks will check the applicant's credit report to determine the applicant's willingness and ability to repay. If the applicant has an overdue record on his credit report.

The loan interest rate provided by the bank to the applicant may be higher. If the overdue situation is serious, the applicant's loan application and credit card application may be rejected. If the applicant is included in the list of dishonest persons due to overdue payment, he or she will be fined. Restricting high consumption will bring inconvenience to life.

What is the impact of overdue credit records?

If there are overdue records on the credit report, it may cause the following adverse effects:

1. Personal credit damage:

Personal credit and credit report It goes hand in hand, if there is a bad record on the credit report, that person's credit will be damaged as well.

2. Impact on applying for cards and loans:

Whether you go to a bank to apply for a credit card or loan, or go to other formal and large lending institutions and platforms to apply for a loan, you generally need to inquire about the application. The person’s credit report. And if there are recent overdue records in the applicant's credit report, it may cause the bank, lending institution, and platform to fail the review, and thus be refused card or loan approval. Even if you successfully get a credit card and loan, the approved limit is usually lower.

And it’s not just individuals who are affected. If a couple takes out a loan together, the couple’s credit reports will generally be queried. If one of them has a bad credit report, it will affect the smooth approval of the loan.

3. Impact on travel and normal life:

If there are many overdue records on the credit report and the circumstances are very serious, you are likely to be blacklisted. Once on the blacklist, travel may be hindered, and there may be restrictions on flying, high-speed rail, trains, etc., which will have a great impact on an individual's normal life.

What will happen if there is an overdue record on your credit report? 2

1. What is the impact of an overdue record on your personal credit report?

1. You can no longer apply for a loan

The bank will treat individuals with bad credit records who are seriously overdue for a long time. The loan business will be refused, which means that you can no longer apply for a loan to buy a car or a house, or for other purposes at any bank.

2. Unable to apply for a credit card

Credit cards are such an important product for daily consumption. If you have a bad credit record, you will not be able to apply for it in the future, or it will be difficult to apply for it. It will also be very difficult to increase the limit of the original credit card.

3. Impact on travel

Individuals with bad credit records will be refused to take high-priced and comfortable travel tools, such as airplanes, soft sleepers on trains, first-class seats on EMUs, and second-class seats on ships. Waiting for first class seats and above. Even private cars will be restricted from purchase. The purpose is very clear: late repayers will not be able to enjoy these higher-cost means of transportation, and will punish those who have money but do not pay back.

4. Impact on employment and promotion

Credit reporting has spread to all aspects. In large enterprises, employee background checks will also pay great attention to personal credit reporting records. Any individual who refuses to repay his debts because he has the ability to repay will be included in the list of dishonest persons subject to enforcement by the people's courts at all levels across the country, receive credit penalties, and will not be able to serve as the legal representative, director, supervisor or senior corporate officer of any domestic company. .

5. High consumption is prohibited

High consumption is prohibited, you cannot stay in star hotels, and you cannot spend in nightclubs, golf courses and other high-end places.

At the same time, in online consumption, the Supreme People's Court also signed a memorandum of cooperation with Sesame Credit on credit penalties for dishonest persons subject to enforcement, which means that future online consumption will also be subject to credit penalties.

6. Children cannot attend private schools

If the parents are the ones subject to enforcement for breach of trust, their children will not be able to attend high-fee private schools.

7. Decreased personal credit

Personal credit is very important to everyone. A good credit record is also an important factor in others' evaluation of your credit. important standards.

I hope that every friend can maintain a good credit record. It is recommended that everyone check the credit report once a year and take timely measures to remedy any deficiencies found.

2. How to eliminate overdue credit card records?

1. As a credit card holder, once you are unable to repay the loan on time due to unemployment, illness or other accidents, you will have to repay it in the end. Before the payment period arrives, cardholders are advised to proactively call the bank's credit card center to state their financial situation, affirm that they do not owe money maliciously, and apply for delayed repayment and interest discounts.

2. In view of the cardholder’s active performance and previous good credit record, the bank will often agree to defer the repayment, and will work with the cardholder to agree on a mutually acceptable repayment plan, delay period, and interest discount. , monthly repayment amount, etc. In this way, if you proactively contact the bank and get the bank's consent to defer the repayment, you will not be recorded as a bad record. However, it should be noted that you will be guaranteed to repay as agreed in the future.

3. If you forget to repay due to negligence, you must repay as soon as possible after it is overdue, preferably in full. Then call the bank's credit card center and state that the debt is not malicious. If the record has been good in the past and the overdue time is short, and it is found that the repayment is good after the overdue period, it may not be recorded as a bad record. Don't be careless in the future. Be sure to pay attention to the bank's bill notifications and collection information to avoid overdue payments.

4. Credit card repayment information will be recorded by the central bank's credit reporting system on a rolling basis for 24 months. That is to say, bad credit records caused by overdue credit card repayments will be kept in the credit reporting system for two years. If terminated with a card, the corresponding records will no longer be scrolled, but will be saved for a long time.

Therefore, after an overdue payment on a credit card occurs, it is best not to cancel the credit card immediately after paying off the debt. Instead, you should insist on using the card for more than two years and keep your credit in good condition during the period, so that you can rely on rolling credits. Record and remove bad records from the credit reporting system.

It can be seen that if there is such an overdue record in personal credit, we will definitely be affected if we apply for a loan in the future. If it is particularly serious, it will even affect our consumption, travel, and school choice for our children. These aspects will be affected to a certain extent, and overdue payments will incur higher interest rates.

What will happen if there are overdue records in the credit report? 3

1. Will the overdue credit records be automatically eliminated after 5 years?

"Bad records will be automatically eliminated after 5 years" Elimination means that when you are overdue and leave a stain on your credit, the stain will be automatically eliminated after five years from the date you pay off the debt. After that, it will no longer affect your loan application or credit card application.

For example, Xiao Wang borrowed a loan from the bank and was due to repay it on March 5. If it was overdue, it would leave a stain on his credit. He had to pay off the debt and pay the fine on May 5. The stain on your credit report will be automatically eliminated on May 5 after 5 years. In other words, "cleaning up a bad credit report in 5 years" refers to the 5 years after you pay off the debt, not from the day you overdue it. .

Bad credit generally involves loans, overdue credit cards, cashing out credit cards, providing guarantees to people with bad credit, etc. Once an individual has a bad credit record, he or she must bear the following negative consequences:

1. Handle Bank loans, credit cards, and other formal credit checking platforms will be more difficult and may even be rejected.

2. If a serious delinquent is listed as a breach of trust person, he will be restricted from all kinds of high consumption, and will not be able to fly, high-speed train sleeper, etc., which will affect travel; and affect employment, especially state-owned enterprises and public institutions. Even the management of some private companies cannot be held;

3. Loss of personal intangible assets;

4. Impact on the quality of future economic life.

Legal basis:

Article 3 of "Several Provisions of the Supreme People's Court on Restricting High Consumption and Related Consumption of Persons Subject to Execution" If the person subject to execution is a natural person, after consumption restriction measures are taken , are not allowed to engage in the following high consumption and consumption behaviors that are not necessary for life and work:

(1) When taking transportation, choose second-class or above cabins on airplanes, trains, and ships;

(2) High consumption in star-rated hotels, hotels, nightclubs, golf courses and other places;

(3) Purchase of real estate or newly built, expanded or high-end decorated houses;

( 4) Leasing high-end office buildings, hotels, apartments and other places to work;

(5) Purchasing vehicles that are not necessary for business;

(6) Traveling and vacationing;

(7) Children attending high-fee private schools;

(8) Paying high premiums to purchase insurance and financial products;

(9) Taking all seats on G-EMU trains, and others First-class or higher seats on EMU trains and other consumer behaviors that are not necessary for life and work.

If the person subject to execution is an entity, after consumption restriction measures are taken, the person subject to execution and his legal representative, principal person in charge, persons directly responsible for affecting debt performance, and actual controller shall not implement the provisions of the preceding paragraph. Behavior. If you use your personal property to carry out the acts specified in the preceding paragraph for private consumption, you may apply to the enforcement court. If it is found to be true upon review by the execution court, it shall be approved.