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Late or missed payments will have a negative impact on your credit health. For instance, if you miss your monthly credit card or loan repayments, it will show up in your CCRIS record and will lower your credit score. This may impact your ability to get your next loan. Not only that, you’ll have to pay extra for late payment fee! Here are 3 tips on how to avoid late payments and protect your credit:

1. Set up autodebit

Autodebit is a bill payment facility that automatically settles your bills by deducting your savings / current account on a fixed schedule. This way, there’s no risk of you forgetting to pay your bills. Check with your bank for more information, such as if there are any service fees, which are usually very low. Also, take note that you must have sufficient funds in your bank account for this method to work. If you don’t, you may incur additional fees.

2. Create payment reminders for yourself

From smartphones and tablets to your office computer, all the gadgets you use generally have calendar reminder functions that you can use to your advantage. If you’re more old-fashioned, a desktop calendar or even a diary may work for you, so your don’t forget about your credit obligations.

3. Check your credit report regularly

Your updated MyCTOS Score report has detailed information about all areas of your credit health, but what will help you most in making payments on time is your CCRIS record. Checking this part of your credit report will show you what payments you have missed in the past and for how long, so you can get current and stay current. An updated MyCTOS Score report will also show you your current credit score, so you can use that as a reference to improve the number by consistently making payments on time.
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