Why would I have an arrangement to pay on my report?

If you’ve asked to pay more or less than the agreed monthly payment, your lender may record an arrangement to pay on your credit report. While you may have taken this step to help you keep on top of your repayments, it will negatively affect your credit score. And lenders aren’t obliged to tell you that.

You’ll see an ‘AR’ marker on your Checkmyfile report where the lender has recorded an arrangement to pay. Lenders may see this as a sign that you are unable to keep up with your credit commitments and that you’d struggle if they were to lend to you.

An arrangement to pay may increase the duration of the account and the monthly repayment amount.

If an arrangement to pay is the most suitable option for you, don’t panic; your credit score won’t be affected forever. There are other steps you can take now to help rebuild your financial health in the future.