Here’s how premium finance with Zego Credit shows up on your credit report:
Getting a quote results in a soft credit search.
Buying or renewing your policy with monthly payments triggers a hard credit search, which is visible to other lenders.
Missed payments can lead to:
Arrears markers (showing that payments are behind).
A default marker (if payments remain unpaid for too long).
If a default is recorded, it stays on your credit file for six years. Any payments you make will be reflected as a reduction in your outstanding balance. Even if you pay it off, it will remain on record during that time, but it will be marked as satisfied.
Meanwhile, live policies with up-to-date payments will reflect that they are being maintained in accordance with your agreement.
Keeping up with payments is the best way to protect your credit file. If you ever think you might miss one, talk to us first – we’ll do what we can to help.