You can also include a statement on your report where you can explain why you missed a payment.

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However, many people are deterred from requesting to see this information because they think this will leave a ‘footprint’ on their report and will have a detrimental affect on their ability to get credit in the future.

This is just one of many ‘myths’ surrounding credit reports: A quick internet search will reveal dozens of companies that offer people their credit report, but the three most popular credit agencies are Experian, Equifax and Call Credit.

Since the onset of the credit crunch, we are more aware than ever before of the importance of ensuring our credit record is not only accurate but also as ‘good’ as possible.

When you apply to take out a financial product (such as a credit card, loan, mortgage or even a current account), your credit history will be checked by the provider to confirm the information you have told it and to give you a credit score.

While missing a payment will be recorded on your file and could affect your overall credit score, it’s worth remembering that lenders will put more prominence on more recent activity.

If you have been completely up to date with all your credit agreements, but once missed a payment, this will not necessarily ruin your chances of getting credit in the future.

However, if you share a financial product with another person then their score could impact your rating.

There is no such thing as a credit blacklist of certain postcodes.

Just remember, though, that firms must get your permission before they run a credit search on you.