If you can’t pay your bills on time, tell your creditors and try to work out a new repayment schedule. When you use credit, the lender reports it to a credit agency which keeps a record of whether you paid as agreed. Other lenders decide whether to give you credit based on your payment record. A negative report stays in your file for seven years.
If you’re withholding payment because of unsatisfactory service or product, write to the creditor and the reporting service. Keep copies of all correspondence and records of any telephone calls.