New Delhi, May 27 -- In India if you default on a personal loan, it can have a long lasting negative influence on your credit profile and your creditworthiness. Credit bureaus such as TransUnion CIBIL, CRIF High Mark, Equifax and Experian among others maintain records of such defaults for up to seven years from the date of the first missed payment.

Therefore, this one missed payment will stick on your credit profile for about seven years. That is why whenever you apply for any new credit line during the next seven years or so, such as a new personal loan or a credit card, this missed payment or default will be visible to the financial institution which will provide you with the credit line.

A default mark on a credit report significantl...