Credit Card ratings confuse British
market
10/01/2007
According to recent industry sources
majority of Brits are not fully aware of the factors that affect
their credit
card ratings.
A credit score is record or rating
that applies to everyone in the UK and these details are held
by credit reference agencies.
There are a number of factors that
affect peoples credit rating and as the data suggests majority
of the British market have not fully grasped the key drivers to
this.
Statistics from creditexpert.co.uk
show the 63 per cent of people consider friends and family can
harm the credit rating of people you live with even if you do
not share an account, a near 71 per cent of people felt their
previous house resident could impact the credit rating. However,
none of these factors actually affect your credit rating.
A credit check is usually performed
when an individual is looking for a new credit
card, mortgage or even a financial loan.
The purpose behind this check is to investigate the worthyness
of the applicant.
The major factors that actually
affect your credit
card are old debts and importantly and repayments that have
been missed. These will remain on your credit card for 36 months.
Other factors such as Identity fraud, credit ratings of financial
associates, multiple loan or credit applications, bankruptcy can
all hinder your credit rating.
