Let your credit report help you beat debt worries
Money worries can keep us awake at night. Research by the Debt Advisory Centre shows that one in eight UK adults worry constantly about what they owe and a further one in five are often concerned about their debts.
Moreover, more than half those with money worries said their financial situation gives them sleepless nights. Many also thought the stress has been affecting their relationships and their health. Just 6.5 per cent of borrowers were unconcerned about what they owed.
I watched the BBC Breakfast News this morning and a man from Experian was on there, discussing an interesting report that Experian created about UK debt by region. There was also a map of the UK shaded to indicate the regions that had debt and he also mentioned age groups within those regions. I have searched the web and BBC as I would like a copy of the report, is it possible to come back to me as to whether the report is available or where I can find. .
Thank you, Emilie, Hythe
It can be galling when you make an unsuccessful credit application, though it’s worth remembering that being refused for credit is not, in itself, hazardous for your credit rating. While your credit report will show that you applied for a credit card (a credit-application footprint will appear on your report for one year), it will not show the outcome of that application.
I recently defaulted on a number of monthly payments due to being hospitalised as an emergency. I had to have triple heart bypass surgery, which has kept me from sorting my finances over the past few months. After paying off all default payments I was relying on one of my credit cards to pay off an upcoming bill. Today I received a text advising me that my credit had been reduced on this card. Trying to reinstate the credit, I was informed that my report showed the defaults and credit couldn’t be reinstated. With defaults now addressed and considering the position I was in, can Experian update and reflect my position, as it is needed quite urgently and would be greatly appreciated right now.
Yours sincerely, Liam, Liverpool