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Daily Insurance Industry News
Friday 19th of January 2018
December 7, 2007

Four million suffer bad credit ratings

by Richard Kilner

Story link: Four million suffer bad credit ratings

Research by AXA has revealed that up to four million people have inflicted damage upon their credit rating that cannot be mended.

Millions have been blacklisted following an inability to get on top of their financial situation, and almost 25% of respondents are not even in financial turmoil.

According to AXA, the situation may even have worsened in the wake of the government’s loss of 25 million people’s data records in the recent HMRC debacle.

Everybody on the two lost discs have been put at greater risk of fraud and identity theft, which could have serious implications for their credit ratings.

Credit ratings are of great importance as, if they are bad, they can prevent individuals from acquiring certain jobs or opening bank accounts and can even prevent a mortgage application from being successful.

AXA’s Steve Folkard points out that blacklisting is as much a social as a financial issue, as the lack of credit can have a dramatic impact on an individual’s lifestyle, and the lifestyles of those around them.

The research reveals that the age range most likely to be blacklisted are those of 45-54 years of age.

 

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