Everytime the lender will apply for credit, such as a credit card or a loan request to see your credit history from a credit reference agency. The information that you think is so detailed that it really fill no need for us you this form long application is because within a fraction of a second you can see all that you need to know reference of Equifax, Experian or Callcredit, the three major credit bureaus. It would be very surprised to see how much you know about you.
Banks, building societies and other financial institutions credit have to details of your financial transactions passed the credit agencies. Each time you apply for a credit card, every time you miss repayment - Gets a mortgage it pointed. You know whether you pay the minimum or the balance each month, you know even your credit limit on each credit card details. See also public records, the voters roll and the public register of the court actions, because that is where all County Court judgments are listed. Everything happens automatically, and when your credit history is requested, the computers provide a statistical analysis of your financial habits and offer an evaluation of your ability. Allows the industry argues lenders make accurate judgement about whether you you money or not should give.
However, it is on a piece of financial information that the credit agencies are not allowed access and that is the student loan. Despite the industry's representations to the Government has not changed, and you may not access the information. The reason for this? Student loans constitute a debt for the taxpayers, were financed by commercial companies.
Before September 1998 that student loans system works as follows: After graduates were work and earn the national average, the £ 15,000 time was had to repay your loan monthly by direct debit. 59,000 still have not begun this pre-1998 graduates repay their loans, and each has on average debt of £ 2,750.
In September 1998 the student loan system changed and the system remains unchanged. Repayments are now, directly from taken the content in the same way as national insurance and income tax at the source. This method has been much more successful.
The lending industry is not happy about student loan situation, your main argument is that you know if an application for credit eligible if the applicant has additional financial responsibility. The introduction of top up fees led to increasing student debt and how the post 1998 loan have paid at a rate of 9% graduate of income as soon as it reaches £ 15,000, it is a big part of my income to lose.
The Association consumer credit counselling service made the following statement: "Knowledge, whether a young person has a student loan and is paid back, is useful." You are in agreement with the creditor.
The citizens advice Bureau is tried information the public made available because could be feeling that graduates take too much debt and the lender could see your student loans, would ensure that graduates to borrow are not given the way beyond their means.
However, is the Department for education and skills show no signs of surge of its decision to keep private individuals debt the student loan company.
For the foreseeable future - the situation remains unchanged, and student loan information is inaccessible for the banking industry.
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