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Summary
When you make an application for credit, the lender will obtain your credit record from one of the major credit reference agencies. However, they will not be able ( remortgages ) to see your student loan debt, because credit reference agencies are not allowed access to this information. This article examines the situation.
Personal Finance. Student loans debts do not go on your credit record.
Author: Anna Richardson
Every time you apply for credit, for example a credit card
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Banks, building societies and other financial institutions providing credit have been passing on details of your financial transactions to the credit agencies. Every time you apply for a credit card, every time you miss a mortgage repayment - it gets noted. They know whether you pay the minimum or the balance each month, they even know details of your credit limit on each credit card. They also look to public records, the voters' roll and the public register of court actions ( cheap secured loans ) because that is where all county court judgements are listed. It all happens automatically, and when your credit history is requested, the computer will provide a statistical analysis of your financial habits and provide an assessment of your suitability. It enables, the industry argues, lenders to make an accurate judgement about whether they should lend you money or not.
However, there is one piece of financial information that the credit agencies are not allowed to access, and that's the student loans. Despite the industry's remonstrations ( car insurance quotes ) to the government, nothing has changed, and they are not allowed to access the information. The reason? Student loans constitute a debt to the taxpayer, they were not funded by commercial business.
Before September 1998, the student loan system worked like this: once graduates ( mortgage rates ) were working and earning the national average, which was £15,000 at the time, they had to repay their loan on a monthly basis by direct debit. 59,000 of those pre-1998 graduates still haven't started repaying their loan, and each has on average a debt of £2,750.
Your home may be repossessed if you do not keep up your repayments on a mortgage or any debt secured on it.
Loans may be secured on your home or other property.
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