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Summary
Graduates may not be aware that their student loan debts do not show up on their credit records. The lenders are trying to change this fact, but to no avail ( car insurance quotes ) at the moment. This article looks at the situation in detail.
Personal Finance. Credit records do not show student loan debts
Author: Anna Richardson
It's good news for graduates - the credit reference agencies { life assurance } are not
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Experian, Equifax or Callcredit are the big credit reference agencies that lenders use most to find out about people's financial histories. They know pretty much everything - when ( cheap mortgages ) you miss payments, when you make payments, when you apply for a credit card or loan, whether it is refused or accepted - you name it, they know it. They also glean more information from public records such as the electoral role and the public register of court actions. Using the wealth of information available to them, they analyse your suitability as a borrower and provide the lender with all the data needed so they can decide whether to lend to you, and how much they are prepared to lend. So, the credit industry is understandably unhappy about being kept out of the loop on student debt.
The industry has appealed to the government to change the rules, but the government is not planning to make any changes because as far as it is concerned, the ( remortgages ) students owe the taxpayer, not a commercial business, so the credit agencies have no right to the information.
When the student loan system was first introduced, the repayment system was like a mortgage - once the graduate was earning the national average, they would start making monthly direct debit payments until the debt was paid off. The average debt was around £2,750, and as many as 59,000 of those graduates have still yet to commence repayments.
The student loan system changed in autumn 1998, the difference being ( motor insurance ) that instead of taking the money from graduate's bank accounts via direct debit, the money is taken straight out of their wages. It leaves the pay packet at the same as time as the tax and N.I. This method has gone a lot more smoothly when it comes to getting the repayments, and still continues today.
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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