SBC News Voice of the Sports Betting Industry
In time for debt awareness week, GambleAware has put out a statement emphasising the wide availability of free debt advice services and the need to lift the stigma barrier suggesting that such services affect credit score.
Collaborating with StepChange Debt Charity, which is running this year’s Debt Awareness Week from 18-24 March, GambleAware’s Money Guidance Service Manager Kathy Wade addressed the misconception that reaching out for debt advice has an impact on private credit score.
“Having a good credit score is important for a number of reasons, including when you want to borrow money, take out a mobile phone contract, or get home broadband,” Wade said. “Companies will check your credit file before making decisions. Factors can impact your credit rating but getting debt advice is not one of them.”
Some of the factors listed by Wade that could influence people’s credit score include missed credit repayments, maxed-out credit cards, court judgements, bankruptcy, or debt relief orders.
“Speaking to a debt adviser could help you take control of your debt situation and prevent things from getting worse,” Wade added. “They will advise you on the options available to you for dealing with your debts and they can also explain the impact of any of those debt solutions on your credit rating.”
Additional resources on avoiding and managing debt can be found in GambeAware’s ‘Taking Control of Your Credit Rating’ factsheet.
