AXA reveals credit rating fear

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AXA reveals credit rating fear

Some four million Britons believe their credit rating is irretrievably damaged, according to research published by AXA.

The insurance provider urged consumers to be on top of their finances, since a poor credit rating can impede a person's ability to open a bank account, get certain jobs or be approved for a mortgage.

Almost a million Britons, however, have been blacklisted after lending money to friends or family members who were in financial difficulties, AXA found.

Fears of an expanding credit rating blacklist in Britain have heightened after the loss of some 25 million people's personal details by HM Revenue and Customs recently, which has left those affected open to the threat identity fraud and possible damage to their credit records.

"The knock-on affects of having a poor credit rating can be endless, as it becomes increasingly difficult to access credit," said Steve Folkard of AXA.

Britain's collective credit debt limit is around £177 billion, according to recent figures published by moneysupermarket.com.
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