Credit card account closures 'can damage credit rating'

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Credit card account closures 'can damage credit rating'

Having a credit card account closed due to non-payment can seriously damage a consumer's credit rating, according to Confused.com.

Research carried out by the price comparison site found that Yorkshire was the area of the country with the highest number of people having their accounts closed due to non-payment, coming in at 35 per cent of those who have had their account shut down.

Residents in the north east and East Anglia fell below the national average of 13 per cent, with just eight per cent having their accounts cancelled.

Head of credit cards at Confused.com Joanne Garcia, warned that although missing the odd payment may not seem too significant, "credit providers - which include mortgage lenders - leave no stone unturned when it comes to checking a person's credit worthiness".

In other recent research, the site found that almost half of all 20-year-olds do not apply for credit for fear of being refused. Of those who do, 34 per cent are refused.

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