CCR2 Compliance
few more respondents (37%) knew that any savings – solo or joint – had no influence on credit rating.
A monthly salary improves credit score lWhy people believe it – most credit firms ask consumers to make monthly repayments. Some people wrongly believe that because you have the security of a monthly income, it proves to a lender you are in a strong position to pay their credit bills. l The findings – just under a third of people (30%) realised a regular, monthly salary has no impact on credit ratings. It does not put you in a stronger or weaker position compared to someone who is paid weekly, fortnightly, or sporadically (like a self- employed person or freelancer).
Criminal convictions impact credit score lWhy people believe it – this could tie in with the myths about earnings and address
Just under a third of people (30%) realised a regular, monthly salary has no impact on credit ratings. It does not put you in a stronger or weaker position com- pared to someone who is paid weekly, fortnightly, or sporadically (like a self-employed person or freelancer)
history impacting credit scores. Going to prison can certainly affect both of these, so consumers mistakenly believe criminal records negatively impact someone’s eligibility for credit. l The findings – only a fifth of respondents (20%) were aware that even if you have a criminal record, it will not affect your credit score.
Unpaid student loans damage credit rating lWhy people believe it – part of being accepted for credit is based on how you repay loans and borrowed money. So, it is fair to assume that because a
student loan is a loan, how it is paid back is taken into account when working out credit scores. l The findings – of those surveyed, just over a quarter (28%) knew that a student loan cannot affect your credit rating. CCR2
June 2019
www.CCRMagazine.com
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