Page 2 of Personal Finance. Credit Agencies Refused Access to information about student loans. page 2
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Personal Finance. Credit Agencies refused access to information about student loans. Page 2
If you apply for any form of personal credit, the lender will inevitably ( loans ) obtain your credit history from one of the big credit agencies. But these credit records do not include information about student loans. This article explains the background and whether the situation is likely to change.
Author: Michael Challiner
The credit industry argues that it
needs the information on student loans as they can represent a significant strain on the graduates' finances - especially following the introduction of top-up fees which results in the average student loans being (mortgage quotatioans) much larger. These loans are repaid at the rate of 9% of the graduates' income in excess of £15,000 and can represent a significant drain on their monthly income.
Therefore, to fully assess graduates' financial situation the credit industry argues that it needs student loan information. The Association Consumer Credit Counselling Service agrees. A spokes person said, "Knowing whether a young person has a student loan and whether it is being paid back, is useful."
Yet despite the pressure to share its information, ( bad credit loans ) the Department for Education and Skills remains steadfast in its decision to refuse permission to the Student Loan Company to provide information to the commercial sector.
Even the Citizens Advice ( remortgages ) Bureau wants this decision changed arguing that lenders need information on student loans to help ensure that graduates avoid taking on so much debt that they can't maintain their repayments.
But for now at least, the situation remains. The credit industry ( insurance ) cannot obtain any history about student loans.
Loans may be secured on your home or other property. Think carefully before securing other debts against your home.
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