Recently the government announced its proposal to list serious student loan debts with credit reporting agencies. At the moment, if a student loan debtor is behind on their debt, this won’t usually be listed in their credit report unless legal action has been taken, or the person has become bankrupt. This new proposal means that many student loan debtors could find that their credit rating is destroyed. Once an adverse item is on your credit record it usually stays there for 5 years but because the student loan debt issue may be ongoing there is the potential for your credit record to be harmed for a longer period. Once your credit record is damaged it can be impossible to do normal everyday things like renting accommodation, opening a power or telephone account, opening a bank account, applying for a credit card, or a new job.
The time to deal with your student loan debt problems is now when you still have time on your side to get things sorted.
The time to deal with your student loan debt problems is now when you still have time on your side to get things sorted.
