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Moneynet Warns Graduates Face Credit History Nightmare
By David Andrews Ltd, Sat Dec 10th
/p> * Escalating student debt spells big trouble for credit filesin the future * Graduates likely to be servicing £15,000 debts until theirmid-30s
Students face a potentially ‘calamitous’ problem with theircredit histories on graduation thanks to the now inevitableprospect of leaving college or university with high debt levels.
Moneynet.co.uk, the online financial data comparison site, haswarned students to keep a close eye on their credit files and toensure that they keep up to date on all credit card repaymentsand loan debt – otherwise they could be in for a nasty shockwhen it comes to arranging mortgages and credit in the future.
“The major credit reference agencies such as Equifax andExperian hold detailed files on our financial histories, whichstart as soon as we open a bank or credit related account,” saidMoneynet chief executive Richard Brown.
“The majority of graduates are looking at servicing a minimumdebt of £15,000 (see note 1) until their mid-thirties, which isclearly not the best way to start out when it comes to wantingto arrange a or anything else requiring a sound credithistory.
“So we would advise students to keep an eye on their creditfiles to make sure all the information held on them is accurate.In addition, it is crucial that students understand theimportance of not over-committing themselves as missed paymentscould mean they have accumulated an adverse credit history evenbefore they embark on a professional career. This could takeyears to repair.” added Brown. Brown also advised new – and existing – students to make surethey are getting the best from their student bank accounts. Andto avoid being seduced by gimmicky special offers designed tosecure their lucrative business.
“Banks love students as they want to keep their business whenthey graduate: but most young people can afford to be choosywhen it comes to picking
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a bank. We would always encourage newaccount openers not to be blinded by the marketing razzamatazz,and to focus on core banking services, free overdrafts anddecent rates of interest,” said Brown. * * * * * * * * * * * * * *
Note (1)
Last month the Government confirmed that after the introductionof top-up fees in 2006, while 400,000 students may be able toclaim non-repayable grants and bursaries, most will service aminimum debt of £15,000 until at least their mid-thirties. Highstreet banks maintain that in reality the average graduate debt,including fees, for those entering university next year islikely to be nearer double that by 2009.
And a recent survey by NatWest Bank this month suggested thatfreshers starting university in the autumn expect to spend£28,600 over the three years of their degree courses and tograduate owing nearly £14,000.
Moneynet has a free guide to Student Finance – Moneynet Student Finance Guide Press enquiries
Moneynet: Richard Brown, Chief Executive, 020 8313 9030
David Andrews Media Ltd Cathy Tully, 01273 774109cathy@davidandrewsmedia.co.uk
Consumer enquiries: online@moneynet.co.uk http://www.moneynet.co.uk Editor's notes Moneynet.co.uk is the UK’s most established personal financeresearch and data website. The company offers consumers a widerange of low cost financial products: from mortgages andpersonal loans; to car, home and medical insurance; creditcards; savings accounts and best-buy fixed rate products.Moneynet.co.uk is an ethical, impartial and comprehensive sourceof consumer finance information, covering the whole of thepersonal finance sector. About the author:Moneynet was founded in 1997 by Chief Executive Richard Brown tosimplify the personal finance market and provide consumers withimpartial and interactive information on financial products andservices.
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