The impact debt has on someone’s credit rating is significant and in Ascent still a key discussion point when agreeing and setting payments plans - customers definitely do want to do what they can to rebuild their own credit profile/rating. Whilst on the radar already with the credit agencies and regulators, I think more can be done to show those customers who had problems and are working their way out of them - or may already be out of them but at the moment still carry the baggage for six years. Change will come I’m sure but it’s a question of when.
From how much you spend on your credit card to the amount of debt you carry, your finances are no one’s business but your own – except for the credit reference agencies carefully tracking your every financial move. These companies collect data that can influence the outcome of some of the biggest decisions in your life, from getting a new mobile phone to renting or buying a house.
https://www.which.co.uk/news/2018/10/credit-scoring-are-you-in-the-dark/
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