Millions now on credit blacklist
Published On 7 December 2007
Almost four million people could find it difficult to secure a loan because they are on the credit blacklist as a result of previous financial difficulties.A study carried out by Axa found that four million people may now struggle to get credit, 944,000 of whom are not in financial trouble but have tried to assist friends and family.
"The knock-on affects of having a poor credit rating can be endless, as it becomes increasingly difficult to access credit," said Steve Folkard from Axa.
"Getting blacklisted is down to a number of factors but not paying your bills is a surefire way to worsen your credit rating - being on top of your finances is a must."
According to the report, people aged between 45 and 54 are the most likely to find themselves blacklisted.
Recent research from MoneyExpert revealed that the average rate on an unsecured loan of £5,000 is now 9.5 per cent, as lenders grow cautious in the wake of the credit crunch.
