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Highly Compatible Scan Tool Autos Articles | November 27 Cheap Ben Davies Jersey , 2012
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Article Tags: Scan Tool

Personal Finance. Credit Agencies Refused Access To Information About Student Loans

Posted by nick_niesen on October 29th, 2010


These days, when you apply for a mortgage, loan or other form of credit, the lending industry will automatically scrutinise your personal credit history. In practice Cheap Tottenham Hotspur FC Jerseys , you hardly need to tell them anything as within a fraction of a second, the lenders computers will lock into your credit file held by any one of the big three credit agencies; Experian, Callcredit or Equifax And you'll be amazed what they know about your finances!


For many years now banks, building societies and other lenders have been providing information about your finances to the credit agencies. They know about every credit applications you've made, the occasions you've been late or missed paying a loan Cheap Tottenham Hotspur Jerseys , mortgage or credit card, the balances on your loans and credit cards and whether you just pay off the minimum each month - even your credit limits! The agencies also accumulated lots of other information about you provided by public records, the voters' roll and the public register of court actions where all county court judgements are recorded. Their computers then statistically analyse all this information and assess your application. So in this context, the credit industry argues that the more information they have about you, the more accurately lenders can make lending decisions.


Yet within this mass of information Cheap Vincent Janssen Jersey , there is one notable omission. Despite representations to the government, information about student loans and their repayment history's, is not provided to the credit agencies. The data is refused because student loans are a debt to the taxpayer, not a commercial business.


Prior to September 1998, graduates repaid their student loans by mortgage style direct debits collected once the graduate started earning over £15 Cheap Victor Wanyama Jersey ,000. But more than 59,000 of graduates from before 1998 graduates are understood to be in payment arrears to the tune, on average, of around £2,750 per graduate.


After September 1998 Cheap Toby Alderweireld Jersey , the system of collecting student loans changed. These days, repayments are deducted directly from salaries by employers along with national insurance and income tax. This method is far more efficient and avoids the possibility of bad debts.


The credit industry argues that it needs the information on student loans as they can represent a significant strain on the graduates' finances 聳 especially following the introduction of top-up fees which results in the average student loans being much larger. These loans are repaid at the rate of 9% of the graduates' income i p://www.cheapjordanshoesonline.com/]Wholesale Nike Air Jordan[/url] Wholesale Nike Shoes China

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