Credit Talk for Ireland
Credit Talk for Ireland
Student loans are now being prioritized in Ireland for they have realized the importance of credit in today’s financial status in the economy. Credit is like the oxygen of the economy in Ireland however not everyone has realized the importance of credit today.
The Bank of Ireland has drafted two new schemes to help improve the credit in the country. The schemes and the increasing number of third-level students who are paying overdue are the crucial elements that could lead in the increase of the bad credit ratings in the future.
According to the CEO of the National Consumer Agency, Ann Fitzgerald, it is very important that students know the effects of their poor credit history in how their financial status in the future. A person’s credit history includes the list of lenders and account numbers you have had. Furthermore, it also contains information about the credit cards you have or those that were closed in a five year span, also it shows the loans you have and those you missed to pay.
A bad credit rating is very painful in your record. It could cause high interest rates, the loss of a job opportunity and worse, it could spell disaster for your future loan endeavors. It is important that you have a good behavioral standing and you should avoid missing payments in loans.
The Irish Credit Bureau is the agency that records the credit ratings in Ireland. It also acts as an aid for financial institutions in the country by giving the necessary information they need about loans. The agency has an up to date record of every person’s credit.
The records that they have are also designed to help prevent their clients from being victims of fraud and falling into indebtedness. The Bank of Ireland was scrutinized just recently by the Union of Students because of the new schemes it had for loans. However, according to the Welfare Officer of the UCCSU they noticed that there are plenty of students who are trying to get loans from banks.
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Filed under: Credit • Credit Score • Student Loans
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