Online Gambling Affect Credit Rating

Posted on 3/31/2022 by admin

Matched betting is increasingly popular and totally legal, but it is still officially a form of gambling. One thought that will cross everyone’s mind when dealing with a bookie is, “Will this eventually damage my credit rating?”

Online Gambling Affect Credit Rating Scale

If this is your first time coming learning about matched betting, be sure to check out this matched betting for beginners post.

By gambling away funds you need to pay bills, rent or credit cards, you could end up missing a payment or even defaulting on a loan. Missed payments and defaulted loans can land on your credit reports and damage your credit scores. In fact, payment history is the biggest influencer of your credit scores, making up 35% of your scores. Does gambling affect my credit score? Gambling businesses must not accept credit card payments for gambling. They shouldn't allow people to gamble with money they don't have. Your credit score won't be affected by gambling unless you've borrowed money to gamble with. However, if you've gone into your overdraft this could affect your chances of. How to check your credit score. There are many online services where you can check your credit score and keep an eye on it over time. Experian, ClearScore and Credit Karma (formally Noddle) are three of the more popular services and allow an in-depth look at your credit rating. Debt settlement also is damaging to your credit score as lenders report the debt as “settled for less than agreed’’ or “settlement accepted.’’ It remains on your credit report for seven years. How to Protect Your Finances from a Gambler in the Family. Gambling addiction affects those close to the gambler. Does Gambling Affect Your Credit Score? If you’re among the 32% of Brits that gamble on a weekly basis and are thinking of applying for some form of credit in the near future, you might be wondering whether your activity could affect your Credit Rating and your chances of being accepted. The answer isn’t a straightforward one unfortunately.

Matched betting gives the player a special edge: because many online bookmakers offer a free signup bonus in the form of a free bet, a new customer can sign up at the website, place a bet, lay a bet against it on a betting exchange with the free money, and win either way.

Of course, the free offer can only be done once on each website, which means you will find yourself signing up to a lot of different bookies.

I can understand why you would be worried about how that looks on your credit rating.

Let me put your mind at ease. Matched betting does not affect your credit rating.

How To Check Your Credit Rating

If you’re still worried, you can check your credit rating through an agency such as Experian, which offers a 30-day free trial. You can get proof for yourself whether your credit is affected by participating in matched betting.

But I’ll save you some time and reassure you that it is not affected! There will be no negative reports on your credit because matched betting is totally legal and does not involve credit.

Do Any Bookies Carry Out Credit Checks?

Yes, some bookies will do credit checks on their customers, but this is not out of the ordinary– after all, they are entering into a business transaction with you, and just want to make sure your account remains in good standing with their business.

A spokesman from Experian said in this article from The Guardian:

“It won’t appear on the credit reference radar. You can have as many gaming accounts as you want.”

That’s a pretty conclusive answer. The number of accounts you have with different bookies will not damage your credit score.

Still Worried? Ask Other Matched Bettors

If you are still worried you can always sign up to a community of matched bettors and ask them what their experiences are. The most popular one is Oddsmonkey. With over 250,000 posts in their forum, all from other matched bettors.

Will Online Gambling Affect Credit Rating