UK Money News
5th February 2008
'Experian: Egg customers' credit rating will not be impaired
Borrowers whose credit card was cancelled by Egg will find their credit ratings unaffected, the UK’s credit rating provider has said.
In a move that generated much controversy, Egg last week confirmed that it was cancelling the cards of 161,000 customers after conducting a credit review.
In the wake of the move, Experian has reassured those affected that the cancellation will not show up as a black mark on their report.
According to a statement from the firm, once settled the Egg account will instead appear as a settled account.
James Jones of Experian said that in some cases the effect of the cancellation could actually improve the credit rating of those affected.
He commented: "[Lenders] all make their own decisions on whether they want to grant credit or a credit card, based on credit reference agency information and other information provided by applicants.
"In fact, depending on the circumstances of the individual and policies of the lender, it could have a positive effect on your credit rating as a lender might view an application from someone with a lower number of cards as more attractive."
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