Expatriate Insurance News: Credit rating advice for expats
09/08/10 19:01
British expatriates living in Gulf countries may find it hard to obtain credit once they move back to the UK if they cannot show evidence of a clean credit history for their time abroad.
According to Arabian Business, as there is no exchange of data between British and Gulf credit ratings agencies, it is difficult for expatriates to provide proof of their history.
Neil Munroe, external affairs director at consumer credit reporting agency Equifax, told the news source that having evidence of a clean credit history is a key prerequisite for taking out a loan or credit card in Britain.
"If that individual has not been around for a while then it is certainly going to hinder that individual's ability to get credit," he pointed out.
Mr Munroe advised returning expatriates to bring a statement from their bank to show they have maintained a good credit rating while abroad when approaching lenders for loans.
Expats could also maintain a credit card from their home country in order to keep up their credit rating, but should ensure they keep up with monthly repayments.
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