Experian: Bankruptcy can change your life

18 May 2006
Credit report specialist Experian has noted that even more aspects of your future can be impacted by bankruptcy than people realise.

The internet site claims that anything requiring a reference can be impacted by previous insolvency, such as renting or job hunting, in addition to being saddled with bad credit on loans.

"Lenders are increasingly charging higher rates for people who have been bankrupt," said Experian consumer affairs manager, James Jones.

Although the interest rates for bad credit loans, which will be a staple diet of those who have recently endured bankruptcy, are bad enough, landlords and employers are also taking more notice of those with a poor credit history.

"It might be difficult to get the job you want, especially in the financial industry," Mr Jones warned. "Landlords can see it as well and it may be difficult to get a flat."

Before filing for bankruptcy, the advice to consumers is to research all your other options before committing to a course of action that can have wide-ranging long-term consequences.

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