16% OF BRITONS TAKE OUT CREDIT WITH NO INTENTION OF PAYING IT BACK Friday 5 December 2014 PDF Print New Equifax research* identifies consumer attitudes to repaying debtsand highlights the potential consequences of non-payment www.equifax.co.uk London, December 2014 - New YouGov research commissioned by credit information provider, Equifax, sheds light on consumer attitudes to repaying debts. The survey of 2,010 people found that 16% of Britons have taken out credit with no intention of paying it back, and half of those would consider repeating the behaviour – although effective checks by lenders will probably mean they won’t get away with it for long. Analysis of the research findings also reveals that the youngest generation are not the greatest culprits. 11% of 35-44 year olds have taken this action and would try to do it again compared to 5% of 18-25 year olds, the lowest percentage of all the age groups surveyed. The results also showed that 10% of those in employment have taken out credit with no intention of paying any or all of it back, compared to 17% of unemployed people. In total, 19% of people answered that they would consider taking out (or had taken out) credit with no intention of paying any or all of it back. 31% of these people said that this would most likely be (or had been) prompted by a difficult financial situation. Of all those who said they have taken credit with no intention of paying it back, 9% - of which 12% were men and 5% were women - said they would not care about the consequences of paying it back. Equifax is concerned that deliberate non-payers are not realising the long-term consequences of their actions, as Andrew Webb, Head of Equifax Personal Solutions explained: “Information about an individual’s payment history stays on their credit file for 6 years and if they have a pattern of non-payment this is likely to be viewed negatively by organisations in the future. The reality is that checks against credit information are made for even small financial commitments such as a mobile phone agreement. Deliberate defaulting could, therefore, impact someone’s day to day life, particularly as there is now even more focus on consumer indebtedness and affordability.” For individuals concerned that previous non-payment of credit might be affecting their credit status, Equifax suggests they review a copy of their credit report. The Equifax Credit Report is accessible for 30 days free simply by logging onto www.equifax.co.uk/Products/credit/credit-report. If customers do not cancel before the end of the 30 Day Free Trial, the service will continue at £9.95 per month, giving them unlimited online access to their credit information and weekly alerts on any changes to their credit file. It also includes an online dispute facility to help them correct any errors on their credit file simply and quickly. More results of the poll can be seen at Equifax.co.uk here *All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,010 adults. Fieldwork was undertaken between 6th and 7th November 2014. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+). ENDS For further press information, please contact: Clare Watson, Ed McCambridge, Cecile Stearn or Parm Heer at HSL on 020 8977 9132 or Email: email@example.com About Equifax Equifax is a global leader in consumer, commercial and workforce information solutions that provide businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 600 million consumers and 81 million businesses worldwide. The company’s significant investments in differentiated data, its expertise in advanced analytics to explore and develop new multi-source data solutions, and its leading-edge proprietary technology enable it to create and deliver unparalleled customized insights that enrich both the performance of businesses and the lives of consumers. Headquartered in Atlanta, Equifax operates or has investments in 19 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. In 2013, Equifax was named a Bloomberg BusinessWeek Top 50 company, was #3 in Fortune's Most Admired list in its category, and was named to InfoWeek 500 as well as the FinTech 100. For more information, please visit www.equifax.com. Equifax Limited is authorised and regulated by the Financial Conduct Authority. This press release was distributed by ResponseSource Press Release Wire on behalf of Harrison Sadler in the following categories: Men's Interest, Women's Interest & Beauty, Personal Finance, for more information visit http://pressreleasewire.responsesource.com/about.