{"id":3591,"date":"2022-08-30T13:32:49","date_gmt":"2022-08-30T13:32:49","guid":{"rendered":"https:\/\/www.newbettingsites.co\/?page_id=3591"},"modified":"2022-12-28T11:14:24","modified_gmt":"2022-12-28T11:14:24","slug":"do-betting-companies-perform-credit-checks","status":"publish","type":"page","link":"https:\/\/www.newbettingsites.co\/articles\/do-betting-companies-perform-credit-checks\/","title":{"rendered":"Do Betting Companies Perform Credit Checks?"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-3594\" src=\"https:\/\/www.newbettingsites.co\/wp-content\/uploads\/2022\/08\/credit-report-illustration-credit-checks-300x230.png\" alt=\"credit report illustration credit checks\" width=\"300\" height=\"230\" srcset=\"https:\/\/www.newbettingsites.co\/wp-content\/uploads\/2022\/08\/credit-report-illustration-credit-checks-300x230.png 300w, https:\/\/www.newbettingsites.co\/wp-content\/uploads\/2022\/08\/credit-report-illustration-credit-checks.png 400w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>If you\u2019ve signed up to a betting company, you might be concerned about <a href=\"https:\/\/www.newbettingsites.co\/articles\/does-gambling-affect-your-credit-score\/\">what this means for your credit score<\/a>. As you will probably know, any time your credit is checked, your credit score can be affected. This can mean that you struggle to get something like a mortgage or other important thing on credit.<\/p>\n<p>The good news is that betting companies only perform a soft check on your credit, which doesn\u2019t have any affect on your credit score. They often also check the electoral role, in order to ensure that you live where you say you live.<\/p>\n<p>In other words, signing up to place bets with a company online shouldn\u2019t have too much of an affect on your credit score. That doesn\u2019t mean that it is a financially sensible thing to do, though. You always need to make sure that you only ever place bets with money that you can afford to lose. Even then, <a href=\"https:\/\/www.newbettingsites.co\/articles\/how-to-research-your-bets\/\">you should do your research<\/a> before you place a wager, given that placing uneducated bets is one of the quickest ways to get yourself in financial trouble. The best bettors are clever in how they approach the wagers that they place.<\/p>\n<h2 id=\"betting\">Credit Checks &amp; Betting<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-2044\" src=\"https:\/\/www.newbettingsites.co\/wp-content\/uploads\/2021\/01\/credit-score-300x206.png\" alt=\"credit score\" width=\"300\" height=\"206\" srcset=\"https:\/\/www.newbettingsites.co\/wp-content\/uploads\/2021\/01\/credit-score-300x206.png 300w, https:\/\/www.newbettingsites.co\/wp-content\/uploads\/2021\/01\/credit-score.png 400w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>Many people are always concerned about their credit score. Whether you\u2019re hoping to buy a house, looking to buy a car on PCP or need good credit for some other reason, there are plenty of ways in which you need to be careful when it comes to what your finances say about you.<\/p>\n<p>It is not uncommon for people joining a new betting company to be concerned that some form of credit check will be carried out, potentially having a negative impact on that credit score. The good news is that there is no hard credit check on you personally.<\/p>\n<p>Since April of 2020, it has been <a href=\"https:\/\/www.newbettingsites.co\/articles\/why-cant-you-bet-with-a-credit-card\/\">illegal for gambling companies to accept credit cards<\/a> as a method of payment for deposits. This means that there is no credit involved in gambling if you\u2019re doing it with a company that is licensed by the United Kingdom Gambling Commission.<\/p>\n<p>There is a chance that that they will perform a soft check, but this is done simply to ensure that you are the person that you say that you are. The UKGC requires betting sites to fulfil <a href=\"https:\/\/www.newbettingsites.co\/articles\/verification\/\">Know Your Customer criteria<\/a>, in order to avoid money laundering and other issues.<\/p>\n<h2 id=\"score\">Things That Can Affect Your Credit Score<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-2045\" src=\"https:\/\/www.newbettingsites.co\/wp-content\/uploads\/2021\/01\/man-looking-at-poor-credit-score-rating-online-300x200.jpg\" alt=\"man looking at poor credit score rating online\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.newbettingsites.co\/wp-content\/uploads\/2021\/01\/man-looking-at-poor-credit-score-rating-online-300x200.jpg 300w, https:\/\/www.newbettingsites.co\/wp-content\/uploads\/2021\/01\/man-looking-at-poor-credit-score-rating-online.jpg 400w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>Just because gambling companies don\u2019t carry out hard checks on your credit score doesn\u2019t mean that your credit score can\u2019t be affected as a result of placing bets. There are numerous influences on your credit report, with the main ones being as follows:<\/p>\n<ul>\n<li>Your payment history on things such as credit cards and loans<\/li>\n<li>How much of your available credit you\u2019re using<\/li>\n<li>How much your owe on credit<\/li>\n<li>The length of your credit record<\/li>\n<li>Whether you have a mix of credit being used<\/li>\n<li>Any hard credit checks that are carried out on your account or new lines of credit that are taken up<\/li>\n<\/ul>\n<p>Though gambling as an activity doesn\u2019t fall into any of these categories, it can still affect your credit score depending on how you behave because of your gambling habits. Imagine, for example, that you place bets with money that you can\u2019t really afford to lose, none of the bets are winners and suddenly you need to pay some bills. You take out a credit card to do so because you don\u2019t have any other available cash, over-extending yourself. This is the sort of thing that will definitely show up on future credit reports.<\/p>\n<p>That being said, neither your bank balance nor what it is that you spend your money on will show up on your credit report. As a result, as long as you are being fiscally responsible and only placing bets that you can afford to, gambling as an activity <em>in and of itself<\/em> won\u2019t cause you any problems when you\u2019re looking to get a line of credit. That means that it won\u2019t affect a your ability to take out a credit card, as long as you\u2019re being sensible with your betting and your money and not going into debt.<\/p>\n<p>If you are gambling a lot, however, and have a lot of transactions going through your bank, even though this may not affect your credit score it could be a negative signal for things like mortgage applications where lenders will ask to see statements.\u00a0 It often doesn&#8217;t matter if you are withdrawing more than you win, how successful you are as a bettor is less important to finance companies than how often you gamble and how many transactions you make.<\/p>\n<p>It is worth considering how much you gamble and how many transactions you make prior to applying for loans as this could influence whether you are accepted or not and potentially the rates they will lend to you (i.e. the risk bracket you are placed in).<\/p>\n<h2 id=\"think\">Think About Other Areas Of Your Life<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-3440\" src=\"https:\/\/www.newbettingsites.co\/wp-content\/uploads\/2022\/06\/bank-statement-300x201.jpg\" alt=\"bank statement\" width=\"300\" height=\"201\" srcset=\"https:\/\/www.newbettingsites.co\/wp-content\/uploads\/2022\/06\/bank-statement-300x201.jpg 300w, https:\/\/www.newbettingsites.co\/wp-content\/uploads\/2022\/06\/bank-statement.jpg 400w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>There are countless reasons why it is really important to be sensible with your betting. Spending money that you can\u2019t afford to lose will always get you into trouble further down the line. This is especially the case when you think about the fact that \u2018the House always wins\u2019 isn\u2019t just some trite expression.<\/p>\n<p>Bookmakers and casinos are set up in such a way that they are all but guaranteed to take money from you in the long run, so short-term wins are not wins overall if you\u2019re planning to keep gambling for a long period of time.<\/p>\n<p>Just because the act of placing a bet doesn\u2019t affect your credit score, your score will soon begin to be affected if you are unable to pay other bills due to the money that you\u2019ve spent gambling. Going into arrears on payments such as your mortgage or rent, for example, will be flagged up on your credit report.<\/p>\n<p>Though gambling itself won\u2019t have directly caused you any problems, it will be an indirect cause of problems if you don\u2019t manage your finances properly. Equally, taking out credit or using the likes of a pay-day loan company to pay for things will cause issues.<\/p>\n<p>Credit utilisation, which is the posh phrase for the manner in which you use your available credit, can also have an impact on your credit report. Say, for example, that you have a credit card with a \u00a320,000 limit and you\u2019ve borrowed \u00a319,000 on it, lenders will not look favourably on you because of that. If, on the other hand, you borrow a small amount regularly and always pay it back, lenders will consider you to be fiscally responsible. This is a method that should only be considered if you can trust yourself to pay the credit off every month, though.<\/p>\n<h2 id=\"questions\">Questions You Might Want Answered<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-1505\" src=\"https:\/\/www.newbettingsites.co\/wp-content\/uploads\/2020\/06\/problem-solving-question-mark-thinking-bigstock-300px.jpg\" alt=\"Question Mark Problem Solving Thinking\" width=\"300\" height=\"220\" \/>There are numerous questions that you might have around gambling and credit checks, even aside from the idea of whether or not your credit report will be damaged by you signing up with an online betting company. One of the things that you might want to know, for example, is whether it will show up on your credit report if you make use of your bank\u2019s merchant code blocking service. It is possible that your bank might be able to stop you from spending money with betting companies, which is useful if you have a gambling problem.<\/p>\n<p>The good news is that only your bank will know which blocking codes you\u2019ve made use of, so that\u2019s something that you don\u2019t need to worry about. If you\u2019re someone that has a problem with gambling, <a href=\"https:\/\/www.gamcare.org.uk\/news-and-blog\/blog\/gambling-and-your-finances-what-impact-can-gambling-have-on-credit-reports\/\">you might be concerned<\/a> about how long into your recovery it will be before you can do something like apply for a mortgage. Once again, there is some good news there, insomuch as the fact that you\u2019ve had problems with gambling in the past doesn\u2019t necessarily mean that you won\u2019t be able to get credit in the future.<\/p>\n<p>The issues arise if you\u2019ve done something such as missed a payment or defaulted on your credit accounts in the past. When that happens, you are unlikely to be offered the market\u2019s best rates for the likes of a mortgage, with defaults lasting for six years and diminishing with every passing year during that time.<\/p>\n<p>Unfortunately, if you have joint credit agreements, such as a joint mortgage with someone, both people on the agreement are liable for any any debts. Lenders can check the credit of the person that you\u2019re financially linked to, if you apply for credit.<\/p>\n<h2 id=\"why\">Why Does It Matter?<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-1377\" src=\"https:\/\/www.newbettingsites.co\/wp-content\/uploads\/2020\/05\/high-medium-and-low-risk-300x227.png\" alt=\"high medium and low risk\" width=\"300\" height=\"227\" srcset=\"https:\/\/www.newbettingsites.co\/wp-content\/uploads\/2020\/05\/high-medium-and-low-risk-300x227.png 300w, https:\/\/www.newbettingsites.co\/wp-content\/uploads\/2020\/05\/high-medium-and-low-risk.png 400w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>The truth of the matter is that lenders don\u2019t want to lend money to people that have demonstrated irresponsible financial behaviour in the past. In other words, if you\u2019ve got yourself into debt using credit cards or other forms of credit, it will show up on your credit report and will influence whether you can get credit again in the future. Lenders don\u2019t care that you\u2019ve gambled as an activity in its own right, but they do care if placing bets has resulted in you getting into trouble when it comes to making payments that you owe.<\/p>\n<p>Ultimately, lenders will look at your outgoings and your earnings, though not necessarily the specifics of the former. That is to say, a lender will look at something like the amount that you spend every month and compare it to how much you learn. Someone on a salary of \u00a3500,000 a year spending \u00a31,000 a month on gambling won\u2019t be flagged up as being a concern, but someone on \u00a320,000 a year spending that much will be. It\u2019s why you need to be sensible with your financial responsibilities, being careful not to over-extend in order to gamble.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019ve signed up to a betting company, you might be concerned about what this means for your credit score. As you will probably know, any time your credit is checked, your credit score can be affected. This can mean that you struggle to get something like a mortgage or other important thing on credit&#8230;.<\/p>\n","protected":false},"author":4,"featured_media":0,"parent":468,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Do Betting Companies Perform Credit Checks? - NewBettingSites.co<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.newbettingsites.co\/articles\/do-betting-companies-perform-credit-checks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Do Betting Companies Perform Credit Checks? - NewBettingSites.co\" \/>\n<meta property=\"og:description\" content=\"If you\u2019ve signed up to a betting company, you might be concerned about what this means for your credit score. 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