You might be the perfect bank customer in the UK, but faulty record keeping can make you look like a bad risk overseas. Words Hannah Beecham
One of the most exciting aspects of moving overseas is that everything
starts afresh. New beginnings are made in all areas of your life – new home, new job, new neighbourhood and new friends. It’s a time when every endeavour holds promise.
Of course, sound financial preparation is essential, and the area I want to draw attention to here is planning for secure lines of credit once overseas.
Whilst many Western countries are rejoicing that they’ve reached the end of their recessionary cycles, the after-effects of the credit crunch are still pinching ordinary citizens. Consumer groups warn that there are tens of thousands of perfectly credit-worthy Brits being refused loans, mortgages and even credit cards when opening new accounts.
And this is where expats need to guard against coming a cropper. Moving abroad necessitates new relationships with banks, lenders, and other financial companies. But as an unknown customer you become an unknown risk. In order to ensure that your access to credit remains unblocked it is imperative you check your credit history to see how you are rated by the agencies that supply the data to the lenders you’ll be seeking credit from.
Read more in the March issue of Living Abroad magazine
One of the most exciting aspects of moving overseas is that everything
starts afresh. New beginnings are made in all areas of your life – new home, new job, new neighbourhood and new friends. It’s a time when every endeavour holds promise.
Of course, sound financial preparation is essential, and the area I want to draw attention to here is planning for secure lines of credit once overseas.
Whilst many Western countries are rejoicing that they’ve reached the end of their recessionary cycles, the after-effects of the credit crunch are still pinching ordinary citizens. Consumer groups warn that there are tens of thousands of perfectly credit-worthy Brits being refused loans, mortgages and even credit cards when opening new accounts.
And this is where expats need to guard against coming a cropper. Moving abroad necessitates new relationships with banks, lenders, and other financial companies. But as an unknown customer you become an unknown risk. In order to ensure that your access to credit remains unblocked it is imperative you check your credit history to see how you are rated by the agencies that supply the data to the lenders you’ll be seeking credit from.
Read more in the March issue of Living Abroad magazine
