DOES GAMSTOP AFFECT CREDIT RATING?
According to the current legislation, all online casinos licensed by the British regulator UKGC are required to connect to the GamStop service. For players, the use of the platform is voluntary and free of charge. Blocking through GamStop allows the user to restrict access to all casinos connected to the system at the same time. It is known that banking organizations negatively assess the development of gambling addiction among their clients. In this regard, we propose to analyze, does gamstop affect your credit rating.
Financial rating not in words but in deeds
First of all, you need to understand what a credit rating is. In the UK, before issuing any loan, banking organizations check the identity of the client and his credit rating. The identity verification procedure is called KYC or “know your customer”. The database of banking organizations contains all information on the history of loans. Whether the person has taken loans before, whether he has current loans, whether there were any delays in repayment or litigation. As a result, based on this information, a credit rating is formed, which, in fact, is expressed in the form of points. The greater its value, the higher the confidence of banking organizations in the client.
In practice, credit rating plays a rather important role. It depends on him to a large extent the approval of the loan. The number of points also affects the approved interest rate. But the question remains, does gamstop affect your credit rating, whether it is taken into account when calculating points.
GamStop is a personal and voluntary matter
So, let’s figure it out, do betting accounts affect credit rating. For players, the use of the GamStop service is purely voluntary. The user independently determines whether to block his profile or not. The player also chooses the duration of the restriction. The minimum duration of disconnecting profiles in the casino is six months. It is also possible to block for a longer period of 1 year or 5 years. In the future, to enable accounts, they will need to be activated, the automatic unlock procedure is not provided. Does betting affect credit score? Voluntary blocking of a player through the GamStop service is done anonymously. User data is not transferred to banking organizations, which means that the self-blocking system does not in any way affect the user’s credit rating.
However, gambling can still affect her in a negative way. If a player prefers to bet in an online casino not on Gamestop with a license from foreign regulators, replenishes the account through credit cards and does not pay debts on them on time, this will lead to a decrease in the credit rating. The fact is that credit card debts are also taken into account when scoring.
New prohibitions and licensing agreements in the gambling industry
At the legislative level in the UK, changes in the field of gambling occurred in 2018. During this period, additional restrictions were introduced, as well as licensing rules were prescribed. So, on casino sites with permission from the UKGC, deposits from credit cards are prohibited, and the amount of bonuses is limited. There is also a ban on jackpot slots and live dealer games. Due to the current restrictions, many users prefer to register on gaming platforms with a foreign license. British law does not allow this. However, in this case, low-interest gambling and mortgages in the presence of large credit card debts may not be compatible.