GAIN - Gone Away Information

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A change of address can adversely affect your credit rating. If you are moving home you should consider the implications and where possible minimize the affect this will have on your credit rating.

An implication, if you do not provide a forwarding address, would be to have a GAIN entry recorded on your credit report. There are three main Credit Reference Agencies; Experian, Equifax and Call Credit, all of which are members of the Gone Away Information Network, or GAIN.

GAIN is a membership association which allows lenders, if they are a member of GAIN, to contribute information on individuals who have an account at least one month in arrears, but has moved home without giving the lender a forwarding address.

GAIN information can remain on your credit report for six years, however if you do pay the debt off beforehand you can ask the lender to have the GAIN information removed immediately. The information that can be seen by all members of GAIN who search your credit report includes;

 The address you had been living at before you moved
 The address you have since been traced to
 Who supplied the information
 AND any other name you have been known by

A GAIN entry on your credit report suggests that you may still owe an amount to the lender. This affects your credit worthiness as any amount owing will be taken into consideration if a credit check is performed.

Providing a change of address when you move and using the Royal Mails Redirection Service will help to ensure that you keep your accounts in order, but more importantly will reduce the possibility of falling victim to Identity Theft.

A change of address can leave you vulnerable to Identity Theft. Over two thirds of identity thefts occur from either intercepted post or post that is re-directed to a collection address. If you move you should provide all your creditors, bank account providers, and utility providers with your forwarding address.

If you change address you should use the Royal Mails Redirection Service to forward your post to your new address. However, if you do not have a change of address but your post fails to reach you, check that a re-direction service has not been set up without your consent.

If bank or credit card statements that you would normally receive on a monthly basis fail to reach you, or you notice that some of your post goes missing, you should contact the investigations unit of your local Post Office who can assist you.

GAIN ­- Gone Away Information

Network

GAIN - Gone Away Information