Does Matched Betting Affect Your Credit Rating?

Does Matched Betting Affect Your Credit Rating?

If you’re applying for a loan, mortgage or simply want to keep your credit rating high, you may be concerned that matched betting will have a negative effect and that your credit score may be harmed due to matched betting. Matched Betting involves you making several deposits and withdrawals to and from gambling sites which aren’t always looked at too favourably and so it’s logical to think that it may have some effect.

Banking and financial services company Santander have stated that:

“Credit scoring and ratings are a result of whether the account is kept in good order or not … that has no bearing on the type of transaction.”

That’s good news! It’s also backed up by the consumer credit reporting company Experian who have said in relation to betting accounts:

“It won’t appear on the credit reference radar. You can have as many gaming accounts as you want.”

When you register at a bookmaker or casino they may carry out a ‘soft search’. These are mainly for age verification and anti-money laundering purposes. These checks will show up on your credit file but mortgage companies and other lenders will not be able to see this information and the won’t affect your credit score in any way.

So, we’ve concluded that matched betting will not affect your credit score but what about transactions showing up on your bank statements to and from betting companies?

Having transactions from such companies on your bank statements should not be a problem when applying for a mortgage. However, many prefer to take the safer option of using a separate bank account solely for their matched betting activities. This option has additional benefits as it allows you to keep your matched betting profits separate from your bills and everyday spending allowing you to be more organised and keep track of your profits better. The majority of mortgage companies will only require recent bank statements for your main bank account that shows your income and expenses. However, if you want to be completely sure that betting transactions will not have an effect on your application, it may be best to take a break from matched betting until your application has been accepted.

How to check your credit score

There are many online services where you can check your credit score and keep an eye on it over time. Experian, ClearScore and Credit Karma (formally Noddle) are three of the more popular services and allow an in-depth look at your credit rating. You’ll be able to view the searches on your credit file along with any outstanding debt you have and your overall credit score.

If you’re thinking of registering for one of these services, even if it is short-term to simply check your credit score, we recommend claiming cashback for when you do so. Online cashback website TopCashback.co.uk offer cashback for signing up to several credit score services, including Experian. Click here to visit TopCashback today.

By robertc

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