Postal strikes 'threaten credit scores'

24/09/2009

Tips for credit card users who might pick up late payment charges due to the ongoing postal strikes have been issued by Equifax.

The credit reports firm warned that many people might forget to pay their bills due to late delivery of mail - resulting in damage to credit scores.

Equifax also noted recent reports suggesting that the overall cost to credit card customers of the industrial action might come to over £150 million.

Card firms commonly charge a fee of £12 for those who miss their minimum monthly payments.

Neil Munroe, external affairs director at Equifax, said: "Just one late payment - even if it was of no fault of your own but down to a postal strike - could be the difference between getting approval on a new credit agreement or getting the best rate - or not."

The nation's postal workers have been balloted by their union over the possibility of taking national strike action, rather than the current localised strikes.

Results of the poll will be known early next month.

Mr Munroe added: "With reports of backlogs of post already building up at sorting offices and the threat of a national postal strike, there is a risk payments could be delayed for some time."

Tags; Income Worries and Debt, Young Family Finances, Credit Card Lifestyle, Recent Graduate Debt,

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