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The Kensington Mortgage Company has published the findings of a survey which show that incidences of stress are rising amongst borrowers who are worried about their credit rating.
The research reveals that around one in six - about 16 percent - of the population consider that a bad credit history is one of the worst causes of ongoing stress in their life, with women particularly worrisome about their financial status.
Precisely one in five of all the women surveyed were of the opinion that their poor credit record would result in them being unable to obtain a mortgage, compared to just one in seven men - with young people surprisingly the biggest worriers of all. These stresses and strains are heightened by fears about how to repair a damaged credit history, which occupies the mind of 1 in 5 of the younger generation in the survey.
John Maltby, chief executive of Kensington, said: "It may be surprising that having a poor credit history would have such a detrimental effect on so many people. However, the reality is that a poor credit history will restrict what people can do in their everyday lives. Although repairing a poor credit history is not easy, there is hope for people in this situation. At Kensington we aim to help those that have run into difficulties with conventional lenders by providing mortgage solutions to get them back on their feet."
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