Protect yourself from gambling debt

Dealing with a gambling addiction or money spent on gaming can be an overwhelming journey, especially when it starts to impact your financial stability. Many people find themselves caught in a cycle of borrowing to fund further gambling, which can lead to more financial trouble due to debt. Especially if you’re taking out credit, to fund gambling, which you can’t afford to repay.

If you are going through this, you are not alone and there are steps you can take to protect yourself, stop gambling and regain control of your financial wellbeing, starting with a Notice of Correction (NOC) on your credit report. We spoke to the experts at Experian and Big Deal to bring you this helpful guide to NOCs.

Using a Notice of Correction (NOC) to protect you from gambling debt

What is a NOC?

A Notice of Correction is a statement of up to 200 words, which acts as your voice to potential lenders, explaining information on your credit report, or sharing context that you want lenders to consider. By adding a NOC to your credit report, you make sure that all lenders take your statement into account when reviewing your credit application.

This tool can support you in managing gambling and protecting your financial health; for example, if you are worried about taking out new credit to pay for gambling, you could tell lenders that you don’t want to borrow any more money.

How to add a NOC with Experian

Adding a NOC is a straightforward process. First, you’ll need an Experian reference number, which you can get by signing up for a free Experian account or ordering a free statutory report.

Once you have the number, you can submit your NOC using Experian’s online form.

You will also need to register a separate NOC with the other two main credit agencies, Equifax and TransUnion and you can use the same text for this.

Should I mention gambling in my NOC?

Whether or not you mention gambling in your NOC is completely up to you, but a key question to ask is whether including this information in your NOC could offer you extra financial protection. If you are currently having challenges with gambling or are struggling with a gambling addiction, then being explicit with lenders could help protect you from taking on more debt.

How will lenders react to a Notice of Correction?

When you apply for credit, it will be referred to a person to manually review your statement. This means you’ll slow down the application process, which may be helpful if you’re trying to get instant credit to fund gambling.

The NOC doesn’t mean that lenders will have to refuse the credit application, but they will be required to look at what you have written and take it into account (different lenders may approach this differently).

How long does a NOC stay on my credit report?

Your NOC remains on your credit report until you ask for it to be removed. However, if it’s linked to a closed account, it’ll be automatically removed six years after the account closure. If the NOC is removed, then you can read it whenever you wish.

Can a NOC be seen by anyone else?

It can be seen by any company who checks your credit report before you apply for credit, for example your mobile phone provider or energy supplier. If you are worried about this, you could contact the provider to explain the situation.

Some employers could choose to check ‘public record’ entries on your credit report as part of a background check, for example court judgements. Your employer would need your permission to do a full credit report check.

However, if you’re working in certain jobs, for example in finance or law, then they may do a full check of all your information. This would mean they would see the statement.

If you are worried about an employer seeing your NOC then you could opt for general wording, or you could remove the NOC before applying for jobs.

Bear in mind that it can take two-four weeks to remove a NOC and you will need to ask all three credit agencies to remove it.

Blocking apps & resources

In addition to NOCs and support organisations, there are other resources available to help you manage your gambling habits and help with gambling addiction. You can install software on your personal devices, such as laptops, phones, and tablets, to block access to gambling sites. This is also known as ‘Self-Exclusion’. Visit BeGambleAware’s page on this to learn more about how these tools can support you.

How to find support for gambling

If you’re worried about your gambling or money spent gaming, or if you’re impacted by someone else’s gambling, organisations like Big Deal are here to help. BigDeal provides information, support, and advice without judgement. Visit bigdeal.org.uk or speak to their Young People’s Service on 0808 8020 133.

You can also get support through BeGambleAware, The Gambling Commission, GamCare and Gamblers Anonymous, who offer free and confidential advice to people struggling with gambling addiction and resources to help you stop gambling.

You’re not alone

Managing gambling and credit concerns may seem daunting, but with the right resources and support, you can regain control of your financial wellbeing. Whether it’s adding a NOC to your credit report or seeking help from support organisations, remember that help is within reach. You’re not alone, and there are steps you can take to protect yourself and your finances.

If you need further guidance or are feeling worried about gambling and need someone to talk to, please don’t hesitate to reach out to The Mix’s team, or join our online community; we’re here to support you with whatever you’re going through.

Read more articles about credit and debt here.