Does Matched Betting Affect Your Credit Score?
When you are involved in matched betting or toying with the idea to become a punter, you might be concerned about the credit score that you currently have. Will the matched betting activities going to affect the credit score? Does the score go down on frequent betting involvements? Many such questions hover in your mind and keep you in a dilemma at times, about considering matched betting as a serious avenue to earn profits. This blog article tries to find some answers.
Firstly, be clear about the betting platform
You should opt for a reputed and well-established betting platform to get involved in matched betting. In this way, you ensure that the platform complies with all the required regulations, and you place bets within a legal framework. There are no risks in matched betting, but you should be sure that you don’t get unnecessarily involved in some administrative troubles. The rule of thumb is choosing a top betting site.
Related article: Learn Matched Betting In Two Minutes
The worry that you might have
You might think that the lender would think betting to be some sort of gambling and lower your credit score, and this could further affect your financial credibility in the market. But, in practicality, this is a baseless worry.
Matched betting is not gambling
The crucial attribute of matched betting is it is not gambling. Moreover, it is legal. There are clear government rules in place that state about the legality of matched betting. The lenders are aware of this, too. Hence, there is no chance of your credit score getting reduced.
Related article: Does Matched Betting Work? Is it Safe? What are the Risks?
The importance of ‘soft searches’
These are the ‘searches’ that the bookmakers do in order to confirm your identity. The information is collected. The lenders would have no issue in exchanging the info. Your credit status would remain unaffected by this. There would be absolutely no change in your credit score. There is no reason to get intimidated by ‘soft searches’. They are just protocols to be maintained in professional procedures. They are totally unrelated to your credit score.
Soft searches of bookmakers don’t show on reports
Your credit reports would remain untouched by the soft searches of the bookmakers. When you apply for a loan or credit card from your bank or financial institution, you can do it smoothly, without any change in the details of the credit report you have. Resultantly, the credit score would also remain intact.
Tax-free earnings make it simpler
Note that whatever profit margin you earn from matched betting is not taxed. It is legal earning. If you lend from the same bank where you save, then it would not be an issue, irrespective of the amount you earn from matched betting. The same rule applies when you deal with multiple banks. There is no linkage of tax-less earnings with credit score or credit reports. You simply have to keep your financial details organized in a traditional way, and that’s more than enough.
Related article: Does Matched Betting Tax Your Earnings?
Leave behind all worries
Hopefully, now you are a bit more relieved to know that credit score remains unharmed by matched betting.
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