The Gone Away Information Network, commonly known as GAIN, is a term that often pops up in the context of credit and debt management.
But what exactly is GAIN?
The Gone Away Information Network (GAIN) is a shared database used by various credit and financial institutions in the UK. It is designed to help these organisations track down individuals who have ‘gone away,’ or moved without informing their creditors, usually to avoid paying debts.
When a person moves without informing their creditors and subsequently becomes unresponsive, the creditor may choose to list them on the GAIN database if they are at least 30 days in arrears. This listing is then accessible by other organisations that are part of the network, making it easier for them to locate the individual and take necessary actions to recover the debt.
Being listed on GAIN can have several negative implications:
- Your credit score could take a significant hit if you’re listed on GAIN, making it more challenging to secure loans, mortgages, or even rental agreements in the future.
- Being listed could also expose you to legal actions from your creditors, including court judgments and potential asset seizures.
- Your ability to engage in future financial transactions, such as opening a new bank account, could be severely restricted.
Checking your Credit Report will show the information that prospective lenders will see when you apply for credit – if any of these credit agreements are active and registered to an old address, you’ll be able to see which lenders they are with, so you can get in contact.
