Instant Win Competitions Can Impact Your Credit Score! Stay Mindful, Stay Responsible.

By Jade Rennix, ANSAC Loans Officer:

As your trusted Credit Union, we always have your best interests at heart. That's why we want to bring your attention to a concerning trend that our Team of Loans Officers have been noticing recently. We have seen a significant increase in expenditure on Instant Win Competition websites such as Oosch and Rking among our members.

These websites may seem harmless at first glance, with enticing taglines like "get involved and have some fun." They offer a wide range of prizes, from football tickets to cash prizes as high as €1,000,000, making it easy to see why they can be so appealing. However, it's important to remember that participating in these competitions is classified as gambling, which can have serious implications when it comes to your financial well-being.

While we understand that a bit of recreational gambling is not necessarily a problem, excessive spending on these online competition and giveaway websites is a red flag for us. We’ve observed cases where a significant portion of someone's expenditure is going towards these websites. Just like any form of gambling, some individuals may be more susceptible than others to developing a harmful habit.

It's essential for our members to be aware that habitual gambling, regardless of the form it takes, can have a negative impact on your ability to access credit through our Credit Union or indeed any credit institution. Whether you’re applying for a loan or seeking an overdraft on your current account, a pattern of excessive gambling can raise concerns about your financial stability and responsibility.

We urge our members to be mindful of their spending habits and to seek help if they feel that their gambling activities are getting out of control. Remember, we are here to support you and guide you towards a healthier financial future. Your well-being is our top priority, and we are committed to helping you make wise financial decisions.

How to find out the impact on your credit rating

Anyone concerned about the knock-on effects gambling has had on their credit rating, can make an application for it on The Central Credit Register (CCR) website Continue your application (centralcreditregister.ie) and order their credit report free of charge for a personal report to see what information prospective lenders can access about their credit history.    Three types of identification documents will be requested when applying for your credit report:

• photo with signature (such as passport or driving licence)
• proof of your address (must be no more than 6 months old)
• proof of your PPSN

Seeking Help and Finding Support

If you or someone close to you is affected by gambling addiction, reaching out for help is the most important step. If you’re struggling with online gambling, please remember that you are not alone, and there are many supports available to you to help. Acknowledging the problem is the first step toward healing, and it takes courage to reach out.