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That ended early this year, triggering the credit score crash for borrowers in arrears or default.

The credit score declines resulting from the resumption of college loan payments was a factor in a sharp increase in the rejection rate for mortgage refinancings, to nearly 42% in February from 26.7% a year earlier, to 14% on car loans from 1.5% a year earlier, and to 22% on credit card applications from 16.6% over the same period.

High deposits and a low credit score mean Damo Buxton from Stoke-on-Trent has been unable to afford private rented accommodation, despite earning up to £2,500 a month.

He had never taken out a loan and so did not have a credit score, he said.

A low credit score should not stop someone from getting a loan to start a business, a community lending charity founder has said.