30th August 2023 - Credit Connect

Meaningful conversations in a regulated world

30th August 2023 Industry opinion |

The financial services sector stands as one of the most intricately regulated industries, both within the UK and internationally. This rigorous oversight extends across two primary dimensions: the overarching regulatory framework governing the entirety of a company’s operations, and the pivotal focus on the individuals engaging directly with customers. Within the sector of debt recovery,…

The evolution of credit referencing: How innovation and education will shape the road ahead

30th August 2023 Industry opinion |

In the complex world of finance, credit reference agencies shoulder the responsibility of supporting informed decision-making for both lenders and individuals. Here at TransUnion, we see this as an opportunity for making trust possible between businesses and consumers, so that they can transact with confidence. As the global financial landscape becomes increasingly data-driven, the role…

Money Statistics: August 2023

30th August 2023 Arrears and Recoveries | #money statistics

Here is an overview of The Money Charity’s latest statistics for August 2023 Personal debt in the UK People in the UK owed £1,842.6 billion at the end of June 2023. The average total debt per household, including mortgages, was £65,619 and per adult was £34,644, around 103.5% of average earnings. Net mortgage lending increased by £256…

Pension pot of nearly £600,000 needed for a comfortable retirement

30th August 2023 Consumer Lending | #pension

People need to build a pot of nearly £600,000 to enjoy a comfortable retirement, according to Interactive Investor analysis. The rising cost of living requires an extra £4,200 a year to maintain the same lifestyle as in April 2022, with workers needing to save another £68,700 to generate that amount of annual income. The report…

Mortgage lending falls 28%

30th August 2023 Consumer Lending | #mortgage lending

Latest figures from UK Finance have shown that there has been a decline in mortgage lending, with lending for house purchases down 28% year-on-year in Quarter 2 (Q2). UK Finance says that the levels of housing market activity have remained very low by comparison with recent years in the first half of 2023. The industry…

SMEs hit by late payments

30th August 2023 Commercial Collections and Recoveries | #late payments

Four in ten (38%) small and medium-sized businesses (SMEs) are now taking over 90 days to pay their contract staff, according to new research from Sonovate. More than two in five (43%) of SMEs now struggle to pay their contract workers on time as a result of cash flow problems within their businesses. In contrast,…

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