Latest research figures from FICO have shown a 12 percent increase in credit card spending and more customers exceeding their card limit in  April 2021, which shows the impact of the opening up of hospitality and retail. Missed payment numbers were still below historical trends, probably due to increased savings and government support, which continues…

Credit reference specialist, Equifax has announced that it has updated its flagship credit risk product, Risk Navigator 5, with the aim of creating a new standard in powering better decision-making to improve consumer credit outcomes. Developed using the company’s largest ever data set, Risk Navigator 5, has shown potential to deliver a 6% average improvement…

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 147% in April 2021 compared with the same month in 2020.  In the first four months of 2021, new business was 1% higher than in the same period in 2020. The retail store and online credit sector…

UK Finance and the Building Societies Association (BSA) are calling for further help for those struggling to pay their mortgage due to the financial effects of the Covid-19 pandemic. The organisations are calling for changes to Support for Mortgage Interest (SMI) which is currently offered to help homeowners to avoid their financial situation deteriorating by…

The likelihood of consumers securing credit has overtaken pre-pandemic levels, according to latest analysis by Experian. The number of people who have a strong chance of being approved for a credit card is currently 5% higher than in March 2020, while people’s chances of being approved for a loan is 6% higher. Consumers now have…

New research by the Financial Conduct Authority (FCA) has highlighted the borrowing patterns of consumers during the pandemic, with men have borrowed more during the crisis (9% of men and 6% of women). The research looked at the impact on the finances of men and women during the pandemic and showed that before the pandemic,…

The Credit & Collections Technology Awards has confirmed the judging panel for the 2021 event. Launched in 2017, the fifth annual awards seek to recognise excellence in credit and collections technology. The judging panel includes industry association leaders whose expertise includes specialisms from a diversity of different backgrounds, this ranges from consumer and business commercial…

Consumer spending has recovered to levels last seen before the pandemic as it rises 0.4% in April compared with the same period in 2019, up from a 7.2% contraction in March and the first expansion this year, according to data from Barclaycard. The data indicates that spending on essential items rose 10.1 per cent compared…

New analysis by EY ITEM Club’s Interim Bank Lending Forecast expects consumer credit to grow 10.5% in 2021 and 9.1% in 2022 as consumer spending rebounds post-lockdown. Net lending via credit cards and personal loans turned negative in 2020 and remained in negative territory in the first three months of this year. Annual growth in February…

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