Credit, Collections & Insolvency News
Despite political and economic uncertainty, borrowers turned to established and familiar lenders in 2019, according to a new research report launched by Equiniti Credit Services and Credit Kudos. The report titled ‘A Brands’ New Decade: Loyalty on loan as consumers consent to data-driven lending services’ has found that although banks remained the lender of choice…
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The results of TotallyMoney’s Financial Awareness Survey has revealed that myths surrounding interest payments, credit limits and how often you need to use your card are clouding the judgement of UK consumers. One statistic shows that over half of UK adults (54%) didn’t know that paying off an outstanding balance in full each month may…
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The Lending Standard Board (LSB) has published its Access to Banking Standard summary report. The Access to Banking Standard aims to help minimise the impact of bank branch closures on customers and local communities. It is designed to ensure that customers affected by branch closures receive sufficient communication and clarity on the reasons for the…
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Yobota, the cloud-based banking platform provider, has selected fintech, Credit Kudos, as its open banking credit bureau, allowing Yobota customers to significantly improve affordability and credit risk modelling. Currently, financial institutions are operating on complex, legacy technology architectures many of which were developed in the 1970s/80s. This not only increases operational cost and risk but…
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Aire, the credit insight service, today launched a range of new services – the Aire Credit Insight Suite – to offer UK lenders greater decision-making power when it comes to assessing customers for credit risk and affordability. Operating across the customer lifecycle, Aire enables lenders to make fairer, more accurate credit decisions about their customers:…
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IHS Markit’s UK Household Finance Index (HFI) hit 47.6 in February, from 44.6 in January, as UK households’ perceptions of their financial wellbeing rose to its highest-ever levels. The Household Finance Index rises to 47.6, from 44.6 in January as UK households foresee a solid improvement in their financial health over the next 12 months.…
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The Financial Conduct Authority (FCA) has published its annual Sector Views, an assessment of the risks and potential harm to consumers across financial services markets. The Sector Views look at the impact of macroeconomic developments and common drivers of change emerging across financial markets. They also outline areas where there may be a negative impact…
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Eight in ten businesses believe data is one of their most valuable assets, but a high degree of inaccuracy is hindering critical initiatives, new research from Experian has revealed. The annual Global Data Management report, which surveyed 1,100 data practitioners and data-driven business leaders globally, found that businesses are still struggling to incorporate meaningful data…
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More than three out of ten consumers (34%) say they would be most likely to take on extra debt if they were faced with a sudden gap in their finances, according to new research from R3, the insolvency trade body. Thirteen percent of over 2,000 people surveyed by Savanta ComRes for R3’s latest Personal Debt…
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The Financial Conduct Authority (FCA) has today imposed a fine of £2.77 million on car finance provider, Moneybarn for not treating customers fairly when they fell behind with loan repayments while in financial difficulties, between 1 April 2014 and 4 October 2017. The FCA says Moneybarn also did not communicate the likely financial consequences of…
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Communities are being encouraged to take part in a new initiative to help improve access to cash. The new Community Access to Cash Pilots, being funded by the financial services industry, will help to work out ways to meet local access to cash needs. ATM and bank branch closures have fuelled fears that “cash deserts”…
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UK Finance has published its latest Card Spending Update, outlining the data for spending on card transactions by UK cardholders in November 2019. The update shows there were 1.6 billion transactions on debit cards in November 2019, 8.8 per cent more than on the same month in 2018. This reflected a total spend of £51.2…
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New figures released by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q4 2019 was 25, 10.7% lower than in Q4 2018. The annual total of repossessions in this market fell to a record low of 98 in 2019. The rate of second charge mortgage repossessions (as…
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