Credit, Collections & Insolvency News
People living in the Eastern Central London postcode (EC) have the highest average credit scores in the UK, according to price comparison site MoneySuperMarket. Analysis of over 200,000 credit reports from MoneySuperMarket’s Credit Monitor has revealed that those in the EC area have the highest average credit score at 583 out of a possible 710…
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The Spring Budget, and the Bank of England interest rate cut and liquidity support, will provide some direct and indirect support during the uncertain period ahead according to StepChange. The debt charity says that it is almost inevitable that demand for debt advice is set to increase – and that the structural problems exposed by…
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Consumer spending grew 2.2 per cent year-on-year in February, propped up by digital subscriptions and takeaways, as consumers stayed home to avoid bad weather according to new data from Barclaycard. The date, which sees nearly half of the nation’s credit and debit card transactions, revealed that spending on essential items rose by 1.6 per cent.…
Read moreNon-financial behaviours such as social media use and transactional behaviour may be used in future credit risk assessment with implications for access to consumer finance, according to a report released by Registry Trust. The ‘Futures of Credit Risk Assessment in the UK’ report written by Senior Lecturer Joe Deville of Lancaster University and published by…
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The poorest fifth of the population have experienced a 7 per cent fall in their disposable household incomes over the past two years, leaving their incomes no higher last year than they were back in 2004-05, the Resolution Foundation said in response to the latest ONS income and inequality data. The ONS latest data, which…
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Consumer insights specialist, Equifax has announced a partnership with CreditLadder. the UK’s largest rent reporting platform, to include rental payment data in Equifax credit assessments. The collaboration is a boost for the thousands of tenants who use CreditLadder, enabling people who pay their rent on time to access credit at fairer rates. The partnership is a…
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New research from comparethemarket.com reveals that nearly one-third of consumers (30%) have to dip into their overdraft because they have run out of money before the end of the month. Many people are not able to save for a rainy day. The research found two-fifths (40%) use their overdraft for emergency funding and nearly one…
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While the UK’s rapid shift towards contactless and digital payments continues apace, these moves remain a very real problem and threat to the financial inclusion of a significant number of UK adults, according to the statistics, produced by The Money Charity. The latest figures released from LINK, the UK’s cash distribution network, show that the number…
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Finance specialists TotallyMoney have revealed figures that show many are being handed a credit card offer very different to the one they applied for. Although it’s not unusual for lenders to assess a borrower’s creditworthiness when they apply for credit, the latest research from TotallyMoney and MoneyComms reveals that many customers end up with a very different product to…
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New research from Citizens Advice has found that some energy autoswitching services are comparing fewer than 15 out of around 70 possible energy suppliers, despite claiming to cover most of the market, Citizens Advice’s ‘Stuck in the Middle’ report found that some autoswitchers were also providing inaccurate or unclear information, making it difficult for consumers…
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The Bank of England has released its latest Money and Credit statistics which show that net consumer credit growth remained at 6.1% in January, stabilising after the downward trend seen over the past three years. Meanwhile, mortgage approvals for house purchase rose to 70,900, the highest since February 2016. Whilst UK businesses made net repayments…
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The average insolvency rate amongst individuals in ‘red wall’ constituencies is 27% higher than the UK average, according to research by UHY Hacker Young. ‘Red Wall’ constituencies are areas in the midlands and northern England which have historically supported the Labour Party but voted for the Conservatives in the 2019 General Election. The average insolvency…
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The use of “buy now, pay later” products in the UK set to more than double by 2023, according to a new report by Worldpay. The newly released Worldpay from FIS 2020 Global Payments Report has found that eCommerce growth in the U.K. is being fueled by online sales through mobile devices, which are increasing 13…
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