Over a quarter (26%) of people in the UK admit they’ve never checked their credit score, sparking concern from CredAbility, who warn that a lack of financial knowledge could be limiting people’s access to credit and leading to higher interest rates on fewer options. The survey also found that 49% don’t know their credit score,…
Read moreNew research from personal finance specialist Finder has found that 1 in 20 consumers have hidden credit score problems from their partner. The research also showed that a third of consumers (34%) – an estimated 18.5 million people – have withheld important information about their finances from their partner in a current or previous relationship.…
Read moreInflation fell unexpectedly to 1.7 per cent in the year to September, the lowest rate in three-and-a-half years, according to the latest Office for National Statistics (ONS). However, households were hit by a jump in food and non-alcoholic drink inflation, with stronger price increases for milk, cheese, eggs and fruit. Lower airfares and petrol prices…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in August 2024 by 1% compared with the same month in 2023. In the eight months to August 2024, new business in this market was at a similar level to the same period in 2023. The credit card…
Read moreWhich? is warning that people are being left out of pocket and in the dark because a credit report system that is confusing and riddled with errors lacks transparency and accountability. The consumer champion’s nationally representative survey of more than 4,000 people found that one in three (32%) respondents who checked their report discovered a…
Read moreLatest Bank of England Money and Credit data has shown that consumer credit by individuals amounted to £1.3 billion in August, a slight increase from £1.2 billion in July, which continues to be the highest since November 2022. August consumer credit borrowing slightly dropped to 7.6% year-on-year from the 7.8% seen in July. The data…
Read moreAround 8.3 million individuals have experienced adverse credit in the last three years according to research by Pepper Money. Those who say they’ve missed a credit payment, nearly half (46%) say they have gone on to miss more than one payment. However, 1.76 million potential borrowers with adverse credit have plans to buy a property…
Read moreThe 2025 Credit & Collections Industry Awards has confirmed its return in May 2025, with entries now open. The awards programme was launched earlier this year recognising excellence within credit and collections by highlighting achievements through its tangible and transparent awards judging scheme. The awards will recognise key industry innovations and initiatives in credit, lending…
Read moreChallenger credit reference agency, Infact has announced a £4 million seed funding round after securing FCA authorisation to establish the first real-time credit bureau for the digital financial services market. The funding was led by AlbionVC, with participation from 13books Capital, Outward VC, Form Ventures, and Portfolio Ventures. Infact is also backed by leading angel…
Read moreConsumer confidence in the UK has sharply declined, with the GfK consumer confidence index dropping to minus 20 this month, down from minus 13 in August. The longest-running measure of consumer confidence nosedived, raising concerns about whether government rhetoric about Budget ‘pain; has overly worried the general public. The index measuring changes in personal finances…
Read moreThe Chief Executive of the Financial Ombudsman Service (FOS) has urged financial firms to do more to help struggling consumers. Speaking at the ‘Connected 2024’ conference Abby Thomas, Chief Executive and Chief Ombudsman at FOS said there has been an Increase in debt levels have left some consumers feeling confused, stressed and out of their…
Read moreInflation in the UK remained unchanged at 2.2% in August, according to the Office for National Statistics (ONS), aligning with economists’ predictions. However, core inflation increased to 3.6%, up from 3.3% in July. The Bank of England, which recently cut rates for the first time since the pandemic, is expected to proceed cautiously due to…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in July 2024 by 4% compared with the same month in 2023. In the seven months to July 2024, new business in this market held steady compared with the same period in 2023. The credit card and personal…
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