Over a quarter have never checked their credit score

18th October 2024 Consumer Lending | #credit score

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,…

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1 in 20 have hidden credit score problems from their partner

18th October 2024 Consumer Lending | #credit score

New 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.…

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Inflation falls unexpectedly – consumer credit industry reaction

17th October 2024 Consumer Lending | #inflation

Inflation 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…

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Consumer finance fell by 1% in August 2024

10th October 2024 Consumer Lending | #consumer credit

New 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…

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Call for reform of credit reporting system

7th October 2024 Consumer Lending | #credit reporting

Which? 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…

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Consumer credit increases

1st October 2024 Consumer Lending | #consumer credit

Latest 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…

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8.3m impacted by adverse credit in past three years

Around 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…

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2025 Credit & Collections Industry Awards opens for entries

The 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…

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Infact secures FCA authorisation and raises £4m

26th September 2024 Company News |

Challenger 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…

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Consumer confidence falls

23rd September 2024 Consumer Lending | #consumer confidence

Consumer 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…

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Lenders encouraged to take a more compassionate approach to debt management

The 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…

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Inflation holds steady – consumer credit industry reaction

19th September 2024 Consumer Lending | #inflation

Inflation 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…

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Consumer finance grows by 4%

13th September 2024 Consumer Lending | #consumer credit

New 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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