Credit, Collections & Insolvency News
New research by FICO has revealed that strong fraud protection could be a competitive differentiator. When asked to rank their considerations in selecting a financial account provider, the top factor for 30 percent was good fraud prevention. This came above value for money at 26 percent. Greater levels of checks across the financial services sector…
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Some banks may be leaving customers vulnerable to fraudulent spoofing attempts, according to an investigation by consumer group Which? Spoofing, where fraudsters impersonate legitimate companies, such as banks, utilities providers or government agencies, is a common tactic used to deceive victims. Ofcom estimates that 40.8 million UK adults have received a suspicious call or text…
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Latest figures from the Building Societies Association (BSA) have shown that mortgage lending by building societies in the third quarter of the year was up 11% compared to Q2 despite the worsening outlook for the economy, and squeeze on household incomes. The number of approvals were however down 9%. Gross lending was also up by…
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The Financial Conduct Authority (FCA) has set out proposals to improve the credit information sector so it can deliver higher quality and more comprehensive information for consumers and firms. Credit reference agencies (CRAs) build financial profiles of consumers which they sell to credit information users to inform lending and other decisions. The FCA wants to…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 4% in September 2022 compared with the same month in 2021. In the first nine months of 2022, new business was 19% higher than in the same period in 2021. The credit card and personal loan sectors…
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Analysis of the latest Bank of England figures from Freedom Finance, has found that the average quoted household rates on personal loans are accelerating sharply. Rates on both £5,000 and £10,000 personal loans registered the second largest monthly increase ever recorded and grew to their highest levels in recent years. The average quoted household rate on…
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Millions of people in the UK admit they never think about their credit score, despite many saying they are expecting to borrow more money from their bank or lender in order to manage the cost of living crisis according to new research commissioned by CRIF. The research show nearly half (46%) of UK consumers never…
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Consumer spending rose 3.5% in October but the hospitality and leisure industries continue to struggle as Britons cut back ahead of Christmas, according to latest data from Barclaycard. As petrol and diesel prices started to creep up again, fuel spend rose 17.7 per cent year-on-year, 6.6 percentage points higher than last month’s uplift (11.1 per…
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New research from Freedom Finance, has indicated the potentially serious impact of credit declines on potential borrowers in the UK is creating application anxiety. Nearly half of all (46%) adults said that they wouldn’t apply again if they were declined for a loan or credit card from their bank. Over a third (36%) said that…
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With the pandemic having accelerated the shift away from face-to-face credit applications, the fraud landscape continues to evolve – and this trend shows no signs of a reversal. Given the inherently remote and anonymous nature of internet-based credit decisioning, this presents higher risks for lenders. The lender landscape has changed too. More consumer payment options,…
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Analysis from Freedom Finance found that more and more people in the UK are taking out loans from Credit Unions as the cost of borrowing reaches new highs. The latest data released by the Bank of England revealed that 1.94 million people in the UK were members of a Credit Union in the second quarter…
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New research from Zuto Car Finance has revealed that even in a cost-of-living crisis, almost a third of consumers (31%) still haven’t looked for financial advice. Just 23% of those surveyed rely on the expertise of a financial advisor and 22% contact their bank first to discuss any financial matters. 12% would immediately seek help…
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Latest Bank of England data shows that the annual growth rate for consumer credit, which includes borrowing using credit cards, personal loans, overdrafts and car finance, increased by 7.2% in September from 7.1% in August, the highest rate since March 2019. The annual growth rate of credit card borrowing was 12.1 percent with outstanding balances…
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