Credit, Collections & Insolvency News
Credit card startup Yonder has partnered with open banking platform Yapily to provide consumers access to credit without needing a UK credit score. With recent research by Experian, showing that over 5 million people in the UK – 9% of the total adult population – have little to no credit history, greatly reducing their access…
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Shawbrook Bank has announced that it has joined ClearScore’s panel of personal loan providers which will use Open Banking technology to assess the creditworthiness of potential customers. Shawbrook intends to start integrating Open Banking data with their current decisioning technology. This will enable them to collect real-time income and expenditure information at the point of…
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New data from Experian reveals that applications for car finance, including Personal Contract Purchase (PCP) and Hire Purchase (HP), rose by 13% month-on-month in March as the new ‘22’ plate launched. This is the highest rate in March since 2019. A surge in people searching for car deals has returned strong levels of car finance…
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The Bank of England has published its latest credit survey which has shown that the demand for lending on credit cards and loans rose in the first three months of the year and is expected to do so again this Spring, as households struggle to cope with rising prices. The survey also showed that demand…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 39% in February 2022 compared with the same month in 2021. In the first two months of 2022, new business was 45% higher than in the same period in 2021. The credit card and personal loan sectors…
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A new report by global information and insights provider TransUnion has revealed that the number of people regularly checking their credit score has increased by nearly a third (30%) since the pandemic began. The Consumer Credit 2022 white paper, an in-depth look at the current financial landscape and changing consumer habits, points to greater understanding…
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Mainstream lenders are surrendering people into the hands of illegal loan sharks as many victims try to access credit from legal, regulated sources with the vast majority see their applications rejected leaving them nowhere to turn except predatory illegal lenders according to research by Freedom Finance. Freedom Finance analysis of the CSJ’s dataset of 1,200…
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Covid-19 restrictions hit people hard but cuts in spending but have enabled many planning to buy their first home to save more and realise their dream of climbing onto the property ladder sooner according to new research from the Nottingham Building Society (The Nottingham). The study found that, of those surveyed, one in five (19%)…
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New research, by card issuing platform Marqeta, has indicated that nearly eight in ten (79%) were denied a loan say outdated affordability criteria was a key factor. The data from a survey of European consumers on their attitudes and experiences of lending shows that many consumers still feel frozen out of the lending bubble, held…
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More than half (54 per cent) of young people, aged 18-34, think the current credit score system is fundamentally flawed according to new research from MyLifeKit. More than 44 per cent of all other respondents, aged 35 and older, also agreed that credit scores are flawed, contributing to an average of 46 per cent of…
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Credit provider, NewDay has published insights into its customers’ spending trends for the first two months of 2022. The data showed consumers prioritised booking holidays, with average credit card spend on hotels, flights and travel bookings increasing 453% in January and February year-on-year (YoY) as consumers took advantage of reduced global travel restrictions. The further…
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Latest figures from the Bank of England (BoE) has indicated that consumers borrowed a net £1.5 billion on credit cards in February, the highest monthly amount since records began in 1993. The figures showed that lending to consumers rose by the most in nearly five years in February, jumping 90% compared to January. Consumer credit…
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Men are 50% more likely than women to feel more optimistic about their finances than ever before – a quarter of men (25%) felt this way compared to just 15% of women according to research by Creditspring. However, men are also more likely to rely on credit, with around one in six (15%) men admitting…
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