Credit, Collections & Insolvency News
A new Credit & Technology Think Tank has been launched by Credit Connect Media. The event will examine credit and collections technology strategies to increase effectiveness and efficiency as we emerge from the worst impact of the pandemic. The inaugural Credit & Collections Technology Think Tank powered by Credit Connect will take place on Thursday…
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A group of trade bodies representing tens of thousands of businesses across the retail and hospitality sectors are appealing for Parliament to intervene to protect British businesses and consumers from the mounting cost of anti-competitive practices in card payments. The British Retail Consortium (BRC), British Independent Retailers Association (BIRA), Association of Convenience Stores (ACS), Federation…
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New research by Demos has predicted that credit services are predicted that credit scores are predicted to improve by 2% this year. The research in the form of the third annual Good Credit Index shows an average increase in access to credit in the UK, mostly due to effective government intervention to prevent a financial crisis. The…
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The Bank of England’s (BOE) latest Monthly Money and Credit data for July showed that individuals paid back £1.4 billion more of mortgage debt than they borrowed in the month. The net repayment followed record borrowing of £17.7 billion in June. The data showed that this was only the second such net repayment in a…
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Payments using contactless cards have increased as the UK emerged from lockdowns and consumers started spending again according to latest UK Finance figures. The number of purchases made in May via contactless technology doubled compared with the same month a year earlier and was up 50% in May 2019 as contactless payments accounted for 49…
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LexisNexis Risk Solutions UK, part of RELX, has announced that it has acquired TruNarrative. Founded in 2016 and headquartered in Leeds, UK, TruNarrative enables organisations to manage the entire financial crime lifecycle within a single, unified platform that allows for simplified and automated onboarding, a dynamic risk score and transaction monitoring. The platform allows for no-code…
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As part of efforts to tackle the loyalty penalty, insurers in the UK (from 1st October) will be required to offer better value for money policies to existing customers. However, the Financial Conduct Authority (FCA) says too many firms were failing to meet existing regulatory standards let alone the tougher rules coming in. A new…
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Almost two-thirds of UK homeowners find the mortgage process intimidating, new research by Twenty7Tec has revealed. The survey of 2,000 UK adults found 40% said deciding which mortgage to get ‘scared them’. Whilst 37% were kept awake by the mortgage process, while one in five admitted to crying because of it. The research also found…
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England’s so-called ‘Freedom Day’ on the 19th July 2021 prompted a surge in spending which surpassed pre-pandemic levels in 2019, according to the latest Lloyds Bank Spending Power Report. Pub and restaurant-goers spent 53% more in the three weeks following the 19th July 2021, than the same period in 2019, as well as 41% more on cultural…
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Equifax has announced that it is teaming up with credit builder app, Bits, to allow its customers to report their monthly rent payments on their credit files, improving their credit score and making it easier to buy their own homes in future. Equifax says that the collaboration commitment to ensuring the credit system is fair…
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New research by consumer group, Which? has found that some fraud victims are being left without satisfactory support from banks. The research found that while 83% of victims of fraud or fraud attempts in the past 12 months said they were satisfied overall with how their bank had managed the incident, some customers struggled to…
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The United Kingdom is the third country most at risk of credit card fraud a new study by Merchant Machine has revealed. The research found that Ireland, France and the United Kingdom are in the top three countries most at risk of credit card fraud, with Ireland and Greece highlighting the highest percentages of increase…
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A new survey by Nerdwallet has found that four in five consumers plan to spend above pre-pandemic levels throughout 2021 revealing that the recent financial behaviour of consumers and their spending plans have eased now that lockdown restrictions have changed. The research found that 85% expect to sustain or increase spending from current levels by…
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