Credit, Collections & Insolvency News
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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Equifax has announced that it is expanding its partnership with Canopy, the rental platform focused on fixing pain points for renters and supporting them to improve their financial health, to make it even easier for consumers to boost and track their credit score. The developments will mean tenants using the Canopy RentTracking platform to report…
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New research has found that 81% of borrowers are unaware that Buy Now, Pay Later’ (BNPL) schemes are unregulated, placing them at major risk of falling into debt. The research by Creditspring found that more than half of UK adults (53%) don’t know that BNPL schemes can lead to debt if scheduled payments are missed…
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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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Pensioners have turned to their property wealth to pay for rising living costs and experts have warned rising costs and higher taxes will force even more people into using equity release this year according to the Equity Release Council’s Spring 2022 market report. British property wealth reached a record £5.2 trillion by the end of…
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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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Latest UK Finance figures have indicated that bank staff have worked with the police to stop £202.8 million of fraud since 2016 with the help of the Banking Protocol scheme. National Trading Standards and local police forces stopped £60.7 million of fraud, 34% more than in 2020, with data showing that bank branch staff made…
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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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Provident Financial has reported pre-tax profits that are marginally ahead of market expectations as it continues to reposition and rebuild the business. The business generated adjusted pre-tax profits of £64.8 million, compared with a £54.6 million loss in 2020. Malcolm Le May, Chief Executive Officer, said “I am pleased to report that the Group’s financial…
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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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A new report by Evolution Funding has found an increase in the number of prime borrowers who are taking out second-charge mortgages. The report says the second-charge product split by volume of mortgages is 73% for traditional debt consolidation borrowers, compared to 27% of prime borrowers in the three months to the end of February.…
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