Half of consumers put credit score at risk by not checking their eligibility

18th July 2018 Consumer Collections |

More than half of consumers have never checked their eligibility when applying for a credit card, loan or mortgage, new research from Experian reveals. Each time someone makes an application, a “hard search” is recorded on their credit report which could impact their credit score and reduce their chances of getting accepted for the best…

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FCA outlines plans to keep existing definition of vulnerability

17th July 2018 Consumer Collections |

The Financial Conduct Authority (FCA) has today announced it is retaining its existing definition of vulnerable consumers in response to its Consumer Approach consultation, with new guidance on vulnerability set to be published next year. The consultation, which was launched in November last year, proposed a new definition for vulnerable consumers. A range of organisations…

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Consumers unaware of banking options

16th July 2018 Consumer Collections |

Online research from Equifax has revealed the lack of awareness of banking options among consumers. When presented with a list of digital banks 60% hadn’t heard of any of the brands and only 20% would opt for a challenger bank if opening a new account today. The survey, conducted with Gorkana, showed 44% of consumers…

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Equifax and consents.online announce Open Banking partnership

9th July 2018 Consumer Collections |

Equifax and consents.online have announced that they have launched an Open Banking platform which for the first time allows UK consumers and small businesses to manage the sharing of their financial information. The alliance has been established to develop solutions for the UK’s Open Banking initiative which gives online banking customers the ability to share their…

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Money saving products are incentive to use Open Banking

2nd July 2018 Consumer Collections |

Six months into Open Banking, online research from Equifax has revealed that two fifths (40%) of consumers willing to share their bank transaction data with a new lender would do so if it provided them with product recommendations which save them money. Other motivations to share transaction data through Open Banking include the ability to…

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Open Banking market could be worth £7.2bn by 2022

2nd July 2018 Consumer Collections |

New regulation aimed at opening up the UK’s current account market could lead to an influx of new players and services for 32.7 million consumers and 4.8m small businesses by 2022, according to new PwC research on Open Banking. New rules came into effect in January 2018 requiring UK banks to share current account holder…

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FCA publishes review of retail banking sector

27th June 2018 Consumer Collections |

The Financial Conduct Authority (FCA) has published an update on its Strategic Review of Retail Banking Business Models. The Review is an in-depth and wide-ranging piece of work to give the FCA a greater understanding of retail banks’ business models, and how these may change in the future. This includes looking at how personal current…

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