Credit, Collections & Insolvency News
A new report published today by Open Banking credit reference agency, Credit Kudos has found that nearly nine in ten (87%) of those say they plan to adopt it within the next two years, meaning that by 2023, seven in ten lenders (70%) overall are expected to be using Open Banking. One in four lenders…
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New analysis by UK Finance has indicated that unsecured debt levels have increased in line with spending, but customers continue to pay off their card bills on time each month. The analysis also indicated that mortgage arrears ticked down overall but heavier arrears continued to rise. Possessions increased slowly but a substantial backlog of cases…
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Demand for consumer credit has yet to match the pre-Covid peak seen in January 2020, but the latest Market Pulse from Equifax suggests that rapidly rising applications for credit, more than doubling between November 2020 and August 2021, point to returning financial confidence, especially among the young. Younger borrowers, in particular those aged 18 to…
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Credit Connect has announced its annual Credit & Collections Technology company power list for 2021. The third edition of the power list is a round-up of the most prominent innovating companies within credit and collections technology. Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements and successes of the top-performing companies. The…
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Latest Bank of England data has shown that October saw a surge in credit card borrowing. Consumers borrowed a net additional £706 million last month, with new credit card borrowing accounting for £637 million of the credit, the largest amount of card borrowing since July last year. Between the start of the pandemic and April…
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Here is an overview of The Money Charity’s latest statistics for November 2021 Personal debt in the UK People in the UK owed £1,749.2 billion at the end of September 2021. The average total debt per household, including mortgages, was £62,938 and per adult was £33,072, around 108.6% of average earnings. Net mortgage lending rose by…
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Consumers will be able to get access to better financial products and services, as Experian launches a new service to help lenders provide even faster, more accurate and bespoke lending decisions. Work Report™ is the first digital verification service that will allow consumers to consent to digitally share their payroll information with another organisation. It…
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New research by Credit Karma has found that near-prime consumers have been hit hardest as borrowing costs rise. The research findings show that near-prime borrowers pay £39,000 more interest over a lifetime than prime with the gap increasing by 10% (£3,400) over the last 12 months. Credit Karma’s report annually quantifies the lifetime cost of borrowing…
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Almost one in ten people in UK (9%) are planning on using Buy Now Pay Later (BNPL) for part of their Christmas shopping, Citizens Advice has found. Out of the 43% resorting to borrowing to help cover Christmas this year, one in five said they’ll be turning to BNPL to pay for at least part…
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More than a quarter (28%) of UK shoppers are now regularly using Buy Now Pay Later (BNPL) services to spread the cost of purchases, and thousands more will be doing so for the first time as the festive season approaches according to new data from Equifax. The research has revealed just how much of consumers…
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UK Finance has set out recommendations for the future strategy of open banking payments in a new report. There are now over 2.5 million open banking payments a month compared to just 320,000 in the whole of 2018, and the recommendations in the report will help support the development of more products and services for consumers.…
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A recent white paper published by Themis and Encompass Corporation, the leading provider of Know Your Customer (KYC) and Anti-Money Laundering (AML) software HAS revealed new insight into the ‘cost’ of not adhering to financial crime compliance. The whitepaper, titled Financial Crime Compliance: The Cost of Getting it Wrong, analysed recent case studies and 2020…
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New research by Buy Now Pay Later (BNPL) platform, Butter, has revealed how the emergence of the BNPL sector has already led to a decline in credit card transactions, as more and more consumers opt for this modern method of payment. The research shows that the BNPL space has expanded dramatically in a very short…
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