Credit, Collections & Insolvency News
PRA Group and StepChange Debt Charity hosted a roundtable debate at the UK House of Lords. The debate focused on financial inclusion and consumer resilience.
The event was chaired by Credit Services Association (CSA) CEO Chris Leslie, and also brought together stakeholders from banks, credit monitoring agencies, non-profits, and regulatory bodies.
The discussion centered on the Financial Conduct Authority’s credit information market study findings, which revealed that current credit reporting frameworks may not deliver consistent outcomes for consumers. Research by both organizations showed that concerns about credit scores often prevent people from seeking financial help, while those recovering from financial difficulties face prolonged financial exclusion.t.
Martin Sjölund, President of PRA Group Europe said “We are delighted to be working with StepChange and the UK financial community to support our customers who are concerned about their credit score. There is a real opportunity to make a difference to help our customers who are financially excluded.”
Peter Tutton, Head of Policy at StepChange Debt Charity, said “For many of our clients, worries about credit scores are front of mind, and our client research tells us that a fifth of StepChange clients delay seeking debt advice because of fears about how they may be affected. The FCA has recognized that change is needed to support consumers and our partnership with PRA Group on this topic seeks to improve client outcomes.”