credit reference

FCA outlines potential reforms for credit information market

5th December 2023 Consumer Lending | #credit reference

The Financial Conduct Authority (FCA) has published a proposed a range of reforms it which it says would improve quality of information collated by credit reference agencies (CRAs) to ensure consumers’ credit files better reflect personal financial circumstances. In November 2022, the FCA published an interim report which found that whilst the credit information market was working…

Personal loan customers count the cost of a poor credit score

18th October 2023 Consumer Lending | #credit reference #credit score

TotallyMoney has calculated the cost of a poor credit score for customers looking to lock in a personal loan. The research found that for the most commonly provided loan of £3,000, somebody with a poor credit score could pay an extra £2,668 in interest charges over 36 months, when compared to somebody with an ‘excellent’…

UK consumers least likely to worry about cost of living impact on credit rating

4th October 2023 Consumer Lending | #credit reference

UK consumers are the least likely in Europe to worry about how the cost of living has impacted their credit rating, despite being among the most impacted by it. The research from CRIF, Europe’s leading provider of digital transformation solutions for the financial services industry, finds that only one in five (20%) British consumers are…

Poor credit scores cost up to £272,000 more over a lifetime

3rd October 2023 Consumer Lending | #credit reference

A poor credit score could cost £272,302 in additional interest over a course of a lifetime (ages 20 – 68) compared to a good credit score. The in-depth study by free smart money platform, Credit Karma, found that someone in their 20s, who has a poor credit score, will pay hundreds of thousands of pounds more…

70% of Gen Z check their credit score monthly

15th September 2023 Consumer Lending | #credit reference

Research by credit reference agency TransUnion has found that seven in 10 (70%) young people aged 18 to 24 (Generation Z) check their credit score at least once a month. The research also revealed that 57% don’t realise that late or missed payments can have a negative impact on their credit score whilst nearly two…

One million consumers’ credit scores will be impacted by energy crisis

23rd September 2022 Consumer Lending | #credit reference #credit risk

Close to one million consumers will experience severe and long-term damage to their credit scores if they cancel their energy payments in October according to research by Credit Karma. Credit Karma says combining data on the damage caused to scores from missing just one utility bill payment and polling to estimate the number of consumers…

Shawbrook Bank and Clearscore agree open banking partnership

20th April 2022 Consumer Lending | #credit reference

Shawbrook Bank has announced that it has joined ClearScore’s panel of personal loan providers which will use Open Banking technology to assess the creditworthiness of potential customers. Shawbrook intends to start integrating Open Banking data with their current decisioning technology. This will enable them to collect real-time income and expenditure information at the point of…

Credit Score checking increases by 30% since the pandemic began

8th April 2022 Consumer Lending | #credit reference

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…

Huge age discrepancy in credit score attitudes highlighted in research

11th January 2022 Alternative Consumer Lending | #credit reference

New research by Lowell has highlighted a huge age discrepancy in credit score attitudes. The research found that almost one-third (32%) of the 16–24-year-olds who know how to check their credit score, check it multiple times a month. According to the data, those aged 55 and over (15%) are most likely to check their credit…

Over half of consumers are not aware of their credit score

8th December 2021 Consumer Lending | #credit reference

New research has found that just over half (51%) of consumers are not aware of their credit score. The research by NerdWallet has found that18% want to improve their credit score but don’t know how to, whilst 17% of UK adults feel anxious about the state of their credit score. 12% of respondents believe have…

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