Lending Technology Think Tank 4.1 Review

Credit Connect’s hosted its sixth Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by eight leading professionals from a variety of lending sectors. The event was attended by over a hundred lending professionals from banks, credit card providers building societies, loan providers, credit unions and…

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Younger borrowers facing barriers to access credit

5th March 2024 Consumer Lending | #credit risk

As consumers continue to navigate cost-of-living pressures, new research shows that younger age groups face significant barriers when it comes to accessing credit according to a survey of 1,000 UK borrowers by Tink. The research found that over three quarters (78%) of 18-34 year olds have had a loan application rejected. When asked why they’d…

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Economic confidence pointing upwards into the New Year

The Institute of Directors (IoD) Economic Confidence Index, which measures business leader optimism in prospects for the UK economy, rose slightly to -58 in December, up from -64 in November. The index also showed that was also slight improvements in expectations for revenue, employment, investment and in directors’ optimism for the prospects of their own…

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FEATURE: What it means to be on the cutting edge of fraud technology

With the pandemic having accelerated the shift away from face-to-face credit applications, the fraud landscape continues to evolve – and this trend shows no signs of a reversal. Given the inherently remote and anonymous nature of internet-based credit decisioning, this presents higher risks for lenders. The lender landscape has changed too. More consumer payment options,…

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Transparency issues mean customers could receive different balance transfer offers

18th October 2022 Consumer Lending | #credit risk

Lack of transparency means customers could receive very different balance transfer offers to what they applied for according to research by TotallyMoney. Regulators require lenders to only provide 51% of successful applicants the advertised credit card offer. Additionally, they aren’t expected to disclose the potential differences in limits or APRs that may be issued when…

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

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…

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Warning over cost of borrowing as overdraft rates surge to record highs

10th May 2022 Consumer Lending | #credit risk

Data covering quoted household interest rates on consumer credit products released by the Bank of England has revealed the rising cost of borrowing for UK households according to analysis by Freedom Finance. With the Bank hiking interest rates by 0.25% last Thursday and inflation expected to show a climb yet again for April, the data…

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Five million ‘credit invisible’ consumers at risk of exclusion from financial system

New research from Experian has revealed that there are over 5 million (5,049,129) people in the UK who are virtually invisible to the financial system, because there is insufficient information available about their financial track record. These people, referred to as credit Invisibles, find it difficult to access mainstream financial services or have to pay…

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TransUnion and CreditLadder agree property rental payments credit report partnership

Global information and insights company TransUnion has announced that it has partnered with CreditLadder, the rent reporting platform, to incorporate UK tenants’ rental payments into their credit information. Rental payment history of those individuals using CreditLadder can now be recorded in their TransUnion credit report, giving finance providers a more holistic view of financial standing…

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Demand for credit by younger borrowers rises above pre-Covid levels

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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