News Article

Consumer Credit

Research finds Britons demand banks do more to help manage personal credit

By CreditMan Wednesday, November 5, 2014

New research commissioned by My Credit Monitor, reveals a concerning picture of Britons’ understanding of credit management. The leading provider of products and services aimed at helping UK consumers to view, improve and monitor their credit rating discovered that only 20 per cent of the British public know their credit score, half (49.9%) admitted not knowing what to do if there was an error on their credit report and almost 80% don’t know the length of time that personal information is held on their credit profile.

Alongside the low level of awareness about managing their credit profile, one in four Britons – rising to 40% of 25-34 years olds – are concerned about being able to access credit, despite the economy’s recovery over recent years.

The study, compiled in partnership with research specialists Conlumino, found that while a large majority of Britons (88%) know what a credit profile is and have reasonable understanding of what a credit report is, consumers lack understanding on how best to act on the information to improve their credit status and would greatly value more help and assistance from their bank. This lack of consumer knowledge means usage is infrequent with only 25% of people having looked at their credit report in the last year.

The research reveals there is a considerable appetite from consumers to know more about managing their credit profile. Despite 68% of people surveyed not currently taking any measures to manage their credit profile one in five (20.7%) intend to do more in the future. Almost half (45%) of more than 2,000 people surveyed said it would be helpful to know the steps they can take to manage and improve their credit rating, with 46% thinking their bank should do more to help, rising to 55% amongst 25-44 year olds.