UK. 7th September 2016: Most adults (56%) feel that getting a better grasp of their finances would help them live a more fulfilled life, and worry more about their money and financial situation (55%) than anything else.1
The research comes from a new study commissioned by Experian, who today announced that the nation’s most trusted credit score2 is available free for everyone3, forever.
“Having good control of your money is a big factor for most people’s overall happiness, and a lot of people don’t realise that your credit score is like a temperature gauge for your financial wellbeing. By making the Experian Credit Score free, we want to help everyone take a quick and easy first step to realising their financial ambitions,” commented Experian’s Clive Lawson.
“We are giving people access to their Experian Credit Score and showing people what they can do with it - to get great credit deals and ultimately save money. The Experian Credit Score is available now as part of CreditMatcher, our new comparison service that gives people access to deals on credit cards and loans they’re more likely to be accepted for.”
Experian can now help people shop around to see how they can save money by comparing deals based on their financial profile. For example, looking at average borrowing on credit cards, many UK households could save upwards of £400 per year simply by switching to a 0% credit card.*
The new research also reveals that 28% of people say they find it hard to understand how to manage their money.
“This launch is a vital step forward in helping people make their money go further, at all stages of life, whether that’s getting a better deal on a credit card to spread the cost of a big purchase, a personal loan to fund home improvements or a mortgage. I’m proud to say that we can help any adult in the UK, for free, take their first step to a stronger financial future, whatever that might look like.”
CreditMatcher gives you the confidence to take that first step to achieve your financial goals safely and easily:
Each time you apply for credit, a hard search is recorded on your credit report. Multiple applications can damage your score and are visible to potential lenders, who may view these as a negative factor when assessing applications. CreditMatcher leaves a soft search which lenders cannot see. So, searching and comparing credit products doesn't affect your creditworthiness in any way.
About the Experian Credit Score
The Experian Credit Score is a guide to help people understand how lenders are likely to view their creditworthiness. Everyone should know their Experian Credit Score to help improve their financial lives, but a lot of people in the UK4 don’t know what it is or why it’s important. One of the main advantages of knowing your Experian Credit Score is that you will see what lenders are likely to think of your personal creditworthiness. People now have the opportunity to see what most lenders think about their creditworthiness, for free.
CreditMatcher and the free Experian Credit Score complement Experian’s full suite of products designed to help people to understand their credit health and take better control of their financial futures.
To see your Experian score free for life visit Experian.co.uk
Notes to Editors
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Your credit scoremay differ at the three credit reference agencies (CRAs) because lenders share information on a voluntary basis and some choose to only work with one or two agencies.
CRAs like Experian do not decide who is given credit, contrary to popular belief, but the information we provide does help lenders determine which customers to accept, in conjunction with other information and based on their own criteria and policies. There is also no credit blacklist.
The information held by a CRA bureau on individuals’ credit is purely factual and shows that the vast majority of people in the UK successfully repay their credit commitments.
*Total credit card debt in June 2016 per household was £2,413, according to The Money Charity. Assuming card-holders paid the average credit card interest rate of 18.9%, total savings over one year equals £456.06
1Poll of 3,826 UK adults conducted by CensusWide on behalf of Experian between 03.08.2016 and 10.08.2016.
2 Poll of 2,000 UK adults conducted in July 2016, asking: “Banks and other financial institutions use credit reports to inform lending decisions. There are a number of companies that use credit reports to create credit scores, and that consumers can use to access their credit score. Which company’s credit score do you think is…. most trusted?” The outcome was that 69% of respondents named Experian, as opposed to Equifax, Noddle, Clearscore.
3 UK residents over 18 only.
4 A poll conducted by Which? in March 2016, with a sample of 1,067 UK adults, revealed that 53% of respondents had never checked their credit report.
We are the leading global information services company, providing data and analytical tools to our clients around the world. We help businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. We also help people to check their credit report and credit score, and protect against identity theft. In 2015, we were named by Forbes magazine as one of the ‘World’s Most Innovative Companies’.
We employ approximately 17,000 people in 37 countries and our corporate headquarters are in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended March 31, 2016, was US$4.6 billion.