Welcome!

Symbian Authors: Jack Newton, Kevin Benedict, Matthew Lobas, Shelly Palmer, RealWire News Distribution

News Feed Item

Over 25 Million People Across the UK Trapped in the Credit Gap

LONDON, December 19, 2012 /PRNewswire/ --

  • One in two* UK adults (57%) are at risk of being declined credit by mainstream lenders
  • Seven in ten women (69%) and eight in ten (82%) 18-24 year olds are at risk of failing a typical credit check
  • Three quarters of people (79%) do not know what their credit score is
  • Of those who have been refused credit, 85% didn't bother to find out why

One in two UK adults (57%) are currently at risk of being declined credit by mainstream lenders, according to 'Mind the Credit Gap' - a report which aims to better understand the creditworthiness of the UK population, commissioned by aqua credit cards.

The research, which was based on consumers answering a typical industry credit check questionnaire, reveals that in general women and young people have less access to credit, with seven in ten (69%) women and eight in ten (82%) 18-24yr olds failing to meet the criteria lenders typically look for.  Mind the Credit Gap notes that people from all walks of life can find themselves at risk of being declined.  Most obvious are those who don't have a credit history.  This includes those who have recently moved to the UK or those who have never entered into a credit agreement before and therefore have no repayment records.  But the research also shows that a third (34%) of people in full time jobs, and 32% who earn in excess of £50,000, could also struggle to get credit.

Having a strong credit score isn't just essential when applying for credit cards, loans, overdrafts or mortgages, it's also important when using other lifestyle services and products.  Those taking out contracts with utility providers, mobile phone companies and broadband services, or even those trying to get the best rates and deals from these services, will often need to pass a credit check.  Yet aqua's findings show that three quarters of people (79%) have no idea what their credit score is, and half (53%) don't know how to improve it.  

Commenting on the findings, Sarah Willingham, founder of letssavesomemoney said: "Finding out that a massive 25 million people are at risk of being declined credit due to a poor credit score is extremely alarming. The Mind the Credit Gap report from aqua demonstrates the importance of understanding your credit score and how it affects your ability to access financial products, but also how to access the best deals and rates on other products and services.  If you have a damaged credit record and don't enquire why, you could end up paying more or at worst, having limited access to credit.  

aqua's report interrogates some of the unsuspecting actions that can have a detrimental effect on a credit score. The following graph shows some of the reasons why people can be at risk of being declined:

     (Photo: http://photos.prnewswire.com/prnh/20121219/582963 )

Sarah added: "Taking some simple steps to improve your score can have a huge impact on your life. Things like making sure you're on the electoral roll, that your credit record has the most up to date address, that you pay your bills on time, and that you only apply for credit when needed, all make a difference. And if you are struggling, there are specialist lenders out there who can help access credit and rebuild your credit profile.

James Corcoran, CEO, added: "At aqua we believe in the importance of helping creditworthy individuals who are left un-served by the mainstream credit industry.  The Mind the Credit Gap report shows that this un-served audience is significant and growing.  Surprisingly one in two adults are at risk of being declined credit by mainstream lenders - that's over 25 million people whose lives are being affected. The irony is that the people who need their money to go further are the ones who end up paying more - paying for utilities and mobile phones on a pay-and-go basis for instance can cost up to 27% more than paying via direct debit. 

He added: "We created the report as we believe it's paramount that people understand the significance of their credit score as well as how to build or repair it.  We are thrilled to have the support of Sarah Willingham, founder of letssavesomemoney, and we hope that our report is a step in the right direction to solve the problem and help narrow the credit gap".

The aqua credit card was launched in 2002 to help the large number of creditworthy individuals in the UK who are left un-served by the mainstream credit industry.  aqua creates innovative credit building credit cards with rewards when customers look after their account - designed for people looking to improve or establish their credit rating.  For more information, visit: aquacard

Top tips on how to improve your credit score:

  • Make sure you're on the electoral role
  • Pay all your bills on time, even a couple of days can make a difference
  • Ensure there's no incorrect details on your credit record - check it regularly and if the details are wrong, correct them
  • Try not to use more than 75% of your available credit limit
  • Look into specialist credit card providers which help people to build and improve their credit record
  • Only apply for products when you really need them- applying for more than four forms of credit in a year can lower your credit score  
  • Do not apply for more than one product at a time as each application can have a negative impact on a credit record
  • Close old credit card accounts and cancel old direct debits
  • End financial associations with ex-partners. Whilst their own credit rating won't impact yours, taking out a product jointly with them will
  • Do not take out more than two forms of credit within a six month period

Notes to editors:

* All figures unless otherwise stated are taken from research carried out between August and September 2012 with Research Plus Ltd.  This involved the development of a typical credit check survey which was completed by a UK representative sample of 2,023 adults.  

About SAV Credit

Founded in 2000, SAV Credit is the UK's leading specialist credit card lender with circa 500,000 accounts and £500 million in credit card assets under management. It is the only company to exclusively provide credit cards to those customers who are not served by the High Street Banks. Fundamental to its success is the provision of affordable lending with fair and transparent pricing. SAV Credit is based in Kent and employs around 70 professionals who are supported by more than 300 people at its servicing partners.

For further information, please contact:
Liz Willder
Teamspirit Public Relations
[email protected]
+44(0)20-7490-8828


Adam Smith
Teamspirit Public Relations
[email protected]
+44(0)207-360-7816

Kelly Hollidge
Teamspirit Public Relations
[email protected]
+44(0)20-7360-7826


SOURCE aqua

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone inn...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, provided a fun and simple way to introduce Machine Leaning to anyone and everyone. He solved a machine learning problem and demonstrated an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intelligence and B...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
Cloud Expo | DXWorld Expo have announced the conference tracks for Cloud Expo 2018. Cloud Expo will be held June 5-7, 2018, at the Javits Center in New York City, and November 6-8, 2018, at the Santa Clara Convention Center, Santa Clara, CA. Digital Transformation (DX) is a major focus with the introduction of DX Expo within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive ov...
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
Digital Transformation (DX) is not a "one-size-fits all" strategy. Each organization needs to develop its own unique, long-term DX plan. It must do so by realizing that we now live in a data-driven age, and that technologies such as Cloud Computing, Big Data, the IoT, Cognitive Computing, and Blockchain are only tools. In her general session at 21st Cloud Expo, Rebecca Wanta explained how the strategy must focus on DX and include a commitment from top management to create great IT jobs, monitor ...
"Digital transformation - what we knew about it in the past has been redefined. Automation is going to play such a huge role in that because the culture, the technology, and the business operations are being shifted now," stated Brian Boeggeman, VP of Alliances & Partnerships at Ayehu, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
SYS-CON Events announced today that Evatronix will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Evatronix SA offers comprehensive solutions in the design and implementation of electronic systems, in CAD / CAM deployment, and also is a designer and manufacturer of advanced 3D scanners for professional applications.
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...