Welcome!

Symbian Authors: 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


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

SUNNYVALE, Calif., Oct. 20, 2014 /PRNewswire/ -- Spansion Inc. (NYSE: CODE), a global leader in embedded systems, today added 96 new products to the Spansion® FM4 Family of flexible microcontrollers (MCUs). Based on the ARM® Cortex®-M4F core, the new MCUs boast a 200 MHz operating frequency and support a diverse set of on-chip peripherals for enhanced human machine interfaces (HMIs) and machine-to-machine (M2M) communications. The rich set of periphera...

WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at Internet of @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, will discuss how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
SYS-CON Events announced today that Aria Systems, the recurring revenue expert, has been named "Bronze Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue business and deliver exceptional experiences to their customers.
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
The Internet of Things (IoT) is making everything it touches smarter – smart devices, smart cars and smart cities. And lucky us, we’re just beginning to reap the benefits as we work toward a networked society. However, this technology-driven innovation is impacting more than just individuals. The IoT has an environmental impact as well, which brings us to the theme of this month’s #IoTuesday Twitter chat. The ability to remove inefficiencies through connected objects is driving change throughout every sector, including waste management. BigBelly Solar, located just outside of Boston, is trans...
SYS-CON Events announced today that Matrix.org has been named “Silver Sponsor” of Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Matrix is an ambitious new open standard for open, distributed, real-time communication over IP. It defines a new approach for interoperable Instant Messaging and VoIP based on pragmatic HTTP APIs and WebRTC, and provides open source reference implementations to showcase and bootstrap the new standard. Our focus is on simplicity, security, and supporting the fullest feature set.
Predicted by Gartner to add $1.9 trillion to the global economy by 2020, the Internet of Everything (IoE) is based on the idea that devices, systems and services will connect in simple, transparent ways, enabling seamless interactions among devices across brands and sectors. As this vision unfolds, it is clear that no single company can accomplish the level of interoperability required to support the horizontal aspects of the IoE. The AllSeen Alliance, announced in December 2013, was formed with the goal to advance IoE adoption and innovation in the connected home, healthcare, education, aut...
SYS-CON Events announced today that Red Hat, the world's leading provider of open source solutions, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As the connective hub in a global network of enterprises, partners, a...
The only place to be June 9-11 is Cloud Expo & @ThingsExpo 2015 East at the Javits Center in New York City. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT & Big Data companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked for their ability to explore the economic strategies that utility/cloud computing provides. Whether public, private, or in a hybrid form, clo...
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation and integration; and visibility through intelligent business operations and big data.
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
Be Among the First 100 to Attend & Receive a Smart Beacon. The Physical Web is an open web project within the Chrome team at Google. Scott Jenson leads a team that is working to leverage the scalability and openness of the web to talk to smart devices. The Physical Web uses bluetooth low energy beacons to broadcast an URL wirelessly using an open protocol. Nearby devices can find all URLs in the room, rank them and let the user pick one from a list. Each device is, in effect, a gateway to a web page. This unlocks entirely new use cases so devices can offer tiny bits of information or simple i...
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, will address the big issues involving these technologies and, more important, the results they will achieve. How important are public, private, and hybrid cloud to the enterprise? How does one define Big Data? And how is the IoT tying all this together?
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
TechCrunch reported that "Berlin-based relayr, maker of the WunderBar, an Internet of Things (IoT) hardware dev kit which resembles a chunky chocolate bar, has closed a $2.3 million seed round, from unnamed U.S. and Switzerland-based investors. The startup had previously raised a €250,000 friend and family round, and had been on track to close a €500,000 seed earlier this year — but received a higher funding offer from a different set of investors, which is the $2.3M round it’s reporting."
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, data security and privacy.
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. Every other IT news item seems to be about IoT and its implications on the future of digital busines...
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water, are pursuing SmartGrid initiatives that represent one of the more mature examples of SAE. We have s...
The Internet of Things needs an entirely new security model, or does it? Can we save some old and tested controls for the latest emerging and different technology environments? In his session at Internet of @ThingsExpo, Davi Ottenheimer, EMC Senior Director of Trust, will review hands-on lessons with IoT devices and reveal privacy options and a new risk balance you might not expect.
IoT is still a vague buzzword for many people. In his session at Internet of @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, will discuss the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. The presentation will also discuss how IoT is perceived by investors and how venture capitalist access this space. Other topics to discuss are barriers to success, what is new, what is old, and what the future may hold.