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


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
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet and...
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
SYS-CON Events announced today that IoT Now has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. IoT Now explores the evolving opportunities and challenges facing CSPs, and it passes on some lessons learned from those who have taken the first steps in next-gen IoT services.
SYS-CON Events announced today that WineSOFT will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Based in Seoul and Irvine, WineSOFT is an innovative software house focusing on internet infrastructure solutions. The venture started as a bootstrap start-up in 2010 by focusing on making the internet faster and more powerful. WineSOFT’s knowledge is based on the expertise of TCP/IP, VPN, SSL, peer-to-peer, mob...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it m...
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
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...
In his session at @ThingsExpo, Sudarshan Krishnamurthi, a Senior Manager, Business Strategy, at Cisco Systems, will discuss how IT and operational technology (OT) work together, as opposed to being in separate siloes as once was traditional. Attendees will learn how to fully leverage the power of IoT in their organization by bringing the two sides together and bridging the communication gap. He will also look at what good leadership must entail in order to accomplish this, and how IT managers ca...