Consumer credit score checks soar as cost of living bites

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The UK’s cost of living crisis is leading to a massive increase in the number of consumers checking their credit score, according to Lloyds Bank.

Elyn Corfield, managing director of consumer credit at Lloyds Bank, says: “Almost one million people checked their credit rating for the first time with us in April, an increase of 432% in March. This exceeded our expectations and highlights the importance people place on their personal finances.

Lloyds Bank’s ‘Your Credit Score‘ service, powered by TransUnion, gives customers a clear picture of their credit health, along with advice to help them improve their credit score. Over 2.5 million customers have signed up to date.

The bank found that (56%) of people who had checked their credit score in the mobile app at the end of March, returned the following month to recheck their score and get expert advice on practical steps. to improve it.

According to TransUnion, people who closely monitor their credit health typically see greater improvement over six months than those who don’t.

The tool, which is updated every 28 days in online or mobile banking, provides a range of information relating to a customer’s creditworthiness, providing insight into how their score may affect applications loan and where to go for help and advice in case of money worries or financial difficulties.

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