Uswitch supports FCA study into credit card market to help consumers get best deals
The Financial Conduct Authority (FCA) has today announced a study into the UK’s credit card market. David Mann, Head of Money at Uswitch.com, says: “The FCA correctly points out that often people don’t get the best deals on credit cards. This is partly because not enough people shop around, but it’s also because many consumers get turned down for the best deals due to avoidable problems with their credit reports.
“Our research shows that 15 million UK consumers have never checked their credit report, and a quarter of these (26%) are unaware that their credit score affects their ability to secure a credit card.
“Consumers are flying blind, unaware how lenders are arriving at critical decisions about them and lacking the ability to do anything about it. That’s why we’ve launched a campaign calling for all consumers to get free access to their credit reports. Addressing simple errors on credit reports can help make debt more affordable by allowing consumers to access better interest rates and offers.”
FOR MORE INFORMATION
Ailene Barr
Phone: 020 3872 5610
Email: ailene.barr@uswitch.com
Twitter: @uswitchPR
Notes to editors
All research referred to was conducted by Opinium unless otherwise stated. Opinium Research carried an online survey of 2,001 UK consumers parents aged 18 – 55+ between 7th – 9th October 2014. Percentages and figures not used in grossed up calculations refer to the proportion of the whole sample unless otherwise stated. 1.According to the ONS population projections for 2013, the estimated UK population aged 18+ was 50,371,000. 75% of these have applied for financial credit in the past = 37,778,250 41% of those who have applied for financial credit have never checked their credit score = 15,607,206
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