More than half of women in the UK (52%) have admitted to never checking their credit score, according the new research commissioned by aqua credit cards.
The research, which aims to understand the creditworthiness of the UK population better, is particularly concerning considering almost seven in ten (69%) women are at risk of being declined credit. This is well above the national average of one in two people (57%) who are at risk of failing to meet a lenders’ criteria [according to the Mind the Credit Gap report].
The research reveals that while over two thirds of women (62%) know that a credit score informs financial lenders how suitable they are, less than half (45%) have checked their score in the last year, 13% don’t know how to do so and nearly a third (29%) admit to having not thought about checking their credit score at all within the last twelve months.
However, the research does highlight that more women than men are prompted to check their score after being declined. Plus, more women than men are likely to talk to friends and family about their score if it is worse than they thought, and they are less likely to ignore the situation if their score is low. [ii]
To help their customers, and particularly those who are at risk of being declined credit from mainstream lenders, aqua has partnered with Noddle to launch the aqua Credit Checker, the first free full credit checking service – giving new customers access to their credit report plus two premium upgrade products; Noddle Improve and Noddle Alerts. Registered users will have unlimited access to their credit report, receive practical tips on steps they can take to improve their credit score, receive weekly alerts highlighting significant changes to their credit report (helping to prevent identity theft), and benefit from a range of money saving vouchers and offers. Even those who may be declined by aqua can still access aqua Credit Checker however without the premium upgrade products.
Commenting on the research, James Corcoran, CEO of aqua said: “At aqua we believe in the importance of helping creditworthy individuals who are left un-served by the mainstream credit industry. Therefore, it is important to recognise that credit is essential when applying for, credit cards, loans, mortgages, or overdrafts, and even other services such as gas and electricity contracts. You wouldn’t buy a house without completing a survey, nor buy a car without checking its history, so why apply for credit without checking your credit score.”
Tom Ilube, Founder of Noddle, commented “Given the current economic environment it’s now more important than ever for consumers to take greater control of their finances. Having free and unlimited access to your credit report will help consumers gain a better understanding of their credit history and how to improve it”.
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: http://www.aquacard.co.uk/
Top tips for improving your credit score:
Notes to editors:
*All figures unless otherwise stated are taken from research carried out in February 2013 with Research Plus Ltd. This involved the development of a typical credit check survey which was completed by a UK representative sample of 2,110 adults.
For further information, please contact:
Teamspirit Public Relations
0207 360 7816
Teamspirit Public Relations
020 7360 7826
T&Cs aqua Credit Checker
Access to aqua Credit Checker is subject to status of the customer’s aqua account. If a customer closes, or does not use their card for a continuous period of six months, they will lose access to aqua Credit Checker but will continue to have access to the basic noddle services. http://www.aquacard.co.uk/why-aqua/free-aqua-credit-checker
Representative 35.9% APR (variable)
Noddle is a free service from credit reference agency Callcredit which offers people access to their monthly credit reports for free for life. There are no restrictions on the number of times a customer can view their credit report. “Go use your credit rating”. http://www.noddle.co.uk