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Credit Awareness Week

Credit Strategy has teamed up with Experian to help redress the knowledge gap through our Credit Awareness Week campaign. The week aims to empower consumers to improve their financial futures and is being held between 16 and 20 March 2020.

Aimed at encouraging consumers to gain more control over their finances, two major pieces of research were unveiled in 2019 as well as the Pathfinder tool which is a guide to what people can do if they are refused credit.

What are we doing?

We’re trying to help people become more aware about how lenders assess your credit worthiness – what’s important and what isn’t.

Here you will find a guide that provides simple steps to help people understand their credit score and take simple steps, to improve it. We also want to debunk the myths we uncovered in a survey of consumers about credit scores and how decisions are made by lenders over whether to accept applications for mortgages, loans and credit cards. The guide is designed to help consumers help themselves.

Ultimately, we’re trying to help you get the best possible deal, when you apply for a loan, mortgage or credit card.

Experian’s research shows the degree to which people are taking control of their finances by shopping around and switching to cheaper deals to help make their money go further. Credit awareness helps people stay in control of their spending and borrowing, and to manage their money successfully.

Pathfinder – your tool if you are refused credit

During Credit Awareness Week, we also provide consumers with a toolkit called Pathfinder that takes them through simple steps for what to do next, when their application for a loan, mortgage or credit card has been refused.

Behind the scenes, we are working to convince lenders to give consumers better, clearer information, when they refuse a consumer’s application for a mortgage, loan or credit card. If you are a lender or third party supplier connecting with consumers, we encourage you to place this tool on your website to help your customers navigate this confusing terrain in the credit decisioning process.

A key element of Credit Awareness Week is the research undertaken. There are two major research pieces that make up Credit Awareness Week, one carried out by YouGov, shining a light on the number of people who struggle to access credit, and another which shows their distribution around the country by parliamentary constituency.

We look forward to working further with the industry to enable consumers to increase their understanding of all things credit. Do get in touch if your firm could help with any of the aims of the week or promote the Credit Awareness Week site badge through your own press and marketing channels.

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