Credit Strategy has teamed up with Experian to help redress the knowledge gap through our Credit Awareness Week campaign. The week aims to empower people to improve their financial futures and is being held between 22 and 26 March 2021.
Credit Awareness Week 2021 comes after a year like no other and seems more relevant than ever, as people continue to struggle with the financial implications of the Coronavirus pandemic, which has undermined the resilience of many. Aimed at encouraging people to gain more control over their finances, we’ve re-visited two major pieces of research, one to help gauge the nation’s understanding of the credit industry, and another shine a light on the number of people who struggle to get access to credit – ‘the credit invisibles’.
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 people 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.
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 someone’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 organisation could help with any of the aims of the week or promote the Credit Awareness Week site badge through your own press and marketingmedia channels.