LONDON, July 1, 2013 /PRNewswire/ --
- One in two people in the UK are at risk of being declined credit
- Impact of age, gender and status on credit score surfaced by aqua credit cards
- Stylish infographic produced in the wake of aqua's Mind the Credit Gap report, revealing that 53% don't know how to improve their credit score
With more than one in two (57%) of the population at risk of being declined credit by mainstream lenders, aqua credit cards has launched its new 'Road to Good Credit' infographic to inform consumers of the factors affecting creditworthiness in the UK today.
This stylish, engaging piece of content outlines challenges facing British citizens when it comes to obtaining credit, taking factors such as age, gender and personal circumstance into consideration. Based on research carried out for aqua's 'Mind the Credit Gap' report of 2012, the infographic illustrates how, in general, women and young people can struggle to access credit. Almost seven in 10 (69%) females and 82% of 18-24-year-olds fall short of the criteria credit providers can typically look for.
However, the overarching message of the Road to Good Credit Infographic and 'Mind the Credit Gap' report is that people from all walks of life can struggle to secure credit. Those who don't have a credit history are particularly at risk of being declined. This can include those who have never taken out a credit agreement before and thus have no repayment records or people who have recently arrived in the UK. Perhaps more surprisingly, over a third (34%) in full-time jobs and one in three (32%) who earn more than £50,000 can still labour to access the credit they need.
Of course, credit scores are not only used to assess applications for credit cards, loans or other financial products. Passing a credit check is also necessary for all sorts of everyday necessities, such as contracts with utility providers and mobile phone companies. However, 79% of respondents to the poll admitted that that they do not know their credit score, with more than one in two (53%) having no knowledge of 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
The Road To Good Credit - A Traveller's Toolkit:
- Make sure you are on the electoral roll
- Pay bills on time or ahead of schedule - even a couple of days late can make a difference
- Check your credit record regularly to ensure there are no incorrect details and correct any errors
- Close old credit card accounts and cancel old direct debits
- Do not take out more than two forms of credit within a six-month period
- Look into specialised credit card providers to help you build and improve your credit record
Notes to editors:
* All figures unless otherwise stated are taken from research carried out between August and September 2012 with Research Plus Ltd. This involved the development of a typical credit check survey which was completed by a UK representative sample of 2,023 adults.
About SAV Credit
Founded in 2000, SAV Credit is the UK's leading specialist credit card lender with circa 500,000 accounts and £500 million in credit card assets under management. It is the only company to exclusively provide credit cards to those customers who are not served by the High Street Banks. Fundamental to its success is the provision of affordable lending with fair and transparent pricing. SAV Credit is based in Kent and employs around 70 professionals who are supported by more than 300 people at its servicing partners.
SOURCE Starcom MediaVest