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Consumer credit score checks soar as cost of living bites

Consumer credit score checks soar as cost of living bites

The UK's costs of living crisis is leading to a massive uplift in consumers checking their credit score, according to Lloyds bank.

Elyn Corfield, managing director consumer finance at Lloyds Bank says: “Almost one million people checked their credit score for the first time with us in April, a 432% increase on March. This exceeded our expectations and highlights the focus people are putting on their personal finances.”

The Lloyds Bank ‘Your Credit Score’ service, powered by TransUnion, gives customers a clear picture of their credit health, as well as tips to help improve their credit score. Over 2.5 million customers have registered so far.

The bank found that (56%) of people who had checked their credit score in the mobile app by the end of March, returned the following month to re-check their score and get expert guidance on practical steps to help improve it.

According to TransUnion, people who keep a close eye on their credit health generally see a greater improvement over six months than those that don’t track their score.

The tool, which updates every 28 days within online or mobile banking, provides a range of information related to a customer’s credit worthiness, providing information on how their score may affect any borrowing applications and where to go for support and guidance with any money worries or financial difficulties.

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