28th June 2022

TransUnion helps millions check credit health with Lloyds Bank
Trend

TransUnion, a global information and insights company, is empowering customers of Lloyds Bank to look after their credit health with free access to their TransUnion credit score via an interactive dashboard.

The Lloyds Bank ‘Your Credit Score’ service, which uses TransUnion’s Consumer Platform, is filling a clear demand– with almost one million of the bank’s customers checking their credit score for the first time in April.

“It’s really encouraging to see people engaging more with their credit information. More than one in three UK consumers now check their credit report and score at least once a month,] according to TransUnion's latest research, and the success of Lloyds Bank’s Your Credit Score service is testament to that,” said Kelli Fielding, managing director of consumer interactive at TransUnion in the UK.

The research, conducted for TransUnion’s Consumer Credit 2022 white paper, also showed that a quarter of UK adults believe that banks should be responsible for credit education, while nearly a third(31%) say their bank is their most trusted source of information when it comes to financial management.

Fielding continued “We’re seeing a much better level of understanding in terms of how this information is used, thanks to tools like Your Credit Score, which enables customers of Lloyds Bank to access their TransUnion credit score for free. It also helps them take steps to build their credit score if need be, improving access to finance. That’s really important in the current climate with the rising cost of living.”

According to TransUnion, people who keep a close eye on their credit score generally see an improvement over six months.

The Your Credit Score tool, which updates every 28 days within online or mobile banking, provides a range of information related to a customer’s creditworthiness including:

-The customer’s current credit score and a rating from ‘needs work’ to ‘excellent’
-Personalised information on what is affecting the score
-How their score may affect any borrowing applications
-How the score has changed over time
-Information on where to go for support and guidance with any money worries or financial difficulties, including free and independent advice

Elyn Corfield, managing director consumer finance at Lloyds Bank, said: “We saw a 432% monthly increase in customers using our credit score service in April this year. This exceeded our expectations and highlights the focus people are putting on their personal finances. More than ever, people across the country are taking a closer look at their financial situation and by partnering with TransUnion we’re providing easy-to-access information that can empower people to make the right decisions for them.”

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