UK’s Lloyds Bank Reports 10 Million Registered Clients for Credit Score Service

Your Credit Score, Lloyds Bank’s free credit checking service, now has 10 million registered customers.

The feature, available through the mobile banking app and online, “allows customers to view their credit report and access personalised practical tips to improve or maintain their score.”

As millions have taken action to get themselves “set up with Your Credit Score, over 600,000 customers are improving their score every quarter, moving into a stronger financial position.”

The credit information, provided by Transunion, “updates every seven days.”

As well as giving an individual picture of financial health, it also “can give customers an indication of how likely they are to be approved for products, such as a credit card or loan.”

Further, customers can see “how their score compares with the UK average, as well as the average for where they live.”

The service also gives customers access to “view their full credit report and includes anything that has been updated recently, helping people to spot and take action where there might be something that doesn’t look quite right, including potential fraudulent activity.”

Sam Clark, Customer Affordability and Data Director, at Lloyds Bank said:

“Credit health shouldn’t feel like a dark art, shrouded in mystery – it’s an important element of money management and keeping an eye on it should be as easy as checking your account balance. That’s why we launched our free service, Your Credit Score, which has now been visited over 10 million times. The service is ready and waiting in our mobile app for customers to use any time they like, where they can see what’s changed, why the score might have gone up or down and personalised tips on how to improve the score. Access to personal credit information is critical to financial empowerment and, while it might feel a bit daunting if it’s not something you’ve tracked before, our service is there to guide you through the steps needed to get to long-term financial health.”

A credit score is a number based on a range of things “including account history, how credit is utilised, if bills are paid on time, if customers are registered to vote, among others. The figure is then used by credit providers (such as banks), alongside other information, when a person applies for lending such as a credit card, personal loan or mortgage, to understand financial health and expected ability to repay.”

There are simple steps people can take “to improve their credit rating.”

The higher the score, the more likely “a person is to get approved for lending, when it is needed.”

The Lloyds Bank Money Worries hub “offers help and guidance, as well as an online tool for those who prefer to manage things online, alongside details how to speak to specially trained colleagues.”

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