London Business News: 20% of Consumers Reduce Debts by Tracking Credit Scores

TransUnion Report: Credit Monitoring Empowers UK Consumers to Reach Financial Goals

TransUnion Report Shows Credit Monitoring Helps UK Consumers Achieve Financial Goals

TransUnion, a global information and insights company, has released its Consumer Credit Monitoring Report, highlighting the positive impact of credit education and monitoring on UK consumers. The report reveals that nearly one in five (20%) consumers have successfully paid down debts and better managed their credit usage thanks to credit monitoring.

The study identified three primary categories of consumers who regularly check their credit information. The largest group, comprising 33% of consumers, are ‘Credit Improvers’ who actively monitor their credit to enhance their credit scores. Following closely are the ‘Credit Managers’ (25%) who prioritize debt management and fraud protection, and the ‘Credit Seekers’ (20%) who are interested in opening new credit accounts.

James Robinson, managing director of consumer interactive at TransUnion in the UK, emphasized the importance of financial education and credit monitoring in improving credit profiles and access to credit. He stated, “By providing consumers with a clearer view of their overall financial picture, credit monitoring can support financial inclusion and personal empowerment, as well as detect fraud.”

The report also revealed that younger generations, such as Gen Z and Millennials, are more likely to monitor their credit report than older age groups. This trend reflects a growing awareness among consumers of the importance of financial education and positive credit history in accessing credit.

TransUnion’s CreditView solution offers consumers free access to credit information, education, and monitoring tools, empowering them to better understand and manage their financial status. This commitment to ‘Information for Good’ not only benefits consumers but also helps lenders build personalized journeys for consumers and foster deeper relationships.

Overall, the Consumer Credit Monitoring Report underscores the value of credit monitoring in achieving financial goals and highlights the role of financial education in empowering consumers to make informed financial decisions.

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