Global information and insights company, TransUnion has announced a partnership with Lloyds Bank to look after the credit health of its customers with free access to their credit score via an interactive dashboard.
The ‘Your Credit Score’ service, has already seen almost one million of the bank’s customers checking their credit score for the first time in April.
Kelli Fielding, Managing Director of consumer interactive at TransUnion said “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 our latest research, and the success of Lloyds Bank’s Your Credit Score service is testament to that.”
TransUnion’s research 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.”
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.”