Lloyds sees 432% rise in consumer credit score checks

Lloyds Bank has reported rising engagement with its credit score check as consumers become increasingly focussed on their personal finances.

The bank reported that almost 1 million customers checked their credit score for the first time in April this year, an increase of 432 per cent compared to March.

The checks were made through Lloyds Bank’s ‘Your Credit Score’ service, provided by TransUnion, which gives customers a picture of their credit health and tips to improve their score.

The bank said that over 2.5 million customers had registered for the service so far.

Customers aged between 25 and 44 are the most engaged, making up over half (54 per cent) of those signing up to check their credit score.

The bank found that (56 per cent) 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 guidance on practical steps to help improve it.

Kelli Fielding, managing director of consumer interactive at TransUnion in the UK, said: “It’s really encouraging to see people engaging more with their credit information, with more than one in three (35 per cent) UK consumers now checking their credit report and score at least once a month.

She added: “We’re also 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.”

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