Everything in life is subject to inflation, making things far more expensive than they need to be. Consumer credit score checks are currently in high demand as people worry over the cost of living. A very peculiar trend in the UK that will likely spill over to other regions.
Credit Score Checks Spike Big
It is interesting to see how as many as a million Brits wanted to check their consumer credit score in April 2022. The findings, shared by Lloyds Bank, confirm this is a 432% increase over March 2022. Although the bank expected an increase in consumer credit score checks, the spike took everyone by surprise. Consumers continue to express concern over the cost of living and things may not improve any time soon.
Lloyds Banks makes it easier for consumers to check their credit score. Through the “Your Credit Score” service powered by TransUnion, consumers better understand their credit health. Moreover, they receive tips on improving their score, which will prove very useful in the current economic landscape. The service has over 2.5 million registered users, confirming the growing demand for these solutions.
Keeping tabs on one’s credit score is essential in this day and age. Re-checking the score from time to time will prove beneficial, as it grants access to expert guidance on improving one’s rating. Moreover, those who keep close tabs on their consumer credit score often see improvements within six months, which is impressive.
With inflation hitting peak levels across Europe, it seems logical more people will check their consumer credit score moving forward. The current cost of living is already far too high but will likely keep increasing over time. That forces consumers to spend more money on everything, further affecting their credit score if they are not careful.