COMPATABILITY MODE

It looks like you are running Internet Explorer in compatability mode, please turn this off to benefit from all functionality on this website.

To do this, click the blue broken page icon in your browser address bar (example below).

compatability mode

JAVASCRIPT DISABLED

It looks like you aren't running java, please turn this on to get the best user experience

Cookies & Privacy

By continuing to use this site, you consent to our use of cookies to optimise your browsing experience.

Learn More

The bank of mum and dad are now the 10th biggest mortgage lender

author

According to a recent survey conducted by Legal & General (L&G), the bank of mum and dad are now the 10th biggest lender in the UK, that’s if they were a mortgage lender.

Legal & General confirmed that the average parental contribution was up by over £6,000 on lending last year, providing their children around £24,100 towards a house deposit. In some parts of the country this figure was even higher and closer to £31,000.

Collectively this amounted to an eye watering £6.3bn, which was more than the 10th biggest mortgage lender, Clydesdale Bank who lent £5bn.

This was estimated to have supported more than 250,000 buyers, the equivalent of one in five of every properties purchased last year, although this has likely come a .....

Full Article

30 Aug 2019 by Sam Twyford Mortgages
shadow

Unintended consequences

author

When it was lawful to include gender in a credit scorecard, it was universally included. This is because gender is predictive of the risk of default, indeed at the time it was ranked in the top 6 of all predictive characteristics.

As the machinations of scorecards are kept very secret, only very few knew exactly how gender affected a credit score. The generally held view, never challenged, was that the inclusion of gender in credit scorecards and in other automated decision processes was damaging to women. Even government regulators at the time believed that the existing decisioning systems prejudiced women.

So when equality law required the removal of gender from scorecards, the truth came out. Women are more discipline .....

Full Article

20 Aug 2019 by Barry Stamp Credit Score
shadow

Is Apple Card really different?

author

It’s news that will have slipped under the radar for lots of consumers, but for some, the imminent arrival of Apple Card in the UK is a big deal.

First off – a quick explanation of what it is. Rather than just a branded credit card, like the one on offer from rival tech giant, Amazon, the Apple Card really does promise something different.

First off, it’s undeniably Apple in terms of design. Made from laser-etched titanium, it doesn’t have the usual number embossed on the front, or a CVV number (the few digits you sometimes get asked for when paying for something over the phone). Instead, it uses technology within your iPhone to verify each purchase individually – which is claimed to be much more secure. After all, a credit c .....

Full Article

shadow

If it ain’t broke…

author

The United States has one of the best credit reporting systems in the World. It seems hard for some Americans to believe that, given that the Federal Trade Commission has issued a congressionally mandated study on credit report accuracy that found that one in five consumers found an error on at least one of their three credit reports.

Four in five of those errors were corrected or modified once reported to the credit reference agencies. The errors do not appear to be material as the FTC reports that nine in ten of those modifications and corrections resulted in no change to their credit scores.

This has led to some astonishing claims that the US credit reporting system in the US and/or the credit scoring systems used in th .....

Full Article

6 Aug 2019 by Barry Stamp Credit Reports
shadow

Identity fraud ad banned

author

The Advertising Standards Authority has banned a Royal Mail TV ad which aimed to increase the awareness of identity fraud. The TV ad shows a bank robbery by balaclava hooded thieves brandishing baseball bats. Instead of picking up cash lying on the ground, the robbers sought personal information from terrified bank customers under threat of violent force.

The leading media agency, Saatchi, was behind the ad, which Clearcast had approved and had recommended was to be shown only after the 9pm watershed, which it duly was. Seven complaints were received by the ASA, which assessed the Royal Mail’s comprehensive arguments to justify the ad, but concluded that the "ad was likely to cause fear and distress to viewers, in particular to .....

Full Article

16 Nov 2017 by Barry Stamp Identity Theft
shadow

To Top