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Barclaycard still dominant in credit card market

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Up against many competitors, Barclaycard has retained the largest share of the credit card market, according to respondents of our 2019 Banking and Credit Card Survey. 17% of those polled said that Barclaycard is the card they use most, polling almost twice as many as its nearest rival.

Now in its 15th year, the survey is the longest running and most comprehensive of its type, enabling us to help our customers to be better informed when making a choice about a new credit card or if thinking of changing banks.

In terms of customer service, Nationwide takes top slot with 95.7% of its respondents ranking the service they get from their card as either excellent or very good. Over 6% of our survey respondents told us that they .....

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

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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 .....

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30 Aug 2019 by Sam Twyford Mortgages
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Unintended consequences

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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 .....

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20 Aug 2019 by Barry Stamp Credit Score
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Is Apple Card really different?

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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 .....

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If it ain’t broke…

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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 .....

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6 Aug 2019 by Barry Stamp Credit Reports
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