• Home
  • Authors
  • Write for us
  • Advertise
  • Contact
  • Privacy Policy
  • Terms and Conditions
Monday, March 8, 2021
No Result
View All Result
ABC Money
PR Fire Press Release Distribution
  • News
  • Business
  • Economics
  • Finance
    • Investment
    • Tax
    • Mortgage
  • Property
    • Utilities
  • World
  • Technology
  • Fashion
  • Health
  • Holidays
  • News
  • Business
  • Economics
  • Finance
    • Investment
    • Tax
    • Mortgage
  • Property
    • Utilities
  • World
  • Technology
  • Fashion
  • Health
  • Holidays
ABC Money
No Result
View All Result
Home Business

How technology is helping people with bad credit

by Claire James
15/09/2018

By having a bad credit score, it can significantly limit your ability to access finance and credit from mainstream lenders. You are considered a higher risk of default and therefore some lenders may be reluctant to offer your finance on basic terms.

Around 10% of the UK population is considered to have bad credit or ‘in debt’ and have admitted they may never be debt free. However, it is not surprising as due to hard times or people commonly spending more than they earn, it is no wonder those UK households often fall behind on repayments of credit cards or loans.

However, for many people, having bad credit is a temporary problem and many have the genuine intention to work to improve their credit score through various means. Thanks to the technology of the modern day, there are plenty of news ways that can help you build up your credit score as well as finding the right financial products for you, explains paydaybadcredit.co.uk.

Credit Builders

There are a number of portals and memberships which will allow you to closely monitor your credit score, whether it is going up or down. You are able to check your credit score on the likes of Noddle, Experian or Check My File. On these, you should be able to view your credit score for free and then sign up to a membership which will allow you to continue doing so.

You will find that Portals will also give you suggestions to improve your credit score including closing some of your debts as well as joining the electoral register. Over a period of time, this will allow a person who has bad credit to build up their rating and gain better access for financial products at more affordable rates, which are not currently available to them with their score as it is.

Eligibility Calculators

To aid those who have bad credit, many comparison websites and credit providers alike have begun to offer an “eligibility calculator” on their websites. How these work is that they allow individuals to enter their details online as if they were going to be applying for a loan or some kind of credit. They will then display a list of companies which may fit their criteria and their circumstances.

RelatedPosts

Protect Your Retail Store with These Easy Steps

5 ways attackers exploit your resources

5 online side hustles that could boost your income in 2021

National Governments Keen to Use Blockchain Technology

Load More

This method is being used by a variety of finance comparisons including Money.co.uk, Money Saving Expert and Choose Wisely.

The eligibility calculator is obligation-free and will only perform what is known as a ‘soft credit search’ on your credit history. This will not affect your credit score and not mean that you will find it harder to obtain credit.

Canopy

A new app called Canopy has been developed to allow tenants the opportunity to build up their credit score by simply paying their rent on time. Whilst tenants would previously not be credited for making regular payments on time, the app connects landlords, tenants and credit reference agencies and means that customers can be rewards to staying on top of their rent.

Given that some people will always be renters and the trend of living in the UK means less and less people are becoming homeowners, this offers a viable opportunity for young people and those of all ages to build their credit score accordingly.

Blockchain

Whilst Blockchain is still in its early stages, it has attracted a large amount of investment from both venture capitalists and international banks. With the use of distributed ledger and decentralised banks, it opens up far more opportunities for customer with subprime credit.

Other research that the use of credit scoring, bank statements and payslips may become increasingly less important to approve a loan. The emergence of smart contracts has meant that lenders able to validate transactions and verify the legitimacy of counterparties much more effectively now.

Previous Post

The changing face of the payday loan industry

Next Post

Hiring the Right Facilities for Your Event

Related Posts

Protect Your Retail Store with These Easy Steps
Business

Protect Your Retail Store with These Easy Steps

08/03/2021
5 ways attackers exploit your resources
Technology

5 ways attackers exploit your resources

08/03/2021
5 online side hustles that could boost your income in 2021
Finance

5 online side hustles that could boost your income in 2021

05/03/2021
Next Post
Hiring the Right Facilities for Your Event

Hiring the Right Facilities for Your Event

5 Questions To Ask a Specialist Contractor Accountant

5 Questions To Ask a Specialist Contractor Accountant

“Can I cadge a quid?”: Zopa reveals the variety of words and phrases used by Brits across the UK when discussing money

“Can I cadge a quid?”: Zopa reveals the variety of words and phrases used by Brits across the UK when discussing money

Latest News

Advancements of Bitcoin and Cryptocurrency

Advancements of Bitcoin and Cryptocurrency

08/03/2021
A Bitcoin Emerges as a Big Boom

A Bitcoin Emerges as a Big Boom

08/03/2021
Protect Your Retail Store with These Easy Steps

Protect Your Retail Store with These Easy Steps

08/03/2021
Blinds, Types and Materials Used: You Must Know

Blinds, Types and Materials Used: You Must Know

08/03/2021
5 ways attackers exploit your resources

5 ways attackers exploit your resources

08/03/2021
POST-PANDEMIC READINESS

POST-PANDEMIC READINESS

08/03/2021

Social

Contact

For editorial enquiries:

editorials@abcmoney.co.uk

For advertising enquiries:

advertise@abcmoney.co.uk

Top Topics

  • News
  • Business
  • Finance
  • Property
  • Technology
  • Investment

Guides

  • Best UK Bridging Loans
  • Best UK Secured Loans
  • Best UK Commercial Mortgages
  • Best UK Business Loans
  • Best UK Payday Loans
  • Best Sites for International Money Transfers
  • Best Press Release Distribution Service

Social

  • Home
  • Authors
  • Write for us
  • Advertise
  • Contact
  • Privacy Policy
  • Terms and Conditions

© 2020 ABC Money

No Result
View All Result
  • Write for us
  • Contact
  • About Us
    • Authors
  • News Desk
    • Business
    • Finance
    • Property
    • Technology
    • Investment

© 2020 ABC Money

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.