Consumer credit has remained a key talking point during the last decade or so, with heavy borrowing thought to be a precursor of the Great Recession in 2008. However, if recent figures are to be believed, customers are increasingly likely to eschew loans in order to borrow from their friends and family members.
This is largely due to a constantly changing financial climate, which has seen by rising compensation claims and the introduction of more stringent regulatory measures.
While this may have contributed to a dwindling level of household debt in the UK (which recently ), it has arguably never been easier to manage your existing debt and credit score. This is thanks to constant innovation, and below we’ll look at how technological advancement can impact positively on your credit report.
Manage your Spending Through Apps
Poor money management is one of the key drivers of consumer debt, so tools that help you to gain control of your finances are capable of boosting your credit score incrementally over time.
Fortunately, innovation has produced a number of apps that have been designed to help you manage your finances effectively. provide comprehensive tracking of your finances, listing everything that you spend and the amount that you withdraw from your bank account on a daily basis.
Apps of this nature also provide advanced budgeting features and allow you to combine multiple accounts within a single piece of software.
This makes your finances far easier to manage, arguably negating the need to borrow recklessly and improving your credit score as a result.
The Emergence of Bad Credit Loans
Indebted people are often trapped in a challenging and debilitating cycle, as while they need positive credit transaction to improve their score lenders are often reluctant to extend money to individuals who have endured issues in the past.
The emergence of online lenders has helped in this respect, as these firms have evolved to offer a more accessible and diverse range of products to customers.
Take bad credit loans, for example, which enable people with a poor or limited credit history to apply for finance. type of loan extends small and manageable amounts of money to applicants, enabling them to repay their debts more easily and boost their credit score in the eyes of lenders.
Monitor your Credit Score in Real-time
While firms such as Equifax and Experian have historically dominated the consumer market, it’s not always easy to access your credit report through these platforms.
Often, your full credit report is not made available for free, while you may have to wait for days to receive your data if you’re online security is breached.
Modern platforms like ClearScore offer a far more accessible service, however, as they track your credit report in real-time and provide regular updates to your inbox.
You can also log-in quickly and access your latest credit score (and updates) in real-time, helping you to identify potential problems and resolve them as quickly as possible.