Tesco Bank to help customers take greater control of their credit score
19 November 2015
Tesco Bank is helping credit card customers take greater control of their credit score, by working with Noddle, the credit rating website provided by Callcredit Information Group. From today, the Bank’s Foundation Credit Card customers can receive free access to their credit report, alerts every time there is a change to their credit report and guidance on how to improve their credit score. The service is free for 3 years and is available to the Bank’s existing Foundation Credit Card customers from today and new Foundation Credit Card customers from 11th December.
Launched in May 2014, Tesco Bank’s Foundation Credit Card can help customers with a limited credit experience build their credit score to allow them to apply for lower APR products in future. Banks and Credit Card companies use the credit score, alongside other information, to determine whether they will lend to customers, and if so how much they are prepared to lend. Recent research suggests that only 6% of customers know their credit score and only 32% had checked their credit score in the past*, despite it being one of these most important factors in determining whether they are likely to be eligible to be approved for credit.
David McCreadie, Managing Director, Banking at Tesco Bank, said,
"It’s particularly important for customers who are looking to access cheaper credit to stay on top of their credit score. We know that very few customers regularly check their credit score and we are delighted that we are now helping our Foundation Credit Card customers keep an even closer eye on their finances."
Last month, Tesco Bank was named Best Overall Credit Card Provider at the Personal Finance Awards 2015/2016, as voted for by consumers. For more information on Tesco Bank’s range of credit cards, please visit http://www.tescobank.com/credit-cards/
For more information and media enquiries please contact:
Tesco Bank press office
+44 (0) 131 274 3630
Notes to Editors:
Representative example: 28.9%APR representative (variable) based on a credit limit of £1,200. Purchase rate 28.9% pa (variable).
Your credit limit may vary depending on your circumstances. The Tesco Bank Foundation Credit Card is available to over 18s and UK residents only. Subject to status.
*Survey data from YouGov Plc on behalf of Noddle, July 2015
Tesco Bank’s goal is to make banking and insurance easier and better value for people who shop at Tesco. We’ve been around since 1997 and today we help more than 5 million customers manage their money every day. Our 4,000 colleagues serve our customers seven days a week from our three main centres in Edinburgh, Glasgow and Newcastle, and we are also available through online and mobile banking 24/7. Tesco Bank participates in the Chartered Banker Professional Standards Board.
Tesco Bank is a trading name of Tesco Personal Finance plc. Registered in Scotland No. SC173199. Registered Office: 2 South Gyle Crescent, Edinburgh, EH12 9FQ