The Good Credit Index – Launch
Industry News | 09/07/19
Demos launch of the Good Credit Index: a groundbreaking new project to map the UK’s credit environment.
Good credit is a hallmark of a healthy community. Yet despite the noise around high cost credit, payday loans and high street lending, there has been little attempt to understand how local credit environments determine people’s credit experiences. For the first time, the Good Credit Index will enable the identification of the UK’s credit havens – where affordable credit is in abundance – and credit deserts – where areas of high credit need overlap with low affordable credit provision.
Stuart Holland, head of EU government relations at Equifax, outlines the action required to build a more inclusive credit environment: “The Demos report highlights an urgent requirement for more inclusive access to credit. People who live in the ‘credit deserts’ have the greatest need for credit, but in many cases affordable options are beyond their reach. These people are more likely to turn to a payday lender or rent-to-own provider, so we must open up new data sources to empower consumers to access better deals.”
