Aqua credit card launches Credit Checker service, powered by Noddle

  • AquaService will include two free premium upgrade products ; Noddle Improve and Noddle Alerts, for new customers -  in total worth up to £80 per year
  • New customers will benefit from practical tips on how they could improve their credit score and weekly alerts highlighting significant changes to their credit report (helping to protect against identity theft)
  • Service launched in response to Mind the Credit Gap report showing 1 in 2 UK adults are at risk of being declined credit and 53% don't know how to improve their credit score

Aqua credit card has launched aqua Credit Checker, a service for new customers which gives them free unlimited access to their credit report. Powered by Noddle, the consumer credit report company, the service, worth up to £80 a year, helps new customers monitor their credit report and get their credit rating in as good a shape as possible.

Aqua, which launched in 2002, has a range of credit building cards targeted at helping near prime customers and commissioned the Mind the Credit Gap report in November 2012. The report highlighted a growing group of credit card customers being left un-served by the mainstream lenders, as well as significant apathy when it comes to checking and improving credit scores.  The report also showed that one in two UK adults (57%) are now at risk of being declined credit and three quarters of people (79%) have no idea what their credit score is.  Over half (53%) don't know how to improve their score and worse still, 85% of people don't bother to find out why they are being declined credit.

In response to this, aqua has partnered with Noddle to launch the first credit checking service as a free benefit on a credit card - giving new customers access to their credit report plus two premium upgrade products; Noddle Improve and Noddle Alerts. Registered users will have unlimited access to their credit report, receive practical tips on steps they can take to improve their credit score, receive weekly alerts highlighting significant changes to their credit report (helping to prevent identity theft), plus benefit from a range of money saving vouchers and offers. In addition, aqua will offer all declined applicants free access to aqua Credit Checker, giving them unlimited access to their credit report via Noddle without the upgrades. All existing aqua credit card customers can register for aqua Credit Checker at www.aquacard.co.uk.

Commenting on the launch, James Corcoran, CEO of SAV Credit said: "At aqua we believe in the importance of helping creditworthy individuals who are left un-served by the mainstream credit industry. This is why we are very pleased to announce our partnership with Noddle. Being able to offer our customers free access to their credit report provides people with the information they need to build a better financial future.

"Most people wrongly assume that a credit score is used simply to access financial products but this is far from the case. Credit is a pillar of 21st century life and everyday products become more difficult to obtain without a strong credit score. Our partnership with Noddle allows us to further educate our customers on the importance of a healthy credit score and provides them with the tools to help take control of their credit rating."

Tom Ilube, founder of Noddle said: "The importance of understanding your credit report cannot be stressed enough. Based on the information in your report, companies will decide whether to offer you a credit card, a mobile phone contract and even a mortgage. Improving education surrounding the importance of a credit score is vital and aqua is at the forefront in delivering this message.

"We believe that consumers should be able to access the information that important decisions are based on. That's why we are pleased to announce our partnership with aqua, which we believe will help people gain a better understanding of their credit history and how to improve it."

Aqua creates innovative credit building credit cards with rewards when customers look after their account - designed for people looking to improve or establish their credit rating.  For more information, visit: http://www.aquacard.co.uk

Top tips for improving your credit score:

  • Make sure you are on the electoral register. Lenders use the electoral register to help fight identity fraud and confirm a person is who they say they are and that they reside at that address.
  • Pay bills on time or ahead of schedule, a good credit score needs to be built up over time - lenders will look favourably on this.
  • If you notice anything on your credit report that could be incorrect or you think you might be the victim of identity fraud, i.e. you think someone has applied for credit in your name, contact the credit reference agency who will work with the lender to try and resolve the issue.
    Avoid keeping a high balance on your credit card. Lenders may view it as excessive debt and be concerned about your ability to repay.
  • Only apply for products when you really need them - applying for more than four forms of credit in a year can lower your credit score.
  • Do not make multiple applications for credit as this can have a negative impact on a credit record.
    Close down out of date credit cards and make sure you cancel old agreements, such as store cards you never use, as these will still appear on your file. Lenders may be wary about the potential size of your debt.
  • Sever old financial relationships if you are divorced or separated, making sure your former partner's details are removed from any joint accounts. The credit history of all financial associations such as a spouse or anyone else you have a joint bank account or loan with can affect your credit rating. 

* All figures unless otherwise stated are taken from research carried out between August and September 2012 with Research Plus Ltd.  This involved the development of a typical credit check survey which was completed by a UK representative sample of 2,023 adults.