NatWest Enhances Credit Scoring for Customers in Partnership with TransUnion
NatWest customers are now able to see enhanced credit score information, in partnership with information and insights provider TransUnion, after the leading bank introduced credit score factors to its successful app-based ‘Credit Score’ tool.
NatWest has integrated further data, using TransUnion’s Consumer Credit Platform, to its award-winning banking app, to help enable its customers to become more financially capable, building on NatWest’s purpose to champion the potential of people, families and communities.
Customers using the service have unlimited free access to their TransUnion credit score, via an interactive dashboard, helping them better understand and monitor their credit score. With the addition of credit score factors, customers will now see what information is affecting their score, either positively or negatively, providing additional insights into their financial status.
Kelli Fielding, managing director of consumer interactive at TransUnion in the UK said: “We’re delighted to expand our existing partnership with NatWest to help empower their customers with enhanced credit score information. According to our recent research, one in threei UK consumers have checked their credit score during lockdown, with four million people looking at it for the first time, so we know there’s a clear demand, particularly in light of COVID-19.
“Our ongoing Financial Hardship Studyii shows three out of five UK households have been negatively affected financially by the pandemic. Some are adapting to changing circumstances, and possibly income shocks, and want to understand the impact of these things, whilst others want to protect their financial standing so they can secure future borrowing. The additional information now available can help NatWest customers better navigate this difficult period.”
Phil Sheehy, short term borrowing customer goal lead at NatWest commented: “At NatWest we champion potential, we want to build financial capability and we want to give customers greater control over their spending. When we introduced the credit score feature into our award-winning app, the positive response was overwhelming – with our target annual registrations exceeded in just two months. We’re proud to be offering greater personalisation, using TransUnion data to give our customers insights into what they are doing well and what steps they could take to improve their credit score.”
Like TransUnion, NatWest has been keeping a watchful eye on the nation’s finances throughout lockdown. Last month the NatWest Family Finance Indexiii revealed that of those seeing a reduction in income (0.8m customers), 261,000 require critical support as they begin to rely on available credit. But overall, credit card applications have dropped by 63% for cards from the week before lockdown to the lowest point in lockdown. Spending by NatWest customers dropped by 51% from the week before lockdown to the lowest spending point.
With COVID-19 and the many financial challenges consumers are facing, it’s essential that people are familiar with what influences their credit score, and have access to the tools they need to take control of their finances.
Find out more about TransUnion’s Consumer Credit Platform here which supports custom-built solutions for businesses to create their own suite of credit reporting products.
i. Survey of 2,000 nationally representative adults carried out on behalf of TransUnion in June 2020
ii. TransUnion’s Financial Hardship Study incorporates a regular survey of 1,000 UK consumers. Based on average from 23 March to 3 August 2020
iii. NatWest’s Family Finance Index is issued on a monthly basis and reviews customer behaviour including spending and saving habits. The data is drawn from NatWest’s customer base