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More than 7mn at risk of ‘economic downturn’

More than 7mn people in the UK are at risk of not being able to get low-paying jobs due to debt repayment errors and are forced to rely on expensive alternatives such as subprime lenders.

Sources of information beyond bank reports and financing can provide a complete picture of the financial burden of those facing “financial downturns”, according to a report by LexisNexis Risk Solutions, which develops programs to help banks detect suspicious activity.

“It is clear that credit-card-based approaches to the credit history are starting to fail in the face of the overwhelming population density in the UK where people’s lives are difficult and stressful,” said Steve Elliott, chief executive officer at LexisNexis.

LexisNexis estimates that one in seven adults in the UK is at risk of financial ruin, including 5.8mn with no history of open or closed account and 1.7mn with no financial or credit operations in the last 24 months.

While 13.2 per cent of the population is working similarly in most parts of the UK, it is 22.8 per cent in Northern Ireland.

People between the ages of 55 and 75 often do not have much money, mainly due to lack of bank accounts and over-reliance on money. This week, the Post Office announced the addition of frame and major banks to allow customers to use the branches to make money by the end of 2025.

In contrast, thousands of years of secure access to high-value, high-income businesses return subprime loans even as companies continue to thrive. facial problems from the directors. About 37 percent of short-term loan applications are made by people between the ages of 26 and 35.

But the money continues to be borrowed, Elliott said. “Everywhere you look today, the tide of protectionist sentiment is flowing. “You may not have a smart meter in your home, for example, then you may need to find an expensive way to ‘pay where you go’.”

Energy prices have been relatively high in full The problem this year, with UK power regulator Ofgem announcing the rise of its cap on February 7 after a 12 percent rise in October.

But gas and electricity are not the only prices for consumers. Prices in the UK have risen sharply high price in the 30 years in December, with consumer prices hitting 5.4 percent, the most significant increase in profits.

LexisNexis said it was able to provide a risk of more than 5mn of financing that was not included through traditional methods such as bank statements.

Other data methods may include phone contracts, loan payments and payment history on in-app-current in-app purchases (although these programs are charged differently for the amount of checks they post).

Attempts to find other ways to alleviate cultural risks are not limited to those who are excluded from the economy. “Traditional credit information is based on a gradual analysis of a person’s financial status – the use of information as previously borrowed and history – which can last up to 60 days,” says Freddy Kelly, senior and founder of Credit Kudos. offers rental software expertise.

“Other data acquisition methods, such as Open Banking, provide comprehensive, up-to-date information on the financial status of a person using data,” he added.

However, privacy concerns may limit data collection. Such tensions have grown during the epidemic amid concerns over how personal and public information collected by private companies could be used, for example, to advertise where they want, or to punish those who need to help them.


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