CCR2 Vulnerability
including TransUnion, came together at the outset of the pandemic to agree new guidance for finance providers with regards to emergency payment freezes, so that consumers can be protected as much as possible during this period. Similarly, we co-authored a definitive
reference guide with other CRAs to help consumers understand the role credit reports and scores play. Education is a really important factor and finance providers need to play their part here. We have created an e-book to help with
this: ‘Getting to grips with your credit report and score’. Lenders can also support their customers
by offering tools such as CreditView and our new credit score simulator to help consumers understand what finance they may be eligible for and work out how future financial decisions may impact their credit score.
What is likely to be the biggest long- term impact on people’s finances, and what can be done to manage this in the future? Whilst the initial shock may have passed, it is going to be a long road to recovery and finance providers need to be engaging with their customers to set out appropriate plans. One of the potential long-term impacts
we have identified is the effect the pandemic has had on retirement savings. Of those financially impacted, over a fifth (21%) have cut back on their saving for retirement and one in 10 (12%) have used retirement savings just to get by. That is going to leave a hole in finances
that were intended for later life which will not be easy to recover and could ultimately affect people’s standard of living in later years. As we move into the latter half of 2020,
consumers and finance providers will need to be resilient and to work together to navigate the path ahead. Lenders should be educating consumers
about how their credit information is used, and encouraging them to check their score regularly, either using their own solution or one of the free online services available. CCR2
Visit
TransUnion.co.uk for more on CreditView. August 2020
www.CCRMagazine.com 31
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