We use a minimal number of cookies to enhance your browsing experience - you can change your settings at any time.
The UK's only Multi Agency Credit Report

Take a FREE 30-day no obligation trial of the UK's best rated credit report service.

Forgotten Password? Not a Customer? Sign Up

FREE Multi Agency Credit Report

See more than twice the information compared to any other UK Credit Report

Our Credit Report Monitoring service features:

Multi Agency Credit Reports

FREE checkmyfile Credit Scores & Ratings

FREE Identity Theft Assistance

Independent, Impartial, Expert Advice

See your Credit Report FREE

30 Day Trial - Cancel Anytime


More about Multi Agency Credit Reports

Proud to be different

The UK's most detailed online credit report is backed up with outstanding customer service

New storecard rules come into play

Posted in 'Dealing with Debt' by Richard Catlin

01 February 2012

The way that retailers can promote their storecards to shoppers is being changed, aimed at preventing people from getting into unmanageable levels of debt.

The cards have long been criticised for the huge interest rates that they charge on balances, with typical rates around the 30% mark and a Competition Commission investigation back in 2006 estimating that store cards were costing UK consumers around £55m a year too much.

Although some card providers have since reduced the APR that they charge - Topshop currently has a 'representative' APR of 19.9% compared to 29.9% when the commission originally published its report - a large number of cards including Argos and Homebase still have a representative rate of 29.9%.

The government has stopped short of introducing a maximum cap on the APR that store cards can charge, and instead have introduced a number of rules aimed at removing the 'impulse' nature of people signing up to accounts. The main charges are:

  • A ban on special discounts or offers within the first seven days of a card being taken out

  • A ban on staff receiving commission for signing customers up to accounts

  • Improved training for all staff who sell store cards
The government has also announced that it has reached an agreement with Barclays, HSBC, Lloyds, RBS and Santander to introduce a new alerts service for customers who get close to their overdraft limit. Text messages or emails will be sent to help prevent customers going over their limit. As part of the agreement, customers will no longer be charged for going over their limit by a small amount.

If you are struggling with debts – no matter how big or small – and need some help, you can get free, impartial information in our Debt Advice Centre.

You could find that by simply switching a balance to a new card, you could save yourself hundreds of pounds in interest each year.

Richard Catlin

Richard has a degree in Geography from the University of Glamorgan. His long service with us means that Richard can cover any topic relating to credit or identity fraud.

Richard is Marketing Director at checkmyfile.

Related Articles

Debt relief orders up as Brits follow ‘bankruptcy light’

With the Government widening the eligibility criteria to be able to enter a debt relief order, the number of people selecting that option has increased sharply this year - which is now being referred to as ‘bankruptcy light’.

Research carried out by the Government indicates that there could be an improvement in the mental health of those with debt issues if they could gain relief without needing to go through bankruptcy.

The favoured option certainly appears to be a Debt Relief Order as, while the number of DROs continues to increase, the number of individuals declaring themselves bankrupt has declined by 10.8%.

Sarah Albon, of the Insolvency Service explains, “Personal insolvencies are lower than a year ago. The chang .....

Full Article

County Court Judgments

County Court judgments (CCJ) can have a serious negative impact on your score, so it is important to know what they are and whether it should be there when checking your credit report. A CCJ will remain on a credit report for 6 years from the date of judgement, whether the outstanding balance has been settled or not.

A county court judgment is the result of the court acknowledging that you owe money to someone, after that body has taken court action applying for the judgment. The judgment will be sent in the post and gives information regarding the amount owed, how to make payment, the deadline for payment and who to pay.

When a court judgment is issued you have a few options to respond with, a form will be sent that you nee .....

Full Article

Consumer credit grows amid increasing fears of over-indebtedness

Unsecured consumer credit debt in the UK grew by more than £1.9bn in March, according to the Bank of England

6 May 2016 by

Ben Tumilty


Dealing with Debt

Full Article

Accepted Payment Methods: VISA, MasterCard and Direct Debit

© Copyright Credit Reporting Agency Ltd 2000 to 2016. All Rights Reserved.

Authorised and regulated by the Financial Conduct Authority (690175)

United KingdomAustraliaGive Me Credit United States

Customer Feedback